Money Multiplication in Islamic Banking – A Discussion on its Impact on Distributive Justice
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Abstract
This paper explores the legitimacy of the use of Fractional Reserve System in Islamic banking from the normative premise of Islamic economics. The paper uses a methodology of structured literature review and a conceptual analysis of the literature following the approach of Critical Interpretive Synthesis (CIS). The first section of the paper presents the analysis on fractional Reserve Bank (FRB) system, how it leads to multiplication of money supply and influence the long-term inflation and business cycles; the second part of the article explains the extent to which this framework obstructs in the achievement of the objectives of Islamic Economics. This is followed by a reflective analysis of concepts and information gathered from the literature to evaluate how FRB system fits into the fabric of Islamic Economic. The second section of this paper explains how Islamic Banks, with an FRB model and its inclination towards debt-based instruments, would allow Islamic banks to contribute to the problem of inflation, even if they use Musharakah and Mudarabah as a mode of finance.
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Javaid, O. (2023). Money Multiplication in Islamic Banking – A Discussion on its Impact on Distributive Justice. Invest Journal of Sharia & Economic Law, 3(1), 41-69. https://doi.org/10.21154/invest.v3i1.5780
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References
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Ahmed, Mahmood. ‘Practice of Mudaraba and Musharaka in Islamic Banking’. In SSRN Electronic Journal, 2018. https://doi.org/10.2139/ssrn.3161208.
Al-Maqrizi, T.a-D. Ighathat Al-Ummah Bi-Kashf Al-Ghummah. Translated by A Allouche. Egypt: University of Utah Press, n.d.
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Asutay, Mehmet. ‘Conceptualisation on the Second Best Solution in Overcoming the Social Failure of Islamic Banking and Finance’. IIUM Journal of Economics and Management 15, no. 2 (2007): 167–95.
Benati, L. ‘Long-Run Evidence on Money Growth and Inflation’. Bank of England Quarterly Bulletin, n.d.
Benlala, Mejd Aures. ‘Perspectives on Islamic Banks Activity in Light of Money Creation and Cash Reserve Ratio (CRR)’. ELBAHITH d’études Académiques 10, no. 1 (2023): 565–76.
Bernanke, Ben, Mark Gertler, and Simon Gilchrist. ‘The Financial Accelerator in a Quantitative Business Cycle Framework’. Cambridge, MA, March 1998. https://doi.org/10.3386/w6455.
Brydges, Ryan, and Deborah Butler. ‘A Reflective Analysis of Medical Education Research on Self-Regulation in Learning and Practice’. Medical Education 46, no. 1 (January 2012): 71–79. https://doi.org/https://doi.org/10.1111/j.1365-2923.2011.04100.x.
Caplan, B. ‘What’s Wrong With Austrian Business Cycle Theory’. Library of Economics and Liberty, 2008. http://econlog.econlib.org/archives/2008/01/whats_wrong_wit_6.html.
Danziger, Leif. ‘Costs of Price Adjustment and the Welfare Economics of Inflation and Disinflation’. American Economic Review 78, no. 4 (1988): 633–46. http://www.aeaweb.org/aer/%0Ahttp://search.ebscohost.com.ezproxy1.lib.asu.edu/login.aspx?direct=true&db=eoh&AN=0213923&site=ehost-live.
Depraetere, Joke, Christophe Vandeviver, Ines Keygnaert, and Tom Vander Beken. ‘The Critical Interpretive Synthesis: An Assessment of Reporting Practices’. International Journal of Social Research Methodology, August 2020, 1–21. https://doi.org/10.1080/13645579.2020.1799637.
E., W. A., Friedrich A. Hayek, N. Kalder, and H. M. Croome. Monetary Theory and the Trade Cycle. Journal of the Royal Statistical Society. Vol. 96. London, Toronto, 1933. https://doi.org/10.2307/2341796.
Encarnación, José. Optimum Quantity of Money Instability. Economics Letters. Vol. 42. Aldine Publishing Company, 1993. https://doi.org/10.1016/0165-1765(93)90064-J.
Friedman, Milton. Money Mischief: Episodes in Monetary History. New York, New York, USA: HMH, 1994.
Greenspan, Alan. The Age of Turbulence. 1st ed. London: Penguin Books, 2007.
