MONEY IN ISLAMIC CIVILISATION: FROM THE PROPHET MUHAMMAD (PBUH) UNTIL THE OTTOMAN CALIPHATE

Razak, Muhammad Ishak; Ab Rahman, Asmak

Recherchers economiques manageriales
Volume 15, Numéro 2, Pages 471-490
2021-09-30

Money In Islamic Civilisation: From The Prophet Muhammad (pbuh) Until The Ottoman Caliphate

Authors : Razak Muhammad Ishak . Ab Rahman Asmak .

Abstract

Purpose: This paper aims to examine the development of the use of money in the history of Islamic civilization and the factors that influenced it, from the time of the Prophet Muhammad to the Ottoman caliphate in Turkey. Design/Methodology/Approach: The study uses a historical method, which compiles and presents each period and interprets them. Finding: This study demonstrates the development of money during Islamic rule—which later became integral to the discussion of Islamic laws related to the medium of exchange—and the factors that influence its development, both external and internal in each period of Islamic civilization. Practical Implication: This study is useful as a basis for formulating an Islamic-based monetary policy in the context of the development of various types of currencies today. Originality/Value: Studies examining the factors that have influenced the development of currencies used in Islamic history are still relatively limited, so this study tries to make a unique contribution to investigating the factors underlying changes in the monetary systems of Islamic civilizations.