Imam Al-Ghazali's Perspective on Money: Function, Ethics, and Economic Implications in Islamic Finance
Abstract
Imam Al-Ghazali, a prominent 11th-century Islamic scholar, offers a distinct perspective on the concept of money within the framework of Islamic economics. This study employs a qualitative analysis approach to examine Al-Ghazali's economic thought, focusing on his conceptualization of the function of money. The research design involves an in-depth review of primary texts authored by Al-Ghazali and secondary sources that provide interpretation and commentary on his ideas. The study aims to situate Al-Ghazali's contributions within the larger body of Islamic economic thought and explore their relevance to contemporary discussions on Islamic finance and ethics. Al-Ghazali emphasizes that money should serve as a means to achieve social justice and welfare rather than merely a tool for personal gain. He identifies key functions of money, including its role as a unit of account and a facilitator of social welfare through charitable activities. Al-Ghazali critiques the speculative nature of money in conventional economics and advocates for a balanced approach that prioritizes moral considerations and the welfare of the community. He argues against the hoarding of money, as it disrupts the flow of wealth in society and neglects obligations to contribute to societal welfare. Furthermore, Al-Ghazali provides a critical analysis of riba (usury), highlighting its exploitative nature and negative impact on financial stability and social justice. His insights underscore the importance of ethical financial practices and the role of the state in managing public finance to ensure equitable distribution of wealth and resources. Al-Ghazali's economic thought offers a comprehensive framework for approaching economic activities in a manner that aligns with Islamic values, emphasizing the intersection of economics and ethics.
References
Anjum, M. I. (2022). An Islamic Critique of Rival Economic Systems’ Theories of Interest. International Journal of Ethics and Systems, 38(4), 598–620. https://doi.org/10.1108/ijoes-08-2021-0155
Anriani, A. (2023). Ekonomi Islam (Telaah Pemikiran Imam Al-Ghazali Tentang Konsep Keuangan Kontemporer). Jurnal Ilmiah Ekonomi Islam, 9(2), 2151. https://doi.org/10.29040/jiei.v9i2.8604
Antonio, M. S. (2023). How Far Has Islamic Business Ethic Been Researched? Bs, 2(1). https://doi.org/10.58968/bs.v2i1.328
Aryanti, Y. (2022). Teacher Analysis Study According to Imam Al Ghazali in the Book of Al Adab Fi Al-Din. Jie, 1(2), 46–58. https://doi.org/10.58485/jie.v1i2.177
Ayios, A., Jeurissen, R. J., Manning, P., & Spence, L. J. (2013). Social Capital: A Review From an Ethics Perspective. Business Ethics a European Review, 23(1), 108–124. https://doi.org/10.1111/beer.12040
Białek‐Jaworska, A. (2021). Revenue Diversification and Municipally Owned Companies’ Role in Shaping the Debt of Municipalities. Annals of Public and Cooperative Economics, 93(4), 931–975. https://doi.org/10.1111/apce.12358
Caríssimo, C. R., Carvalho, E. G., Carvalho, F. d. M., & Aveline, C. E. S. (2023). Analysis of the Financial Fragility Hypothesis Applied of Brazilian States by Means of Structural Equations. Account and Financial Management Journal, 08(02). https://doi.org/10.47191/afmj/v8i2.01
ÇETİN, A. (2022). The Comparison Return of Iscoin With the Other Return of Alternative Investment Instruments. İslam Ekonomisi Ve Finansı Dergisi (İefd), 8(2), 223–246. https://doi.org/10.54863/jief.1141613
Choudhury, M. A., Rahman, A. A., & Hasan, A. (2018). Trade Versus riba in the Qurʾān With a Critique of the Role of Bank-Saving. International Journal of Law and Management, 60(2), 701–716. https://doi.org/10.1108/ijlma-03-2017-0021
Gunariah, F. (2023). Pemikiran Imam Al-Ghazali Terkait Uang. Rayah Al-Islam, 7(3), 886–902. https://doi.org/10.37274/rais.v7i3.784
Guntoro, S., & Thamrin, H. (2021). Pemikiran Al Ghazali Tentang Konsep Uang. Syarikat Jurnal Rumpun Ekonomi Syariah, 4(2), 18–24. https://doi.org/10.25299/syarikat.2021.vol4(2).8499
Hati, S. R. H., Gayatri, G., & Indraswari, K. D. (2020). Migration (Hijra) to Islamic Bank Based on Push–pull–mooring Theory: A Services Marketing Mix Perspective. Journal of Islamic Marketing, 12(8), 1637–1662. https://doi.org/10.1108/jima-07-2019-0157
