Money

(p. 177) Money is the measure which determines the benefit derived from a given piece of merchandise or effort. Money is therefore defined as the instrument by which the value of merchandise or effort is measured. Thus, the term ‘price’ is used in reference to an item or commodity, and the term ‘wage’ is used in reference to a person or effort; all of these considerations are based on society’s estimate of the value of a given item and the effort of a particular person. Bonds, shares and similar items are not considered money. The estimate of the value of items and effort expended is expressed in certain units in the various countries; such units will then become instruments for measuring the benefit derived from an item or effort. These monetary units are the means used in exchange. When Islam decreed the rules for sale and rent, it did not designate a particular item for use as the basis for exchange of merchandise, effort or benefit. Rather, it allowed people the liberty to conduct exchanges using whatever means they pleased as long as mutual consent existed in such exchanges. Thus, a man may marry a woman in return for teaching her the Holy Qur’an or may purchase merchandise in return for a day’s work for the owner of that merchandise or may likewise work for another person for a day in return for a certain amount of bread. Islam has made exchange available to people in order for them to conduct such exchanges for the items they desire, (p. 178) The exchange of merchandise for a certain monetary unit has been designated to one particular category of money consisting of gold and silver. Islam did not allow society to express its estimate of the measure of the benefit of things or efforts through monetary units which are either constant or changing and which the society could dispose of as it pleased. Rather, it designated 142particular monetary units as constant units for society to express its estimate of the value of things and efforts. This designation can be clearly understood from the following points: