Analysis of Imam Al-Ghazali's Thoughts on the Function of Money in Islamic Economics
Keywords:
Functions of Money, Islamic Economics, Al-Ghazali's Throughts, Usury, Islamic Financial SystemAbstract
This study aims to analyze Imam Al-Ghazali's thoughts on the function of money from an Islamic economic perspective and its relevance to the modern economic system. In Al-Ghazali's view, money has a primary function as a medium of exchange, a standard of value, and a means of facilitating economic transactions, not as a commodity traded solely for profit. This thought arose from efforts to maintain justice, economic stability, and the welfare of society in accordance with sharia principles. This study uses a qualitative method with a library research approach through an analysis of Al-Ghazali's works and contemporary Islamic economic literature. The results show that Al-Ghazali's concept of the function of money rejects the practices of hoarding wealth, usury, and speculation that can lead to economic inequality. In addition, Al-Ghazali's thoughts are relevant to the modern Islamic financial system, which positions money as a medium of exchange, not a tool for generating profits without real economic activity. Thus, Al-Ghazali's thoughts make an important contribution to building an Islamic economic system that is just, stable, and oriented towards social welfare.References
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