Grunwald, M. ‘Bernanke’s Bum Rap: Why a Little Inflation Is Good’, n.d. http://www.time.com/time/nation/article/0,8599,2030919,00.html.
Guttmann, Robert, and Dominique Plihon. ‘Consumer Debt and Financial Fragility’. International Review of Applied Economics 24, no. 3 (2010): 269–83. https://doi.org/10.1080/02692171003701420.
Hasan, Mohammad S. ‘Monetary Growth and Inflation in China: A Reexamination’. Journal of Comparative Economics 27, no. 4 (1999): 669–85. https://doi.org/10.1006/jcec.1999.1607.
Humphrey, Thomas M. ‘The Real Bills Doctrine’. Economic Review of the Richmond Fed, no. Sep/Oct (1982): 3–13.
Iqbal, Zubair, and Abbas Mirakhor. Islamic Banking. Occasional Paper (International Monetary Fund) TA - TT -. Washington, D.C. SE -: International Monetary Fund, 1987. https://doi.org/ LK - https://worldcat.org/title/1058628819.
Ismail, Ahmad Yani. ‘Money Creation by Banking Industry, Maqasid Al-Shariah and Ar Rawaj’. Journal of Muwafaqat 2, no. 1 (2019): 30–44.
Ismatullah. Masla-e-Zar Ka Tehqiqi Muta’allah: Sharee Nuqtae Nazar Se. 1st ed. Karachi: Maktaba Darululoom, n.d.
Jamour, Mohammad, Kamran Nadri, and Ahmad Shabani. ‘Incorporating the Two Functions of Portfolio Management and Payment Services in the Banking System and Presenting a Favorable Model from the Islamic Banking Perspective’. Journal of Iran’s Economic Essays: An Islamic Approach 18, no. 36 (2022): 172–89.
Kameel Mydin Meera, Ahamed, and Moussa Larbani. ‘Ownership Effects of Fractional Reserve Banking: An Islamic Perspective’. Humanomics 25, no. 2 (2009): 101–16. https://doi.org/10.1108/08288660910964175.
King, Mervyn. ‘No Money, No Inflation - The Role of Money in the Economy’. Economie Internationale 88, no. 4 (2001): 111–32. https://doi.org/10.3917/ecoi.088.0111.
Klein, D. B. ‘The Demand for and Supply of Assurance’. Economic Affairs 21, no. 1 (2001): 4–11. https://doi.org/10.1111/1468-0270.00268.
Krugman, Paul. ‘The Hangover Theory: Are Recessions the Inevitable Payback for Good Times?’ Slate Magazine, 1998. http://www.slate.com/articles/business/the_dismal_science/1998/12/the_hangover_theory.html.
M Yahya, Naeem Ur Rahman. ‘The Role of Money in Capitalistic and Islamic Economic Systems: A Comparative Study’. Al-Milal: Journal of Religion and Thought. Pakistan Society of Religions (PSR), 2020. https://doi.org/10.46600/almilal.v2i2.74.
Macleod, Henry Dunning. Theory and Practice of Banking. Vol. II. The Theory and Practice of Banking. Longmans, Green, 1906. https://books.google.bi/books?id=_M4JAAAAIAAJ.
Maliha, Hasna, and Lina Marlina. ‘Why Islamic Banks Are Relatively More Resilient to Crisis?’ Ekonomi Islam Indonesia 1, no. 1 (December 2019): 34–55.
Marshall, Alfred. Memoranda and Evidence before the Gold and Silver Commission. Official Papers by Alfred Marshall. MacMillan London, 1887.
Miah, Mohammad Dulal, and Yasushi Suzuki. ‘Murabaha Syndrome of Islamic Banks: A Paradox or Product of the System?’ Journal of Islamic Accounting and Business Research 11, no. 7 (11 January 2020): 1363–78. https://doi.org/10.1108/JIABR-05-2018-0067.
Nageswari, R. ‘Economic Visions of Dr. BR Ambedkar’. Shanlax International Journal of Economics 7, no. 4 (2019): 29–35.
Niggle, Christopher J. ‘The Endogenous Money Supply Theory: An Institutionalist Appraisal’. Journal of Economic Issues 25, no. 1 (1991): 137–51. https://doi.org/10.1080/00213624.1991.11505132.
