Considerations on Islamic Economic Thought Regarding Monetary Matters in the Middle Ages

Abstract

Islamic monetary and credit theory has its roots in the line of thought developed during the Middle Ages by scholars such as Al-Ghazali, Ibn Khaldun, and Al-Maqrizi whose work is still of great interest today. The explorations carried out in the monetary field are characterized by a multi-disciplinary perspective which takes into account the relationship between the economic, legal, ethico-religious and social fields. This resulted in the appraisal of the nature and role of money, which is rich in implications for both economic theory and economic policy. A number of these analyses raise important questions which may help further our understanding of the connection between ethics and economics.

Keywords

• Islamic economic thought
• money
• monetary system
• monetary theory