النقود الإسلامية، كما ينبغي أن تكون

Abstract EN

The paper derives from shariah texts and major judicial interpretations the normative characteristics of money in an Islamic society.

It concludes first that realizing shariah objectives and rulings related to money does not require maintaining the material manifestation of money (i.e.

gold & silver bimetallic system), as it was at the Prophet’s time, but does require stability in the value of money, which stability is a prime condition for efficiently maintaining the functions of money.

It concludes, secondly, that issuing or generation of government (fiduciary) money is a governmental duty that may not be delegated to non-governmental profit-seeking entities such as commercial banks.

Opposite views are also discussed.

The paper concludes that achieving the shariah objective of stability in the value of money requires an honest, efficient and independent monetary authority.