Designing Fitrah Money: Appraisal Of Gold-Silver As Practical Alternatives
Academic efforts in concocting a plausible alternative to fiat regime often staggers given inherent constrictions of
Islamic jurisprudence and economic technicalities. Despite passionate advocacy of Muslim scholars, the campaign for gold
dinar and silver dirham runs into allegations of being simplistic, anachronistic, regressive, unnecessary, and sub-optimal.
Shunning the popular Maqasidic and historical approaches in debunking these claims, this paper highlights the need for a
return to basics, the default factory settings as designed by God, and trowels a fitrah approach in evaluating gold and silver. As
such, we proffer an open-minded approach in formulating an Islamically congruent currency and decry obstinate fixation with
gold and silver, which hardly serve the best interests of ummah.
Index Terms - Fitrah money, gold standard, silver standard, fiat money