Budget Deficits and Public Borrowing Instruments in an Islamic Economic System

In this rapidly changing world, several countries and political movements, especially in the Middle East, are calling for the establishment of an Islamic economic system. This paper seeks to explain the area of public borrowing in such a system and to explore its use in today’s world In the literat...

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Autor principal:	Monzer Kahf
Formato:	article
Lenguaje:	EN
Publicado:	International Institute of Islamic Thought 1994
Materias:	Islam BP1-253
Acceso en línea:	https://doaj.org/article/7316c92fd4724832bb7dc8d51b25a09d
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spelling	oai:doaj.org-article:7316c92fd4724832bb7dc8d51b25a09d2021-12-02T17:49:50ZBudget Deficits and Public Borrowing Instruments in an Islamic Economic System10.35632/ajis.v11i2.24282690-37332690-3741https://doaj.org/article/7316c92fd4724832bb7dc8d51b25a09d1994-07-01T00:00:00Zhttps://www.ajis.org/index.php/ajiss/article/view/2428https://doaj.org/toc/2690-3733https://doaj.org/toc/2690-3741 In this rapidly changing world, several countries and political movements, especially in the Middle East, are calling for the establishment of an Islamic economic system. This paper seeks to explain the area of public borrowing in such a system and to explore its use in today’s world In the literatwe, the term “budget deficit” denotes the gap between public revenue and expenditures. Revenues normally come from taxation and public property, while expenditures may cover development projects and cumnt governmental expenses. In general, such a deficit is bridged by increasing revenues, reducing expenditures, internal borrowing (i.e., from the public commercial banks or the central bank), and by external borrowing. In the past, governments used to borrow from their rich citizens only to meet the financial needs associated with wars and natural calamities. Today, however, public bornwing has become a major feature of contemporary economies in both developed and developing countries. This paper cosists of four sections: the principles of financing in Islam, the Islamic point of view on the provision of public goods, various instruments for public resource mobilization that can be developed on the basis of Islamic principles of financing, and a conclusion. The Principles of Financing There are several recorded cases of public borrowing during the time of the ptophet, as well as othets by the ‘AbWd and the Ottoman governments (Siddiqui 1992). This practice has petsisted into the modem era, as evidenced by Egypt and the Ottoman Empire during the middle of the ... Monzer KahfInternational Institute of Islamic ThoughtarticleIslamBP1-253ENAmerican Journal of Islam and Society, Vol 11, Iss 2 (1994)
institution	DOAJ
collection	DOAJ
language	EN
topic	Islam BP1-253
spellingShingle	Islam BP1-253 Monzer Kahf Budget Deficits and Public Borrowing Instruments in an Islamic Economic System
description	In this rapidly changing world, several countries and political movements, especially in the Middle East, are calling for the establishment of an Islamic economic system. This paper seeks to explain the area of public borrowing in such a system and to explore its use in today’s world In the literatwe, the term “budget deficit” denotes the gap between public revenue and expenditures. Revenues normally come from taxation and public property, while expenditures may cover development projects and cumnt governmental expenses. In general, such a deficit is bridged by increasing revenues, reducing expenditures, internal borrowing (i.e., from the public commercial banks or the central bank), and by external borrowing. In the past, governments used to borrow from their rich citizens only to meet the financial needs associated with wars and natural calamities. Today, however, public bornwing has become a major feature of contemporary economies in both developed and developing countries. This paper cosists of four sections: the principles of financing in Islam, the Islamic point of view on the provision of public goods, various instruments for public resource mobilization that can be developed on the basis of Islamic principles of financing, and a conclusion. The Principles of Financing There are several recorded cases of public borrowing during the time of the ptophet, as well as othets by the ‘AbWd and the Ottoman governments (Siddiqui 1992). This practice has petsisted into the modem era, as evidenced by Egypt and the Ottoman Empire during the middle of the ...
format	article
author	Monzer Kahf
author_facet	Monzer Kahf
author_sort	Monzer Kahf
title	Budget Deficits and Public Borrowing Instruments in an Islamic Economic System
title_short	Budget Deficits and Public Borrowing Instruments in an Islamic Economic System
title_full	Budget Deficits and Public Borrowing Instruments in an Islamic Economic System
title_fullStr	Budget Deficits and Public Borrowing Instruments in an Islamic Economic System
title_full_unstemmed	Budget Deficits and Public Borrowing Instruments in an Islamic Economic System
title_sort	budget deficits and public borrowing instruments in an islamic economic system
publisher	International Institute of Islamic Thought
publishDate	1994
url	https://doaj.org/article/7316c92fd4724832bb7dc8d51b25a09d
work_keys_str_mv	AT monzerkahf budgetdeficitsandpublicborrowinginstrumentsinanislamiceconomicsystem
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Budget Deficits and Public Borrowing Instruments in an Islamic Economic System

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