Money in Islam

Money in Islam

Gold standard is based on Islamic principles. Islam considers commodities with intrinsic value as currency. Following are some examples of commodities used as currency: Gold, Silver, Rice, Dates, Wheat, Barley, Salt. Paper money or electronic money can be used as long as it is backed by gold or silver. Until 1971 most monies of the world were backed by gold.

Price of a commodity is set by the market. On the other hand value of paper or electronic money not backed by gold can be adjusted by the creators of money.


Wikimedia Foundation. 2010.

Игры ⚽ Нужен реферат?

Look at other dictionaries:

  • Islam —     Mohammed and Mohammedanism     † Catholic Encyclopedia ► Mohammed and Mohammedanism     I. THE FOUNDER     Mohammed, the Praised One , the prophet of Islam ( see Islam (Concept) ) and the founder of Mohammedanism, was born at Mecca (20… …   Catholic encyclopedia

  • Islam in North Ossetia-Alania — Islam is currently the second most widely professed religion in the North Ossetia Alania. While the majority of Ossetians are Christian, according to official estimates, 15 30 percent of the population is Muslim. History of Islam in North Ossetia …   Wikipedia

  • Islam —    Islam is the religion of the Muslims, a monotheistic faith which regards itself as incorporating the final revelation in the message of the Qur’an from God to the Prophet Muhammad. This message ends the process of prophecy and completes the… …   Encyclopedia of contemporary British culture

  • Islam and slavery — The major juristic schools of Islam traditionally accepted the institution of slavery.Lewis 1994, [http://www.fordham.edu/halsall/med/lewis1.html Ch.1] ] Muhammad and many of his companions bought, sold, freed, and captured slaves. Slaves… …   Wikipedia

  • Islam in the United States — For a list of American Muslims, see List of American Muslims. American Muslim redirects here. For the magazine, see The American Muslim. American Muslims …   Wikipedia

  • ISLAM — The word conveys the sense of total and exclusive submission to Allah and is the name of the religion enunciated by the Prophet muhammad in the city of Mecca at the beginning of the seventh century C.E. An adherent of it is called a Muslim, a… …   Encyclopedia of Judaism

  • Islam — Islamic /is lam ik, lah mik, iz /, Islamitic /is leuh mit ik, iz /, adj. /is lahm , iz , is leuhm, iz /, n. 1. the religious faith of Muslims, based on the words and religious system founded by the prophet Muhammad and taught by the Koran, the… …   Universalium

  • Islam and antisemitism — Part of a series on Criticism of Islam Issues Antisemitism  …   Wikipedia

  • Islam in Afghanistan — Approximately 99 percent of Afghans are Muslims, and out of them, eighty percent are Sunni of the Hanafi School; the rest are Shi a, the majority of whom are Twelver along with smaller numbers of Ismailis. There is also a strong influence of… …   Wikipedia

  • Islam in Germany — A Mosque in Rodgau of the Ahmadiyya Muslim Community. Part of a series on Islam by country …   Wikipedia

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”