معرفت اقتصاد اسلامی

Commercial bank money creation is one of the issues that economists and financial scientists have addressed from various angles. Some are against it and believe in its negative consequences for the economy, while some are in favor of money creation and believe in its numerous benefits. Islamic financial scientists have also examined this phenomenon with an emphasis on Sharia criteria. This research seeks to determine whether the commercial bank money creation can be permissible in Islamic law? And under what circumstances may money creation be contrary to Sharia and prohibited. The present study uses a descriptive-analytical method and interviews with Islamic finance experts to evaluate the opinions of financial and banking scholars on money creation. Based on the findings of the study, the opinion of opponents of money creation, due to two reasons: “lack of sufficient knowledge of the process of money creation by commercial banks” and “considering a specific form of money creation” such as creating money without rules, cannot be the basis for rejecting the principle of money creation from a Sharia perspective; therefore, it should be considered in detail. The present study introduces seven criteria for correct money creation by commercial banks.