Nor, E, A A Pitchay, and M Usman. ‘How “Islamic” Is Islamic Banking? A Revisit’. International Journal of Accounting, Finance and Business (IJAFB) EISSN 5, no. 30 (2020): 219–37.
Polleit, T. ‘Why Money Supply Matters’. Ludwig von Mises Institute, 2005. http://mises.org/daily/2810.
———. ‘Why Money Supply Matters’. Ludwig von Mises Institute 16 (2005). http://mises.org/daily/2810.
Polleit, Thorsten. ‘Manipulating the Interest Rate: A Recipe for Disaster’. Mises Institute, 2007. https://mises.org/library/manipulating-interest-rate-recipe-disaster.
Reisman, G. Capitalism. Illinois: Jameson Books, n.d.
Reisman, George. ‘Capitalism: A Treatise on Economics’. Jameson Books, Ottawa, Illinois. Jameson Books, 1996.
Roffia, Barbara, and Andrea Zaghini. ‘Excess Money Growth and Inflation Dynamics’. International Finance 10, no. 3 (2007): 241–80. https://doi.org/10.1111/j.1468-2362.2007.00206.x.
S.B.P. ‘BSD Circular No. 08 of 2008:Cash Reserve Requirements Against FE-25 Deposits Maintained by IBs & IBBs’, n.d. http://www.sbp.org.pk/bsrvd/2008/c8.htm.
Sartell, E A, and A J Vierra. ‘Overview of the United States Economy 1950-2011: Four Lessons for Brazil’. World Review of Business Research 2, no. 3 (2012): 1–11.
Schumpeter, Joseph A. History of Economic Analysis. History of Economic Analysis. Great Britain: Taylor & Francis e-Library, 2006. https://doi.org/10.4324/9780203983911.
———. History of Economic Analysis. History of Economic Analysis. London: Routledge, 2006. https://doi.org/10.4324/9780203983911.
Seaver, James E. ‘A Monetary History of the Ottoman Empire’. History: Reviews of New Books 28, no. 4 (January 2000): 180–180. https://doi.org/10.1080/03612759.2000.10525602.
Shapiee, Rohimi, and Anowar Zahid. Addressing Economic Meltdown: An Evaluation of Fiat Andcredit Money from Islamic Perspective. US-China Law Review. 17th ed. Vol. 11. Las Vegas: ASBBS Annual Conference, 2014.
Siddiqi, M Nejatullah. ‘Islamic Finance and Beyond Premises and Promises of Islamic Economics’. In Proceedings of the Third Harvard University Forum on Islamic Finance: Local Challenges, Global Opportunities, 49–53. Cambridge, Massachusetts: Harvard University, 1999. http://ifp.law.harvard.edu/login/contact.
Siddique, Muhammad Zahid. ‘Modern Money and Islamic Banking in the Light of Islamic Law of Riba’. International Journal of Finance and Economics 27, no. 1 (2022): 993–1008. https://doi.org/10.1002/ijfe.2196.
Soto, J de. Money, Bank Credit, and Economic Cycles. Books.Google.Com. Alabama: Ludwig von Mises Institute, 2009. http://books.google.com/books?hl=en&lr=&id=73eheHP_YHIC&oi=fnd&pg=PR3&dq=BMiIcBJwFx8J:scholar.google.com/&ots=hbzITh-wh2&sig=THHPKm_oZsviYVXY_VQw18HZGPQ%5Cnpapers2://publication/uuid/E500A887-A169-4F8D-BD51-46B5D87EF19F.
Soto, Jesús Huerta de. Money, Bank Credit, and Economic Cycles. Edited by Unión Editorial Madrid. Alabama: The Ludwig von Mises Institute. 4th ed. Ludwig von Mises Institute, 2020.
State Bank of Pakistan. ‘Broad Money (M2) Components’. State Bank of Pakistan. Accessed 1 April 2012. https://www.sbp.org.pk/ecodata/BroadMoney_M2.pdf.
———. ‘Glossary: Statistical Bulliten Feb 2012’. State Bank of Pakistan, 2012. http://www.sbp.org.pk/reports/stat_reviews/Bulletin/2012/Feb/Glossary.pdf.
