The Role of Complementary Currencies in Reducing Unemployment in Iraq: A Prospective Study

Abstract

The research aimed to demonstrate the role of complementary currencies in reducing unemployment in Iraq by enhancing the GDP and achieving economic stability. The researchers used the qualitative approach in collecting primary data and analysing it using semi-structured interviews (telephone interviews), Six Islamic banks were invited as a case study for the interview, The number of responding banks was two Islamic banks (Islamic Advisor for Investment and Finance, Arab Islamic), Two employees with managerial responsibilities (Retail Banking Department, Products Department) were selected from each bank, and their opinions were surveyed according to pre-organized questions that were consistent with the nature of the research. The researchers concluded that there is knowledge of initiatives to adopt complementary currencies by existing institutions in the world, There are challenges facing the use of complementary currencies, the most important of which are technical issues, societal culture and organization, Complementary currencies have a role in reducing unemployment in Iraq by activating private sector projects, There are future prospects for implementing complementary currencies in Iraqi society in the event of coordination between the Central Bank of Iraq and civil society organizations to draw up laws and policies that serve the interests of society and do not affect the country's monetary policy. The researchers recommend the necessity of benefiting from the experiences of countries in using complementary currencies to know the economic and social feasibility and how central banks dealt with their presence due to their important role in achieving economic stability and increasing the country's GDP, The literature that addressed this topic is scarce and for the purpose of spreading the culture of knowledge about complementary currencies, it is possible to address it in other sectors such as the industrial and commercial sector in Iraq.