Concept Of Money in Islamic Legislation

Money in Arabic comes from the word "Nuqud" but in the Qur'an and hadith the word ‘"maal" is used. Literally, "maal" refers to something which can be possessed.

As Muslims we are required to earn wealth through halal means.

فَقَالَ تَعَالَى: "يَا أَيُّهَا الرُّسُلُ كُلُوا مِنْ الطَّيِّبَاتِ وَاعْمَلُوا صَالِحًا"، وَقَالَ تَعَالَى: "يَا أَيُّهَا الَّذِينَ آمَنُوا كُلُوا مِنْ طَيِّبَاتِ مَا رَزَقْنَاكُمْ"

Allah Says (what means): “O (you) Messengers! Eat of the tayyibat [all kinds of halal (legal) foods], and perform righteous deeds.” [Quran 23:51] and Allah Says (what means): “O you who believe! Eat of the lawful things that We have provided you.” [Quran 2:172]”

Something only becomes a medium of exchange when it serves monetary functions. Muhammad al-Hasan al-Shaybani states that for something to be considered as currency, there must be widespread acceptance of it being a medium of exchange.

There is a famous legal maxim explained by jurists that the original rule is permissibility in financial and business transactions. In other words, everything is permissible unless we find it clearly contradictory to Shariah principles.

Finally, according to Al-Zuhayli “maal” linguistically refers to everything that is possessed and stored by humans, whether it is a corporeal "ayn" or a usufruct "manfaha". For instance, gold, silver, animals, plants as well as riding a vehicle and living in a house are considered "maal". But a thing which can neither be stored nor possessed cannot be considered as maal: a bird in the sky, a fish in the water, and unknown treasures inside the earth.