An Assessment of the Views of some Islamic scholars on the nature of money

Money has been the subject of many legal and jurisprudential rules in an Islamic economy. Therefore, understanding the nature of money has gained a high significance. Hence, a number of Muslim scholars have made several attempts to theorize the nature of money. Ayatollah Sadr, ayatollah Bojnordi, ayatollah Shahrodi, and Yosoufi, have tried to explain and attribute the nature of money in its purchasing power. The authors of “money in Islamic economy” have favored the theory of nominal value of money. Examining the background and basis of these theories the present article argue that they are not reliable Therefore the need to develop a new theory on the nature of money remains unfulfilled.