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Sukuk.me - Gold currency could ensure long term price stability

05/08/2011 02:24:00 PM GMT   Comments ()     Add a comment   Print     E-mail to friend
Gold currency has been hailed as the only solution to long term price stability in international markets

 Gold standard money is the only currency that would enable Muslims to successfully implement the full negation of riba (interest) in their economic transactions, said Grand Commander of the Federal Republic of Nigeria Muhammadu Buhari. "For the Islamic economy and for the world, only a return to the gold standard will ensure long term price stability (zero inflation), help governments curtail budget deficits and end fiscal indiscipline," he said in his keynote address at the 2nd World Conference on Riba in KL. Head, Department of Finance of International Islamic University Professor Dr. Ahmad Kameel Mydin Meera concurred by saying, "From my understanding of the monetary system, linking it (money) back to gold is the right way to go, so that there is no over creation of money. There is limited amount of gold, you don't find money getting destroyed. When there is over creation of money, it causes inflation and bubbles and cycles and takes an economy towards recession," he said. omar1.1 iimm.bnm.gov.my
Source: Al Arabiya Digital

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