By Prof. Dr. Mohd. Ma’sum Billah
Abstract
Money plays a vital role to the economy of any country, not only for providing a medium of exchange but also for the basic survival of the economy of the country. Traditionally, many things have been used by man to accommodate trade and be used as money such as sea shells, gold, silver, special type of stones and so on. Currently the world is using paper money as the official medium of exchange between individuals and institutions. So far, the system has managed to survive many financial crises and it seems to be in use for many years to come. Unfortunately, the paper money system does have its flaws including some that make it an unacceptable medium in the eyes of Islam. These flaws are discussed in this paper along with an alternative system that can be used by the world communities. This new system is one that is sure to be just and also in accordance with the Islamic injunctions. This paper however seeks to analyze different aspects of political-regulatory issues for the possible implementation of gold currency in the contemporary reality.
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