This study aims to explore the perception of stakeholders on alternative money creation for the commercial banks’ money lending activities in Malaysia. Phenomenological approach has been employed to explore the perceptions of stakeholders through sharing of their experiences. A semi-structured interview approach has been used to collect the data. Ten individuals from different stakeholder groups have been interviewed with their prior consent. This research has uncovered respondents’ opinions on possible alternative money creation for the commercial banks’ money lending activity. Respondents suggested two proposals. A few respondents have the opinion that fiat money should be removed from the monetary system and money backed by real assets like gold and silver should be issued and controlled only by Bank Negara Malaysia (BNM). Along with the above alternative, other respondents highlight that the accounting entry for commercial banks’ money lending needs should be similar to the accounting entry of non-bank or trading institutions. Hence, the scope of commercial banks to create money in the lending system will be reduced. This study contributes to the current literature as it helps to answer this mystery that as long as Central bank can control the money lending activity of commercial banks through its various mechanisms, money creation is not a big issue but rather quality of finance is the matter of concern. In view of the scarcity of literature on this research matter, this research can become the basis of essential study for future research. In addition, future studies can look at views of the key regulator (e.g. BNM) on this research issue along with the other respondents’ arguments.