The purpose of this paper is to study the process of price determination by the market in the existing variable fiat money regime and its consequences.
Abstract
Purpose
The purpose of this paper is to study the process of price determination by the market in the existing variable fiat money regime and its consequences.
Design/methodology/approach
Scientific knowledge pertaining to units and measurement has been applied to study the issue of wealth measurement and to arrive at the consequences of monetary manipulation. As regards Shariah perspective it may be described as guided application of science to the issue of currency and wealth measurement to analyze and solve economic problems.
Findings
Manipulation of currency that is manipulation of quantity of what determines purchasing power of money does not allow market to determine just prices implying lack of justice in exchange. Profitability of economic activities no longer relates to their utility for the economy implying gross inefficiency in profit driven investment. Market fails to maintain economic balances. These amount to extreme losses. It has led to massive economic uncertainty, instability, disparity, corruption and conflicts. Economic growth, justice and peace become unattainable. It is a serious crime as currency being unit of wealth is the most important unit and it is strictly prohibited in Shariah. Unless corrected for monetary manipulation financial modes recommended by Shariah seem to be unjust and impractical.
Research limitations/implications
Application of scientific approach and scientific knowledge to economic issues especially the issue of wealth measurement needs higher emphasis, efforts and resources.
Practical implications
Governments ought to be persuaded not to manipulate money. Right solution is to link currency with a standard basket of national products with sufficient weight for gold and silver having most stable purchasing power. Unless accounting is corrected for monetary manipulation preferred Islamic modes of finance seem to be unjust and impractical. Where currency is manipulated Shariah/justice requires accounting for dues, capital, profit and loss to be corrected for this manipulation and in present scenario relative change in Consumer Price Index and Whole Sale Price Index may be used as a measure of currency manipulation.
Originality/value
Monetary manipulation has been clearly defined and extreme severity of the problems it creates has been established. It is most important for researchers, academics, government functionaries, social workers and all those who are concerned with economic growth, justice and welfare.
Details
Keywords
The paper's aim is to study the system of interest, its crippling of the market by monetary manipulation and creation of gross disparity and its consequences and to explore an…
Abstract
Purpose
The paper's aim is to study the system of interest, its crippling of the market by monetary manipulation and creation of gross disparity and its consequences and to explore an efficient Islamic alternative.
Design/methodology/approach
The application of science and its analytical tools analyses and solves economic problems. As regards Shariah perspective, it may be described as guided application of science to analyse and solve economic problems.
Findings
Gross inefficiency of the system of interest arises from its conflict with nature. Its sustenance requires monetary manipulation; however, the manipulation together with interest and gross disparity and deprivation created by it cripple markets that fail to determine just prices and to maintain vital economic balances and lead to gross inefficiency resulting in massive crisis. Monetary manipulation is serious fraud and a crime against humanity. Complexity of economic environment created by dominance of interest and its manipulation of currency has created gross misunderstanding among contemporary Islamic scholars and they have failed to project efficient Islamic alternatives. Removal of these misunderstandings and misunderstanding on the growth aspect of Zakah seem to be essential for freeing humanity from the clutches of the system of interest. Linking currency with a suitable well‐defined basket of national product provides a cost free exit from monetary manipulation. However, creation of mass awareness seems to be an initial first step.
Research limitations/implications
Application of scientific approach and scientific knowledge to economic issues, especially the issue of currency, wealth measurement and analysis of system performance needs higher emphasis, efforts and resources.
Practical implications
There is need to create awareness regarding massive losses the economy suffers due to interest and monetary manipulation and to persuade governments to link currency with a suitable and well defined basket of national product. Interest and monetary manipulation have no place in Islam and as long free floats continue to be manipulated those who shun interest and exploitation must correct their accounting for the element of fraud incorporated by monetary manipulation. Consumer price index and wholesale price index may be used as a measure of currency manipulation.
Originality/value
It is an analytical study of economic problems and their efficient solution. It is most important for researchers, academics, government functionaries, social workers and all those who are concerned with economic growth, justice and welfare.
Details
Keywords
Faqir Muhammad Anjum, Muhammad Nadeem, Muhammad Issa Khan and Shahzad Hussain
The purpose of this paper is to provide a comprehensive overview of multiple functions of sunflower seeds including their nutritional and nutraceutical benefits.
Abstract
Purpose
The purpose of this paper is to provide a comprehensive overview of multiple functions of sunflower seeds including their nutritional and nutraceutical benefits.
Design/methodology/approach
The literature review is of the chemical composition of sunflower seeds, their health benefits and their utilization in different products.
Findings
“We are what we eat.” All living creatures need to take in nutrients to live. Nutrients provide energy for processes in the body and can promote growth, maintenance and repair. The classes of nutrients are carbohydrates, proteins, fats, vitamins, and minerals. Sunflower seeds are a good source of all these nutrients. Plant foods such as fruits, vegetables, oil crops and whole grains contain many components that are beneficial to human health. Research supports that some of these foods, as part of an overall healthful diet, have the potential to delay the onset of many age‐related diseases.
Research limitations/implications
Currently available information on sunflower seeds is insufficient. These observations have led to continuing research aimed at identifying specific bioactive components in foods, such as antioxidants, which may be responsible for improving and maintaining health. Antioxidants are present in foods as vitamins, minerals, carotenoids, and polyphenols.
Originality/value
This review is unique in its comprehensive nature. This article will reflect the role of sunflower seeds as nutritional and nutraceutical package.