Ma`rifat Eqtesadi

One of the important issues in Islamic economics is determining the nature of money. Using an analytical method, this article examines money in Islamic economics. Based on the research findings, the lack of an accurate understanding of the nature of money in Islamic economics has left the issues related to it unresolved. The reason for this problem, on the one hand, is the ontological and methodological errors in theorizing in neoclassical economics, which have also been transferred to the field of Islamic economics. On the other hand, this problem has its roots in the use of the framework of ancient metaphysics (based on the Aristotelian categories of substance-accident) in the analysis of the fungibility of money in economic jurisprudence. This is while modern metaphysics, within the framework of which conventional economics has been formulated in the modern era, is based on the concepts of subject and object. Therefore, the use of Aristotelian categories has been misleading. Meanwhile, the discussion of modern banking, credit money, debt pyramid, money creation and the function of interest at the macro level has created a new nature of money and interest rates that has made the use of economic categories of a commodity economy in theorization a mind-boggling one.