Proposals for Reforming the International Monetary System from the Islamic Economy Perspective

This research aims to examine various monetary systems proposed by economists in the literature and evaluate proposals within the Islamic economy for reforming the monetary system. The study concludes that money has increasingly become an end in itself rather than a tool for exchange or a standard for measuring value, leading to disruptions in both local and international monetary systems. Additionally, the dominance of the U.S. dollar as the global currency has contributed to numerous international crises. Consequently, most reform proposals in the literature seek to establish a new international monetary system capable of addressing and mitigating these disruptions.