The Call for a Sovereign Monetary System:

An Analytical Perspective within the Framework of the

Principles and Objective of the Islamic Financial System

This research aims at exploring the work of the call for a Sovereign Monetary System (SMS) within the light of the principles and Maqasid (objectives) of the Islamic monetary and financial system. The investigation is carried out in addressing the following questions: what are the broad lines of the reforming agenda of the SMS call? And to what extent does this reform coincide with the principles and Maqasid of the Islamic monetary and financial system? What lessons can be learnt from such a call for future design of an Islamic monetary and financial system for contemporary economies?