Purpose – To reason whether the interest-based fiat monetary system is compatible with the objectives of the Islamic law or the Shariah. Design/methodology/approach – This is a theoretical paper that uses the quantity theory of money and the objectives or maqasid al-Shariah as expounded by...

Purpose – Having argued in the part I paper that the interest-based fiat monetary system is not compatible with the objectives of the Islamic law or the Shariah, this paper seeks to argue why commodity moneys, like the gold dinar and silver dirham, are compatible with the maqasid....