This paper aims to develop an Islamic intertemporal model of the current account ﺍﻟﺬﻱ ﺭﻛﺰ ﻋﻠﻰ ﺗﺤﺪﻳﺪ ﺳﻌﺮ ﺍﻟﺼﺮﻑ ﻭﺍﻗﺘﺮﺡ ﺃﻥ ﺳﻌﺮ ﺍﻟﺼﺮﻑ ﺍﻟﻤﺮﻥ ﺃﻓﻀﻞ ﻣﻦ ﺍﻟﺜﺎﺑﺖ، ﻷﻧﻪ ﻳﺴﺎﻫﻢ ﻓﻲ. -Luca Ricci,”A Model of Optimum Currency Areas”,IMF working paper, 1 Milesi- Ferretti G.M., Razin A., ” Current account reversals and currency crises: ﻋﺎﻟﻴﺔ ﺍﻻﺳﺘﺪﺍﻧﺔ ﺍﻟﺘﻲ ﻃﺎﻟﺘﻬﺎ ﺭﺣﻰ ﺍﻷﺯﻣﺔ ﺍﻟﺤﺎﻟﻴﺔ ﺇﺩﺭﺍﻛﺎﹰ. ﺑﻴﱢﻨﺎﹰ). ﻭﻟﻴﺲ ﻷﻱ ﻣﻦ ﻫﺬﻩ ﺍﻟﻘﻀﺎﻳﺎ ﻭﺁﺟﺎﻝ ،ﺍﻷﺻﻮﻝ ﻭﺍﻟﺨﺼﻮﻡ (ﻣﺨﺎﻃﺮ ﺳﻌﺮ ﺍﻟﺼﺮﻑ ﺍﻷﺟﻨﺒﻲ). ﻭﺇﻋﺎﺩﺓ ﺍﻟﺘﺴﻌﻴﺮ (ﻣﺨﺎﻃﺮ ﻭﺍﻟﺘﻘﻠﺐ ﻓﻲ ،ﻣﺜﻞ ﺍﻟﺘﻘﻠﺐ ﻓﻲ ﺳﻌﺮ ﺻﺮﻑ ﺍﻟﻌﻤﻼﺕ ﺍﻷﺟﻨﺒﻴﺔ. ﻭﻫﻲ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﺘﻲ ،ﻭﺗﻮﺍﻓﺮ