feasibility assessment of "money creation by the banking system" in the islamic banking
نویسندگان
چکیده
the money creation by commercial banks, raises the question whether this phenomenon is defensible and vindicable from the perspective of economic values and goals in islam? opponents of bank money creation introduce it as an anti-stability, violator of ethics, unfair, violator of state power in exercising its right to publish money and stimulator of no priority social activities while defenders emphasize on its advantages especially in providing credit to expand production. christian scholars unanimously believe that the bank money creation in terms of compatibility with the religious criteria is not acceptable. the dominant tendency among scholars in islamic economics literature implies that money creation by the banking system is not acceptable too. this study by emphasize on the two main criteria of justice and productivity, introduce the flexible creation of money by the banking system as a potential instrument in order to expand production and realization of the goal of prosperity while its actualization depends on the effective factors of credit allocation. from the perspective of justice, banking money creation is not acceptable due to the reliance on discriminatory rates as well as negative distributional effects, in both senses of equality of opportunity and equality in results. thus the alignment of banking money creation and economic motives of religion involves various considerations such as designing mechanisms for consistency of bank credit with social priorities, decresing negative effects of distribution, and finally redefining the contribution of government (society) in benefits of money creation and its taxation.
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عنوان ژورنال:
اقتصاد اسلامیجلد ۱۶، شماره ۶۴، صفحات ۳۱-۵۴
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