Monetary reform: Thoughts and observations

This paper presents some thoughts and observations related to the subject of monetary and financial reform. these thoughts and observations are based on the general framework that have been spelled out by the editorial board of kauj-ie in the invitation letter sent to the author to participate in the discussion of the forum. the paper concluded with important conclusions and recommendations; including the fact that the need for reform is urgent and it is almost an agreed upon. however,the delicate issue that arose from such an agreement centers around two vital questions: what is the nature of this reform? on what basis should it be based? among the recommendations is the call for muslim economists in general and,arabs,in particular,to keep abreast of the developments in the monetary field,this is because this domain has witnessed remarkable developments in recent years as one of the key areas to understanding the work of contemporary financial systems and determining the starting point of their reform. the other conclusion is the fact that the issue of money creation is fundamental,central and dangerous at the same time,which necessitates the opening of a fruitful debate among muslim economists and jurists,and why not dedicating an appropriate time within the work of the prominent jurisprudential councils,like the international fiqh academy (oic affiliate),to discuss rigorously and thoroughly this matter?