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Islam and the gold standard

Date: March 18, 2003 | 14 Muharram 1424 Hijriah
Blog: veiled4allah
Subjects: islam, libertarianism
When Imad ad-Dean Ahmad talks about "hard currency monetary policy" he's referring to what's known in economics as the gold standard. That is, the value of the currency is tied to the value of gold. Ahmad has written an entire article just about this topic, The Dinar: Indispensability of Hard Money to the Islamic Monetary Regime.

He's not the only one advocating for it; Malaysia is planning to switch over some time this year. A couple of news stories about this are The New Islamic Dinar and How the Islamic World Plans to Beat the West: A Gold Coin. You can trade in gold dinars online now.

In general, Muslim advocates for the gold standard feel that it will avoid the problem of riba (charging interest; usury) as well as being sound monetary policy in its own right. In addition, they hope to encourage Muslims to support them by talking about the place of gold currency (the dinar) in Islamic history. See, for example, Islamic Dinar & Dirham.

The gold standard is supported for reasons of economic policy by some libertarians. See The Gold Standard from LibertyHaven, The Gold Standard: An Analysis of Some Recent Proposals from the Cato Institute, and Is the Gold Standard History? by Lew Rockwell. Alan Greenspan has also written about the gold standard. Finally, on the lunatic fringe, we have Lyndon LaRouche.
~ Posted by Al-Muhajabah, a member of the reality-based community, at 03:50 PM

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