Common currency for Islamic countries: is it viable?

Abstract

With the passage of time, we have realised that economic integration in world is causing havoc in the international economies. This integration mainly includes trade and financial liberalisation. The debate about the common currency regime has evolved over time but the most talked about common currency Euro has not helped to avoid or overcome the financial crisis. The monetary market integration might not be helpful for flourishing of financial system in favour of growth of the economies so Islamic countries may avoid such experiments. In this article, we will discuss various reasons with the historical background and data analysis which will support the argument that diversities in socio-economic and political conditions might not be helpful in attaining the ultimate goal of integration between Islamic countries. An option of reserve currency formation by the Islamic countries is also explored in our study.

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