Abstract
The paper derives from Shariah texts and major judicial interpretations the normative characteristics of money in an Islamic society. It concludesfznt that realizing Shariah objectives and filings related to money does not require maintaining the material manifistation of money (i.e gold & silver bimetalic system), as it was at the Prophet’s time, but does require stability in the value of money, ‘thich stability is a prime condition for efficiently maintaining the thndions of money. It concludes, secondly, that issuing or generation of government (fiduciaay) money is a governmental duty that may not be delegated to non-governmental profit-seeking entities such as commercial banks. Opposite iews are also discussed. The paper concludes that achieving the shasiali objective of stability in the value of money requires an honest, efficient and independent monetary authority.
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