Nature of Money from the Perspective of Islamic Jurisprudence

Money is a significant subject in law and jurisprudence. A Jurist or Faqih should understand modern nature of money to be able to give a precise decree about it and other phenomena related to it. Money has evolved during the past fourteen centuries so that we should understand function and role of the money in the modern society. Decrease of the money value and necessity for amending its value is among discussions during last decades. Different folks of the society deal with the issue. For example repaying the debts with the high inflation in society relates to people’s attitudes towards the essence of money. Opponents and advocates of the necessity for amending money value have different views on the issue. The two sides refer to some reasons including fungible money and prices of goods for their claims. Based on a descriptive-analytic method, the research reviews different standpoints of religious scholars on modern essence of the money. There are various viewpoints but most famous Shia and Sunni scholars believe that credit money is a fungible one. The researcher tries to prove the consistency of the ability of buy and sell by credit money.