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Jurnal Ekonomi & Bisnis Indonesia


inflation, islamic banking, dinar, dirham


Muhammad Muflih




    This study proves that in the
    discourse of fiqh, Islamic history, and Islamic banking the position of the
    concept of the reviving the currency of dirham and dinar is very weak.
    Indicators that justify the conclusion of this study are: (1) there is a
    correspondence with historical evidence of inflation in the Islamic world, (2)
    there is correspondence with thoughts of fiqh, (3) there is correspondence with
    modern syariah financial concept, and (4) there is a correspondence with
    Islamic banking attitude.

     This study is written to
    challenge the idea of Ahmad Hasan, Hifzu Rab, Khan-Mirakhor, Meera-Larbani, and
    ‘Umar Vadillo who state that inflation problem in Islamic world is best solved
    by reapplying the currencies of dinar and dirham as bases of transaction
    mediation. The inaccuracy of conclusion of the modern Islamic economist figures
    was shown by many historical facts showing the turmoil in values of these two
    gold bills in time of inflation. Other reasons of the fragility of these two
    currencies are;(i) lack of the support of the fiqh expert in strengthening
    these currency system as way out of the inflation-affected transaction, (ii)
    lack of support of fiqh experts to urge
    Islamic world to use only dinar and dirham as official currency, (iii) lack of
    support of Islamic banking experts to revive the use dinar and dirham as
    transaction bases and remedy for inflation-affected transaction. The facts
    shown that the chosen system taken by fiqh and Islamic banking experts in settling the inflation-affected
    transaction was the strengthening of mu’amalah transaction system instead of
    alternating the currency system. The outcome of the strengthening the mu’amalah
    transaction system is a concept of price adjustment. The concept of price adjustment
    gives a strong implication to modern Islamic banking as an instrument of the
    mu’amalah transaction system support when facing inflation cases.


    Vol 27, Nomor 01, Tahun 2012


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