Sunaryo, Sinto, Hunik Sri Runing Sawitri, Joko Suyono, Lilik Wahyudi, and Sarwoto. ‘Flexible Work Arrangement and Work-Related Outcomes during the Covid-19 Pandemic: Evidence from Local Governments in Indonesia’. Problems and Perspectives in Management 20, no. 3 (2022): 411–24. https://doi.org/10.21511/ppm.20(3).2022.33.
Syarifah, Lailatis, Muhfiatun Muhfiatun, Tettet Fitrijanti, and Prasojo Prasojo. ‘Maqasid Sharia and Islamic Bank Performance: A Systematic Review’. I-ECONOMICS: A Research Journal on Islamic Economics 7, no. 2 (2022): 94–111. https://doi.org/10.19109/ieconomics.v7i2.9167.
Treeck, Till van. ‘A Synthetic, Stock-Flow Consistent Macroeconomic Model of “Financialisation”’. Cambridge Journal of Economics. Düsseldorf, Germany: Macroeconomic Policy Institute, 2009. https://doi.org/10.1093/cje/ben039.
Tullock, Cordon. ‘Why the Austrians Are Wrong about Depressions’. The Review of Austrian Economics 2, no. 1 (December 1988): 73–78. https://doi.org/10.1007/BF01539299.
Umam, Khoirul, Abdul Ghafar Ismail, Achmad Tohirin, and Jaka Sriyana. ‘Islamic Endogenous Money: Evidence From Islamic Banking System in Indonesia and Malaysia’. Journal of Islamic Monetary Economics and Finance. Bank Indonesia, Central Banking Research Department, 2021. https://doi.org/10.21098/jimf.v7i3.1351.
Usmani, M M. Islam Aur Siyasi Nazaryat. Karachi: Maktaba Maraful Quran, n.d.
Usmani, Mt. ‘Looking for New Steps in Islamic Finance’. Retrieved on April, 2010. http://scholar.google.com/scholar?hl=en&btnG=Search&q=intitle:Looking+for+New+Steps+in+Islamic+Finance#0.
Usmani, Mufti Muhammad Taqi. An Introduction to Islamic Finance. Brill, 2021.
Usmani, Sheikh Taqi. Islam Aur Jadeed Maeeshat. Karachi: Idara Al Maraf, 1993.
Wennerlind, Carl. ‘The Alchemical Roots of the Financial Revolution’. Berfrois, 2012. http://www.berfrois.com/2012/03/carl-wennerlind-credit-alchemy.
Xiao, Yu, and Maria Watson. ‘Guidance on Conducting a Systematic Literature Review’. Journal of Planning Education and Research 39, no. 1 (August 2017): 93–112. https://doi.org/10.1177/0739456X17723971.
Ahmed, Mahmood. ‘Practice of Mudaraba and Musharaka in Islamic Banking’. In SSRN Electronic Journal, 2018. https://doi.org/10.2139/ssrn.3161208.
Al-Maqrizi, T.a-D. Ighathat Al-Ummah Bi-Kashf Al-Ghummah. Translated by A Allouche. Egypt: University of Utah Press, n.d.
Ansari, J A. ‘Rejecting Freedom and Progress’. Jareedah 29 (2004): 47–224.
Asutay, Mehmet. ‘Conceptualisation on the Second Best Solution in Overcoming the Social Failure of Islamic Banking and Finance’. IIUM Journal of Economics and Management 15, no. 2 (2007): 167–95.
Benati, L. ‘Long-Run Evidence on Money Growth and Inflation’. Bank of England Quarterly Bulletin, n.d.
Benlala, Mejd Aures. ‘Perspectives on Islamic Banks Activity in Light of Money Creation and Cash Reserve Ratio (CRR)’. ELBAHITH d’études Académiques 10, no. 1 (2023): 565–76.
Bernanke, Ben, Mark Gertler, and Simon Gilchrist. ‘The Financial Accelerator in a Quantitative Business Cycle Framework’. Cambridge, MA, March 1998. https://doi.org/10.3386/w6455.
Brydges, Ryan, and Deborah Butler. ‘A Reflective Analysis of Medical Education Research on Self-Regulation in Learning and Practice’. Medical Education 46, no. 1 (January 2012): 71–79. https://doi.org/https://doi.org/10.1111/j.1365-2923.2011.04100.x.
