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2019•Munich Personal RePEc Archive (Ludwig Maximilian University of Munich)Open access

Monetary Policy in Perspective Conventional Economy and Islamic Economics

Muhamad Mujahidin

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Abstract

This article describes the perspective of differences between monetary policy in conventional economics and Islamic economics. By using a negation approach, this study concludes that Islamic monetary policy offers an economic system that is more resistant to monetary crises because the Islamic monetary system does not use an interest rate system so that it can stabilize prices more and be able to control inflation compared to the conventional monetary system.

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This article describes the perspective of differences between monetary policy in conventional economics and Islamic economics. By using a negation approach, this study concludes that Islamic monetary policy offers an economic system that is more resistant to monetary crises because the Islamic monetary system does not use an interest rate system so that it can stabilize prices more and be able to control inflation compared to the conventional monetary system.

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Available abstract

This article describes the perspective of differences between monetary policy in conventional economics and Islamic economics. By using a negation approach, this study concludes that Islamic monetary policy offers an economic system that is more resistant to monetary crises because the Islamic monetary system does not use an interest rate system so that it can stabilize prices more and be able to control inflation compared to the conventional monetary system.

Key concepts: Monetary policy, Economics, Islamic economics, Perspective (graphical), Islam, Monetary economics, Inflation (cosmology), Interest rate

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