The Study of Islamic Viewpoint and Western Approach to Subjective Concept of Money and Credit

The imaginable essences around the world are either objective or subjective that rely on original objective concepts. In this regard some phenomena neither exist in objective world nor in subjective concepts، and only a falsified fact is what exists. Money –as a human’s innovation- could be an objective essence in commodity or a subjective concept (fiat money). Furthermore money could be forged from ex nihilo money creation. This paper compares western and Islamic economists’ viewpoints about subjective essence of money and credit. The western approach emphasizes on function of money while Islamic attitude mainly based on identity of money. So the difference between their attitudes towards money essence and function، leads to different entrance into the money concept.