Caplan, B. ‘What’s Wrong With Austrian Business Cycle Theory’. Library of Economics and Liberty, 2008. http://econlog.econlib.org/archives/2008/01/whats_wrong_wit_6.html.
Danziger, Leif. ‘Costs of Price Adjustment and the Welfare Economics of Inflation and Disinflation’. American Economic Review 78, no. 4 (1988): 633–46. http://www.aeaweb.org/aer/%0Ahttp://search.ebscohost.com.ezproxy1.lib.asu.edu/login.aspx?direct=true&db=eoh&AN=0213923&site=ehost-live.
Depraetere, Joke, Christophe Vandeviver, Ines Keygnaert, and Tom Vander Beken. ‘The Critical Interpretive Synthesis: An Assessment of Reporting Practices’. International Journal of Social Research Methodology, August 2020, 1–21. https://doi.org/10.1080/13645579.2020.1799637.
E., W. A., Friedrich A. Hayek, N. Kalder, and H. M. Croome. Monetary Theory and the Trade Cycle. Journal of the Royal Statistical Society. Vol. 96. London, Toronto, 1933. https://doi.org/10.2307/2341796.
Encarnación, José. Optimum Quantity of Money Instability. Economics Letters. Vol. 42. Aldine Publishing Company, 1993. https://doi.org/10.1016/0165-1765(93)90064-J.
Friedman, Milton. Money Mischief: Episodes in Monetary History. New York, New York, USA: HMH, 1994.
Greenspan, Alan. The Age of Turbulence. 1st ed. London: Penguin Books, 2007.
Grunwald, M. ‘Bernanke’s Bum Rap: Why a Little Inflation Is Good’, n.d. http://www.time.com/time/nation/article/0,8599,2030919,00.html.
Guttmann, Robert, and Dominique Plihon. ‘Consumer Debt and Financial Fragility’. International Review of Applied Economics 24, no. 3 (2010): 269–83. https://doi.org/10.1080/02692171003701420.
Hasan, Mohammad S. ‘Monetary Growth and Inflation in China: A Reexamination’. Journal of Comparative Economics 27, no. 4 (1999): 669–85. https://doi.org/10.1006/jcec.1999.1607.
Humphrey, Thomas M. ‘The Real Bills Doctrine’. Economic Review of the Richmond Fed, no. Sep/Oct (1982): 3–13.
Iqbal, Zubair, and Abbas Mirakhor. Islamic Banking. Occasional Paper (International Monetary Fund) TA - TT -. Washington, D.C. SE -: International Monetary Fund, 1987. https://doi.org/ LK - https://worldcat.org/title/1058628819.
Ismail, Ahmad Yani. ‘Money Creation by Banking Industry, Maqasid Al-Shariah and Ar Rawaj’. Journal of Muwafaqat 2, no. 1 (2019): 30–44.
Ismatullah. Masla-e-Zar Ka Tehqiqi Muta’allah: Sharee Nuqtae Nazar Se. 1st ed. Karachi: Maktaba Darululoom, n.d.
Jamour, Mohammad, Kamran Nadri, and Ahmad Shabani. ‘Incorporating the Two Functions of Portfolio Management and Payment Services in the Banking System and Presenting a Favorable Model from the Islamic Banking Perspective’. Journal of Iran’s Economic Essays: An Islamic Approach 18, no. 36 (2022): 172–89.
Kameel Mydin Meera, Ahamed, and Moussa Larbani. ‘Ownership Effects of Fractional Reserve Banking: An Islamic Perspective’. Humanomics 25, no. 2 (2009): 101–16. https://doi.org/10.1108/08288660910964175.
King, Mervyn. ‘No Money, No Inflation - The Role of Money in the Economy’. Economie Internationale 88, no. 4 (2001): 111–32. https://doi.org/10.3917/ecoi.088.0111.
Klein, D. B. ‘The Demand for and Supply of Assurance’. Economic Affairs 21, no. 1 (2001): 4–11. https://doi.org/10.1111/1468-0270.00268.
Krugman, Paul. ‘The Hangover Theory: Are Recessions the Inevitable Payback for Good Times?’ Slate Magazine, 1998. http://www.slate.com/articles/business/the_dismal_science/1998/12/the_hangover_theory.html.
