توحيد العملة بين البلدان الاسلامية : المقومات، المعوقات، الآفاق

Abstract

The purpose of this research is to study the introducing of the single currency among Islamic countries through examining the nature of money, its functions, and monetary systems, and evaluating them from Islamic Jurisprudence perspective. This was followed by examining and analyzing the proposed forms for introducing single currency by showing the elements and hindrances of the monetary integration amongst Islamic countries, revealing the strengths and weaknesses of the single currency, and displaying the attempts of its introduction at the regional and international level. This research then brought out the effect of the single currency on the exchange market, rights, and obligations in Islamic Jurisprudence. This research relies on the critical analytical descriptive methodology to achieve its objectives. It extracts several findings such as the money is anything consisting of conditions that direct it to actualize its functions in the form of simplifying the process of the economic exchange because there is no natural or legal limit leading the money to be made from a particular material. In addition, the economic and monetary integration is correlative and equivalent in their stages whereby none of them will be realized without the presence of the other and single currency is regarded as a crowing of their stages. And the obstacles of the economic and monetary integration have been accumulated because of several factors; political, social, cultural and others, but the main obstacle in this respect is the absence of the understanding and application of Islamic Shari‘ah. Indeed, the optimum option out of the unification of the currency’s forms is the regional one at the geographical level. And the idea of the metallic golden Dinar considers impractical in the case of non-existence of a comprehensive development and a real unity between Muslims and non-adaptation of this idea at the international level. Moreover, the proposal of Malaysia for the Islamic Dinar is basically a serious idea if countries have started its implementation. And the attempt of introducing single currency among Arab golf countries is deemed the closer attempt for the implementation on the short-run out of other attempts whether at Islamic or Arabic level. However, the endeavor to emit a unified currency amongst our Islamic countries with an Islamic fiscal policy and an Islamic monetary system will lead to the amendment of international monetary relations in the direction of creating a stable and just global monetary system. The issuance of a single currency will ensure both solving the problems of inflation and changing the value of money and bringing the stability to our financial obligations and transactions.