A Master’s degree thesis was recently discussed and accepted at the Sharia Department at the University of Sulaimani on the views of the Muslim scholar Prof. Dr Ali Qaradaghi on the monetary policy in Islam. The candidate was Mr Abdullah Omar Fatah. The full title of his thesis was “Monetary Policy in the Contemporary Islamic Economy in Light of the Opinions of Dr. Ali Al-Qardaghi: A Comparative Analytical Study”. 

Prof. Dr Ali Qaradaghi is a well-renowned Muslim scholar, a mufti and author of many books. He is also the Secretary-General of the International Union of Muslim Scholars, and Head of the Board of Trustees of the University of Human Development (UHD).

Thesis Abstract:

This research, which consists of three chapters, talks about monetary policy from an Islamic perspective, in which the researcher relied on the opinions of one of the contemporary scholars and activists in this field, Professor Dr Ali Muhyiddin Al-Qardaghi, and the opinions of other Islamic researchers who have also spoken in the same field.

The researcher wanted to prove theoretically that Islamic law is capable of creating a contemporary economic system that meets the needs of the age, is in line with its developments and meets its demands, and that Islamic researchers and scholars can find a suitable alternative to the mechanisms of contemporary monetary policy.

The legal mechanisms and assets are flexible and expanding, and the Islamic heritage is rich enough so that Muslims can adopt through this intellectual and legal heritage a contemporary economic system. This is an appropriate answer to the doubts that afflicted many Muslims that the usurious capitalist economy is the only option and that talking about an Islamic economic system is a fantasy.