M Yahya, Naeem Ur Rahman. ‘The Role of Money in Capitalistic and Islamic Economic Systems: A Comparative Study’. Al-Milal: Journal of Religion and Thought. Pakistan Society of Religions (PSR), 2020. https://doi.org/10.46600/almilal.v2i2.74.
Macleod, Henry Dunning. Theory and Practice of Banking. Vol. II. The Theory and Practice of Banking. Longmans, Green, 1906. https://books.google.bi/books?id=_M4JAAAAIAAJ.
Maliha, Hasna, and Lina Marlina. ‘Why Islamic Banks Are Relatively More Resilient to Crisis?’ Ekonomi Islam Indonesia 1, no. 1 (December 2019): 34–55.
Marshall, Alfred. Memoranda and Evidence before the Gold and Silver Commission. Official Papers by Alfred Marshall. MacMillan London, 1887.
Miah, Mohammad Dulal, and Yasushi Suzuki. ‘Murabaha Syndrome of Islamic Banks: A Paradox or Product of the System?’ Journal of Islamic Accounting and Business Research 11, no. 7 (11 January 2020): 1363–78. https://doi.org/10.1108/JIABR-05-2018-0067.
Nageswari, R. ‘Economic Visions of Dr. BR Ambedkar’. Shanlax International Journal of Economics 7, no. 4 (2019): 29–35.
Niggle, Christopher J. ‘The Endogenous Money Supply Theory: An Institutionalist Appraisal’. Journal of Economic Issues 25, no. 1 (1991): 137–51. https://doi.org/10.1080/00213624.1991.11505132.
Nor, E, A A Pitchay, and M Usman. ‘How “Islamic” Is Islamic Banking? A Revisit’. International Journal of Accounting, Finance and Business (IJAFB) EISSN 5, no. 30 (2020): 219–37.
Polleit, T. ‘Why Money Supply Matters’. Ludwig von Mises Institute, 2005. http://mises.org/daily/2810.
———. ‘Why Money Supply Matters’. Ludwig von Mises Institute 16 (2005). http://mises.org/daily/2810.
Polleit, Thorsten. ‘Manipulating the Interest Rate: A Recipe for Disaster’. Mises Institute, 2007. https://mises.org/library/manipulating-interest-rate-recipe-disaster.
Reisman, G. Capitalism. Illinois: Jameson Books, n.d.
Reisman, George. ‘Capitalism: A Treatise on Economics’. Jameson Books, Ottawa, Illinois. Jameson Books, 1996.
Roffia, Barbara, and Andrea Zaghini. ‘Excess Money Growth and Inflation Dynamics’. International Finance 10, no. 3 (2007): 241–80. https://doi.org/10.1111/j.1468-2362.2007.00206.x.
S.B.P. ‘BSD Circular No. 08 of 2008:Cash Reserve Requirements Against FE-25 Deposits Maintained by IBs & IBBs’, n.d. http://www.sbp.org.pk/bsrvd/2008/c8.htm.
Sartell, E A, and A J Vierra. ‘Overview of the United States Economy 1950-2011: Four Lessons for Brazil’. World Review of Business Research 2, no. 3 (2012): 1–11.
Schumpeter, Joseph A. History of Economic Analysis. History of Economic Analysis. Great Britain: Taylor & Francis e-Library, 2006. https://doi.org/10.4324/9780203983911.
———. History of Economic Analysis. History of Economic Analysis. London: Routledge, 2006. https://doi.org/10.4324/9780203983911.
Seaver, James E. ‘A Monetary History of the Ottoman Empire’. History: Reviews of New Books 28, no. 4 (January 2000): 180–180. https://doi.org/10.1080/03612759.2000.10525602.
Shapiee, Rohimi, and Anowar Zahid. Addressing Economic Meltdown: An Evaluation of Fiat Andcredit Money from Islamic Perspective. US-China Law Review. 17th ed. Vol. 11. Las Vegas: ASBBS Annual Conference, 2014.
Siddiqi, M Nejatullah. ‘Islamic Finance and Beyond Premises and Promises of Islamic Economics’. In Proceedings of the Third Harvard University Forum on Islamic Finance: Local Challenges, Global Opportunities, 49–53. Cambridge, Massachusetts: Harvard University, 1999. http://ifp.law.harvard.edu/login/contact.
