Imran Ahsan Nyazee

Volume 2 Issue 1 | Dec 2020

DOI: 10.31841/KJL.2021.11

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Abstract

The Positive Money proposals and the 100% reserve debates, which have almost a century of discussions and research behind them, have now gathered considerable momentum. A cursory perusal of the proposals shows that the features contemplated, with some modifications, may offer a solution for true Islamic banking that is not only free of ribā, but one that promotes the objectives of the Sharī‘ah. Further, the final design, after incorporation of the sharī‘ah rules, will satisfy the ribā provisions laid down by the earlier jurists. These provisions are stated in the section below. The section following it will incorporate these provisions into “The Positive Money Proposal.”
The excellent proposal, mentioned above, was written by Andrew Jackson, Ben Dyson and Graham Hodgson, The Positive Money Proposal (2nd April 2013). This proposal as well as other proposals are found on positivemoney.org, along with many videos and other resources.