Journal Article

Stephen Zarlenga and Robert Poteat

Choudhury, Masudul Alam

2016

Overview

This article provides an analytical and critical commentary from an Islamic economic perspective on Zarlenga and Poteat's paper, \"The Nature of Money in Modern Economy - Implications and Consequences.\" Masudul Alam Choudhury argues that money in Islamic thought fundamentally differs from its conception in capitalist economics-both in its philosophical foundation and functional role in society. In Islam, money is not a commodity or an end in itself but a medium of exchange and a vehicle for achieving moral and social justice. Choudhury contends that the root flaw in the modern monetary system lies in its detachment from ethical and normative foundations, having transformed money into an instrument of speculation and power. Drawing on his Tawhidi epistemological framework, he presents a unifying model in which economic relations are governed by faith-based values such as justice, consultation (shura), and mutual solidarity. He critiques the notion that state control over money creation alone can solve systemic problems, arguing that genuine reform requires reconstructing the moral and epistemic foundations of economic behavior. The paper concludes that Islamic economics views money not as an instrument of dominance but as a social trust governed by divine and communal accountability, offering a comprehensive and sustainable alternative to the Western financial paradigm through the balance of spiritual and material dimensions. Abstract Written by Dar AlMandumh, 2025, Using AI.

• Publisher: جامعة الملك عبدالعزيز - معهد الاقتصاد الإسلامي
• Subject: الاقتصاد الإسلامى / الاقتصاد السياسى / الاقتصاد الوضعى / علم الاقتصاد