Concept and Functions of Money

Exchange, which entails the process of give-and-take in the transfer of goods and services with others, has played a vital role in the history of mankind. It is in fact, as old as man himself. The reason for its importance is rather simple: self-sufficiency as a way of life is not really practical. Accordingly, the most important functions of money are to serve as a unit of account and a medium of exchange. However, depending on what is being used as money, it could also serve as a store of value and a standard of deferred payment. For further details see: ISRA, Islamic Financial System; Principles and Operations.

Total Fatwas : 6
No. Title
1 RESOLUTION No. 75/6/8: CURRENCY ISSUES
2 RESOLUTION No. 33 (8/4): HIRE-PURCHASE CONTRACTS, MURABAHA FOR THE ORDERER OF PURCHASE, FLUCTUATION IN CURRENCY RATES
3 RESOLUTION No. 42 (4/5): CURRENCY RATES FLUCTUATION
4 RESOLUTION No. 63/1/7: FINANCIAL MARKETS
5 Riba Al-Fadl: Gold For Gold
6 RESOLUTION No. 21 (9-3): SHARI'A RULES GOVERNING PAPER MONEY AND FLUCTUATIONS IN CURRENCY RATES

 

ADVERTISEMENTS

 

 


I-FIKR Sponsors