Siddique, Muhammad Zahid. ‘Modern Money and Islamic Banking in the Light of Islamic Law of Riba’. International Journal of Finance and Economics 27, no. 1 (2022): 993–1008. https://doi.org/10.1002/ijfe.2196.
Soto, J de. Money, Bank Credit, and Economic Cycles. Books.Google.Com. Alabama: Ludwig von Mises Institute, 2009. http://books.google.com/books?hl=en&lr=&id=73eheHP_YHIC&oi=fnd&pg=PR3&dq=BMiIcBJwFx8J:scholar.google.com/&ots=hbzITh-wh2&sig=THHPKm_oZsviYVXY_VQw18HZGPQ%5Cnpapers2://publication/uuid/E500A887-A169-4F8D-BD51-46B5D87EF19F.
Soto, Jesús Huerta de. Money, Bank Credit, and Economic Cycles. Edited by Unión Editorial Madrid. Alabama: The Ludwig von Mises Institute. 4th ed. Ludwig von Mises Institute, 2020.
State Bank of Pakistan. ‘Broad Money (M2) Components’. State Bank of Pakistan. Accessed 1 April 2012. https://www.sbp.org.pk/ecodata/BroadMoney_M2.pdf.
———. ‘Glossary: Statistical Bulliten Feb 2012’. State Bank of Pakistan, 2012. http://www.sbp.org.pk/reports/stat_reviews/Bulletin/2012/Feb/Glossary.pdf.
Sunaryo, Sinto, Hunik Sri Runing Sawitri, Joko Suyono, Lilik Wahyudi, and Sarwoto. ‘Flexible Work Arrangement and Work-Related Outcomes during the Covid-19 Pandemic: Evidence from Local Governments in Indonesia’. Problems and Perspectives in Management 20, no. 3 (2022): 411–24. https://doi.org/10.21511/ppm.20(3).2022.33.
Syarifah, Lailatis, Muhfiatun Muhfiatun, Tettet Fitrijanti, and Prasojo Prasojo. ‘Maqasid Sharia and Islamic Bank Performance: A Systematic Review’. I-ECONOMICS: A Research Journal on Islamic Economics 7, no. 2 (2022): 94–111. https://doi.org/10.19109/ieconomics.v7i2.9167.
Treeck, Till van. ‘A Synthetic, Stock-Flow Consistent Macroeconomic Model of “Financialisation”’. Cambridge Journal of Economics. Düsseldorf, Germany: Macroeconomic Policy Institute, 2009. https://doi.org/10.1093/cje/ben039.
Tullock, Cordon. ‘Why the Austrians Are Wrong about Depressions’. The Review of Austrian Economics 2, no. 1 (December 1988): 73–78. https://doi.org/10.1007/BF01539299.
Umam, Khoirul, Abdul Ghafar Ismail, Achmad Tohirin, and Jaka Sriyana. ‘Islamic Endogenous Money: Evidence From Islamic Banking System in Indonesia and Malaysia’. Journal of Islamic Monetary Economics and Finance. Bank Indonesia, Central Banking Research Department, 2021. https://doi.org/10.21098/jimf.v7i3.1351.
Usmani, M M. Islam Aur Siyasi Nazaryat. Karachi: Maktaba Maraful Quran, n.d.
Usmani, Mt. ‘Looking for New Steps in Islamic Finance’. Retrieved on April, 2010. http://scholar.google.com/scholar?hl=en&btnG=Search&q=intitle:Looking+for+New+Steps+in+Islamic+Finance#0.
Usmani, Mufti Muhammad Taqi. An Introduction to Islamic Finance. Brill, 2021.
Usmani, Sheikh Taqi. Islam Aur Jadeed Maeeshat. Karachi: Idara Al Maraf, 1993.
Wennerlind, Carl. ‘The Alchemical Roots of the Financial Revolution’. Berfrois, 2012. http://www.berfrois.com/2012/03/carl-wennerlind-credit-alchemy.
Xiao, Yu, and Maria Watson. ‘Guidance on Conducting a Systematic Literature Review’. Journal of Planning Education and Research 39, no. 1 (August 2017): 93–112. https://doi.org/10.1177/0739456X17723971.