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- W3136227848 abstract "The decreasing purchasing power of money has been one of the most intriguing problems not only for the economists but also for the savers, lenders, and consumers. The inflationary tendency that enveloped the world economy after World War II and assumed alarming proportion during the seventies seems now to have become a secular trend. The economists' failure in averting this trend has not only convinced them of its weird coexistence with economic development and progress but, more than that, some of them have brought in a number of arguments to justify its existence to a certain limit and to decorate it with a constructive role in economic growth. Many countries have institutionalized it in the form of indexation by linking wages and loans etc., to cost of living or consumer prices. As the idea of indexation hinted at by Marshall, Jevons and Keynes is being sold by top modern economists like Friedman, it has attracted some Muslim scholars too. Inclusion of the idea in the Report of the Council of Islamic Ideology on the elimination of interest (in Pakistan), though with a note of disapproval, is suggestive of its reach even in the Islamic circle of the economists and bankers. Abdul Mannan advocates it on the evidence of the Shariah. Many other Muslim economists have appreciated indexation though with reservations. It, therefore, seems necessary to examine the idea carefully from the point of view of the Shari'ah." @default.
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- W3136227848 date "1985-01-01" @default.
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- W3136227848 title "Indexation - An Islamic Evaluation" @default.
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