Analyzing the Islamic Components of a Monetary Pluralism Model Based on Allameh Tabatabaei’s Theory of Creditive Notions (Īʿtībāriyyāt)

Extended Abstract
 
Introduction and Objectives: Money, as one of the most important elements in any economic system, plays a crucial role in shaping social, economic, and even cultural relations. In the contemporary world, the functions of money have become highly diversified, ranging from official and state-backed currencies to digital and decentralized instruments such as cryptocurrencies. These developments have not only created opportunities for innovation in financial systems but also introduced challenges such as instability, speculation, unequal wealth accumulation, and threats to social justice. In Islamic economics, the importance of this issue is heightened, as money is not merely a technical or economic instrument but an institution that must be designed and managed in accordance with religious principles, ethical values, and public welfare.
Allameh Tabatabaei’s Theory of Creditive Notions (Iʿtibāriyyāt) provides a philosophical and epistemological framework that offers new perspectives for analyzing money and the possibility of monetary pluralism. According to this theory, money is formed as a contractual and creditive institution within the domain of practical reason (ʿaql-e ʿamali) and possesses a dynamic, goal-oriented, and socially adaptable nature. The main objective of this study is to extract and analyze the Islamic components of a monetary pluralism model based on Allameh Tabatabaei’s creditive theory and to examine its capacity for implementing the principles of resistance economy in Iran. The resistance economy emphasizes justice-orientation, self-reliance, people-centeredness, outward-looking policies, and flexibility, requiring theoretical and practical frameworks to enhance economic resilience and financial independence. This paper focuses on linking the philosophy of creditive notions with concrete monetary issues, aiming to propose an indigenous and Islamic model to address contemporary financial system challenges.
Methodology: This research adopts a qualitative and analytical approach based on library studies and content analysis of philosophical, economic, and jurisprudential texts. Initially, sources related to Allameh Tabatabaei’s Theory of Creditive Notions and other Islamic scholars were examined to extract a conceptual framework regarding the nature of money in Islamic thought. Subsequently, contemporary economic literature, including studies on monetary pluralism, complementary and local currencies, and resistance economy issues, was reviewed to allow comparison and integration of perspectives. Selected sources included authoritative philosophical and jurisprudential works in Islamic thought, peer-reviewed domestic and international research articles, and empirical reports from countries such as Switzerland, Japan, and the United Kingdom regarding local currency applications. Data were analyzed using interpretive analysis, aligning foundational concepts of creditive theory—such as enactment (wa’az‘), credibility (īʿtibār), right-based orientation (haqmadārī), and practical reason (ʿaql-e ʿamalī)—with concrete monetary system issues. Through conceptual inference, the necessary components for designing an Islamic monetary pluralism model were extracted. These components were then classified into four dimensions: epistemological, functional, institutional, and governance, ensuring theoretical coherence. Comparative analysis was employed to validate findings, juxtaposing experiences of local and complementary currencies in developed countries with the proposed Islamic model. Finally, results were redesigned into a coherent framework linking philosophical foundations with macro-level resistance economy policies. The methodology thus combines theoretical analysis, philosophical interpretation, and applied comparison, enabling the development of an indigenous, practical model.
Results: Findings indicate that in an Islamic system, money is not merely an intrinsic commodity or physical object; rather, it constitutes a social and goal-oriented creditive institution created by practical reason to organize social and economic relations in accordance with religious and ethical values. Legitimacy of money is contingent upon its service to public welfare, social justice, and human dignity. Key components identified for an Islamic monetary pluralism model include: creditive dynamism, right-based orientation (haqmadari), social positing (wa’az‘-e ījtimāʿī), legitimization mechanisms, justice-orientation, and multifunctionality of money. Creditive dynamism implies that money and other social creditive instruments must be adaptable to changing societal conditions, yet this principle alone does not confer legitimacy and must align with religious and ethical norms. Right-based orientation emphasizes that no monetary instrument should result in the deprivation of rights or domination and oppression. Social positing indicates that public acceptance is a necessary condition for monetary credibility, although it is insufficient for religious legitimacy. Comparative analysis shows that local and complementary currencies in developed countries, such as Switzerland (WIR), Japan, and the UK (Bristol Pound), while enhancing local economies, social cooperation, and reducing dependence on financial capitalism, have impacts proportional to their share in national economies. Hence, evaluating the economic consequences of Islamic monetary pluralism requires careful examination of these currencies’ share in liquidity and potential influence on inflation.
Discussion and Conclusion: The analysis demonstrates that Allameh Tabatabaei’s Theory of Creditive Notions offers a robust framework for explaining the nature and functions of money within an Islamic context and can serve as a theoretical basis for designing a monetary pluralism model. This model, by emphasizing the contractual and creditive nature of money, enables acceptance of monetary diversity while providing clear criteria based on justice, right-based orientation, and public welfare to assess the desirability of monetary pluralism. Within the resistance economy framework, the model can promote people-centered economic policies, strengthen micro-monetary institutions, enhance financial resilience, and reduce dependency on international monetary systems. Nevertheless, this framework provides the necessary theoretical and philosophical foundation only; empirical and quantitative studies at the macroeconomic level are essential for final evaluation. Lessons from local currencies in other countries indicate that their effects on liquidity and inflation depend on their scale and integration within the broader economy. Therefore, designing thematic or local currencies in Iran requires careful assessment of their impact on variables such as inflation, liquidity, and social justice. Future research should focus on empirical validation of the proposed model and development of operational frameworks within policy-making contexts, thereby leveraging the theoretical capacities of creditive philosophy to address practical issues in Islamic economics and provide a sustainable, just, and indigenous model for contemporary monetary systems.
JEL Classification Codes: B31, P51, E50, O12.
Acknowledgment: The authors express their gratitude to the editorial board and reviewers of the Journal of Islamic Economic Studies for their insightful comments and guidance, which contributed significantly to enhancing the quality of this paper.
Conflict of Interest: The authors declare that there are no financial, academic, or organizational conflicts of interest associated with the preparation and publication of this article.