Journal of Islamic Economics, Management, and Business (JIEMB)
Vol. 5 No. 1 (2023)

Comparative analysis of monetary functions in Islamic and conventional economic systems

Fatmawati, Farida (Unknown)



Article Info

Publish Date
16 Jul 2023

Abstract

The article investigates the distinction between the functions and perceptions of money within Islamic and conventional economic systems. The purpose of the study is to elucidate the Islamic principles governing the use of money, highlighting the fundamental differences from conventional views and their implications for modern economies. The methodology employed is a qualitative approach with descriptive-analytical methods, incorporating primary sources from classical Islamic scholars and contemporary experts, as well as secondary data from relevant academic literature. The findings reveal that, unlike in conventional economics where money can be treated as a commodity, Islamic economics defines money strictly as a medium of exchange and a standard of value, not for hoarding or speculative purposes. This research underscores the necessity of adhering to Sharia principles to ensure a just and sustainable economic system. The implications suggest a re-evaluation of modern financial practices to align more closely with Islamic economic teachings, promoting ethical financial behavior and Indonesia.

Copyrights © 2023






Journal Info

Abbrev

JIEMB

Publisher

Subject

Economics, Econometrics & Finance

Description

Journal of Islamic Economics, Management, and Business is a scientific journal in the field of Islamic economics studies published twice a year by the program of Magister of Syariah Economics, Faculty of Islamic Economics and Business UIN Walisongo Semarang. The editors receive articles in the form ...