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.


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