Fiqhi Basis for Compensation Mechanisms in Cases of Negative Inflation

Document Type : Original Article

Author

Associate Professor of Fiqh and Fundamentals of Islamic Law, Semnan Branch, Islamic Azad University, Semnan, Iran

Abstract

A critical challenge of the modern economy is negative inflation, which, according to some economists, can sometimes be more detrimental than positive inflation, as it can lead to economic recession. In negative inflation, the value of money increases, while the value of goods decreases for reasons such as increased production and lack of proper supervision. This paper, recruiting a descriptive-analytical method and by examining the views of contemporary jurists, presents solutions to compensate for the damages caused by negative inflation, including the government's responsibility to compensate for damages and the insurance of production and product damages, and examines the fiqhi foundations related to these solutions. Findings suggest that, given the various causes that can be attributed to negative inflation, the civil liability of the government is only provable in cases where it has, through positive or negative causation, created the conditions for negative inflation, or where this issue is due to the government's negligence, by referring to the principles of "destruction" (itlāf), "causation" (taṣbīb), and "the return policy" (al-kharaj bi al-ḍaman). Furthermore, the legitimacy of insuring against the damages caused by negative inflation is also proven by the generality of the principles of fulfilling promises and trading by mutual consent, as well as the basis of reason and the absence of a legislative prohibition in this regard.

Keywords

Main Subjects

References

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History

  • Receive Date: 28 April 2024
  • Revise Date: 25 May 2024
  • Accept Date: 12 June 2024

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