The concept of money in Islam

pp. 169-184

in: Masudul Alam Choudhury, Studies in islamic science and polity, Basingstoke, Palgrave Macmillan, 1998

Abstract

Two questions have to be asked in relation to money in Islam. First, in what sense is money used as a store of value and a medium of exchange? Second, what is the nature of stability of monetary aggregates in the Islamic economy in order to establish money as a standard to value assets? In this brief exposition we will simply introduce the salient concept of money in Islam while answering these questions. Detailed development of the idea of money in Islamic economy in comparative perspectives can be found elsewhere.¹