نحو نظام نقدي ومالي إسلامي: الهيكل والتطبيق

The paper attempts through presenting a proposed structure for a monetary and financial system of an interest-free economy to pave the way for discussing interest in particular and the Islamic economic system in general. Economists do require such an agreed structure to which they can refer while discussing economic problems in addition to comparative issues. The absence of such structure could complicate discussions and shroud them with difficulties. The paper specifies the required structure with sufficient details that allow the examination of the financial market, its instruments and effectiveness, as compared to the prevailing system. The paper discusses the demand for money in the proposed structure through looking into its alternative uses, before identifying equilibrium in both investment and money markets as a prelude to discuss monetary policies.