Money from the viewpoint of Islam, history of Islam and Islamic economics

Abstract

This chapter examines the Islamic point of view about money taking Islamic (economics) history and modern Islamic economics into consideration. It is also intended to be the introductory article of this book, which is a collection of the papers presented at the 7th Islamic Economics Workshop, organized by IKAM (Research Center for Islamic Economics) in 2019. The chapter discusses the history of money, and examines money in Islamic history and Islam. It then devoted to money in the context of Islamic economics. Based on survey about the money-related discussions in Islamic economics during the last decades, basic topics can be listed as follows: whether money should only be made of gold and silver and the question of representative or nominal money; the relationship between nominal money and money creation; money-bank, central banking and monetary policy instruments in Islamic economics; public finance, and other matters related to money.