معرفت اقتصاد اسلامی

Determining the appropriate amount of money issuance is one of the key issues of monetary policymaking that requires Sharia regulation and the provision of a comprehensive model in the Islamic economic system. This article, using the ijtihad-deductive method and analyzing jurisprudential and economic foundations, seeks to present a “conceptual model for determining the amount of money issuance based on Islamic criteria and requirements.” The theoretical framework of the article is based on three fundamental criteria: 1) money’s compliance with the needs of the real sector of the economy, 2) the relative independence of the monetary sector from other sectors, and 3) securing legitimate monetary goals within the framework of the Islamic economic system. To derive a model for determining the amount, it is necessary to first apply these criteria to different societies. Based on this application, the state of society is categorized into six analytical situations (multiplication of blessing, blessing, multiplication, power, right, and rightful escalation) based on three key factors: “economic prudence,” “piety and observance of divine laws,” and “justice.” Each situation creates specific requirements for monetary policy and makes the order for the amount and direction of money issuance different. In cases of conflicting goals, the most important goal is identified using the rules of conflict and rational and religious preferences. Finally, a seven-step operational model for determining the amount of money issuance is presented, which includes the following steps: 1) Identifying the qualitative state of the society and the missing/important factor, 2) Determining the stock and distribution of money, 3) Estimating the monetary need, 4) Calculating the monetary gap, 5) Examining the conflict and applying preferences, 6) Considering structural, instrumental, and protective considerations, and 7) Considering a gradual and monitorable plan.