Money in the islamic economy

Abstract

Due to the rapidly changing trends in the economic spaces of the world’s countries, the question has recently arisen not only about the transition from a unipolar to a multipolar world, but also the issues of developing new mechanisms of interaction between counterparties which will be based on conceptually new approaches.

 One of these approaches may be the Islamic economy, which currently has a theoretical basis, although in its practical part it is advisable to note the largest functioning mechanism — this is Islamic finance. At the same time, the main engine of Islamic finance is money, which, at the same time, functions in classical, Western economic models.

The purpose of the article is to analyze the concept and essence of money from the point of view of Islam as a fundamental element in terms of a fundamental understanding of the essence of money from the point of view of religion. In this regard, a comparative analysis of the concepts of money in the Western and Islamic economic scientific directions was carried out on the basis of which appropriate conclusions were drawn.