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An analytical study of al-Ghazali’s thought on money and interest

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  • Islahi, Abdul Azim

Abstract

The present paper concentrates to study an important aspect of al-Ghazali economic thought, money and interest, and with rigorous analysis it attempts to explore its relevance and application in the modern period. Al-Ghazali recognizes money as one of the most important inventions in conduct of the economic affairs. He offers a rather sophisticated discourse as to the evolution of money and its various functions. He explains how money overcomes the problems of barter system such as lack of a common denominator, indivisibility of good and the problem of double coincidence of wants. These ideas of al-Ghazali are almost identical to those found in contemporary texts. He condemns those who hoard money or convert them into other objects. He discusses the harmful effect of counterfeiting and currency debasement. However, he allows for the possibility of representative or token money.

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File URL: http://mpra.ub.uni-muenchen.de/41438/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 41438.

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Date of creation: 2001
Date of revision: 2001
Handle: RePEc:pra:mprapa:41438

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Related research

Keywords: Nature and Functions of money; Difficulties of barter exchange; Interest (riba); Riba’l-fadl and Riba’l-nasi'ah; Counterfeiting and debasement of money;

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  1. Islahi, Abdul Azim, 1982. "Economic thought of Ibn al-Qayyim (1292–1350)," MPRA Paper 41369, University Library of Munich, Germany, revised 1984.
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