Ibrahim, C. (2020). Corruption, Public Debt and Economic Growth – Evidence From Developing Countries. International Journal of Development Issues, 20(1), 24–37. https://doi.org/10.1108/ijdi-12-2019-0208
Ichsan, M. (2020). Konsep Uang Dalam Perspektif Ekonomi Islam. Profetika Jurnal Studi Islam, 21(1), 27–38. https://doi.org/10.23917/profetika.v21i1.11646
Ihsan, A. (2023). Money in Islam: Economic and Social. Jurnal Ilmiah Al-Tsarwah, 6(1), 16–32. https://doi.org/10.30863/al-tsarwah.v6i1.5169
Jadoon, A. U. (2019). The Profitability Analysis of Islamic (Sukuk) vs. Conventional Financing: An Empirical Analysis. Journal of Business Management and Economic Research, 3(2), 26–41. https://doi.org/10.29226/tr1001.2019.107
Jannah, K. M., Puspita, R. E., & Mochlasin, M. (2022). Determinant Factors in Predicting Muslim Fashion Purchase Decision: A Case in New Entrants Business. Al-Infaq Jurnal Ekonomi Islam, 13(1), 1. https://doi.org/10.32507/ajei.v13i1.968
Jatmiko, W., Iqbal, A., & Ebrahim, M. S. (2023). On the Ethicality of Islamic Banks’ Business Model. British Journal of Management, 35(1), 115–136. https://doi.org/10.1111/1467-8551.12703
Jha, R., & Sharma, A. (2004). Structural Breaks, Unit Roots, and Cointegration: A Further Test of the Sustainability of the Indian Fiscal Deficit. Public Finance Review, 32(2), 196–219. https://doi.org/10.1177/1091142103260858
Khan, F., & Siddiqui, D. A. (2018). Islamic (Sukuk) vs. Conventional Financing: Analysis of Profitability. International Journal of Experiential Learning & Case Studies, 3(2). https://doi.org/10.22555/ijelcs.v3i2.2490
Marlina, L. (2023). Riba in Islamic Economics and Finance. Journal of Islamic Economic Literatures, 4(1). https://doi.org/10.58968/jiel.v4i1.224
Muksalmina, M. (2023). Understanding E-Money Preferences Among Students: A Case Study at FEBI UIN Ar-Raniry, Banda Aceh, Indonesia. Grimsa J. Bus. Econ. Stud., 1(1), 1–11. https://doi.org/10.61975/gjbes.v1i1.11
Nordin, N., Ahmad, A. A., Razif, N. F. M., Haron, M. S., & Samsuddin, N. A. A. (2022). Towards an Islamic Business Model in Malaysia: Why and How? International Journal of Academic Research in Business and Social Sciences, 12(10). https://doi.org/10.6007/ijarbss/v12-i10/15292
Othman, K., Laidin, J., & Ismail, N. A. (2020). Determinants of Islamic Bank Credit Risk in ASEAN Countries. Journal of Emerging Economies and Islamic Research, 8(3), 1. https://doi.org/10.24191/jeeir.v8i3.8851
Prasanth, C. (2023). A Fiscal Perspective of Policy Responses to COVID-19: Evidences From Emerging Economy India. Asr Chiang Mai University Journal of Social Sciences and Humanities, 10(1). https://doi.org/10.12982/cmujasr.2023.012
Rahman, Y. A., Rahmayani, D., & Hapsoro, B. (2022). Debt Sustainability Measurement Model in Indonesia Using Fiscal Diagnostics. https://doi.org/10.4108/eai.27-7-2021.2316847
Said, S., & Amiruddin, A. M. A. (2019). Wakaf Tunai Dan Pemberdayaan Ekonomi Masyarakat. Al-Mashrafiyah Jurnal Ekonomi Keuangan Dan Perbankan Syariah, 3(1), 43. https://doi.org/10.24252/al-mashrafiyah.v3i1.7739
Sarah, M. (2023). No Title. Jurnal Ekonomi Sakti (Jes), 12(2), 236. https://doi.org/10.36272/jes.v12i2.270
Sarif, A., & Ahmad, R. B. (2018). Konsep Maslahat Dan Mafsadah Menurut Imam Al-Ghazali. Tsaqafah, 13(2), 353. https://doi.org/10.21111/tsaqafah.v13i2.1183
Setiawan, H. (2023). Pengaruh Regulasi Keuangan Daerah, Sistem Pengendalian Internal Pemerintah, SiLPA Dan Perubahan Anggaran Terhadap Penyerapan Anggaran Di Kota Tebing Tinggi (Studi Pada Satuan Kerja Perangkat Daerah Di Kota Tebing Tinggi). J. Akuntansi Malikussaleh, 1(3), 425. https://doi.org/10.29103/jam.v1i3.9874
Sholihin, M. (2023). Islamic Rationality of Muslim Consumers: New Insight From Text Analytics and Al-Ghazali’s Thought. Journal of Islamic Accounting and Business Research, 15(7), 1093–1117. https://doi.org/10.1108/jiabr-10-2022-0291
Sudiarti, S., & Syarvina, W. (2022). Stability Analysis of the Dinar Dirham as an Alternative Currency for the Islamic World. International Journal of Economics (Ijec), 1(1), 338–344. https://doi.org/10.55299/ijec.v1i1.372
Sumantri, R. (2016). Time Value of Money Pada Akad Murabahah Perbankan Syariah: Studi Akad Murabahah Pada Perbankan Syariah Di Indonesia. Muamalah, 1(1). https://doi.org/10.19109/muamalah.v1i1.4727
Sumirah, R. R. D. P. A. (2023). Konsep Dan Teori Uang Dalam Perspektif Islam. https://doi.org/10.31219/osf.io/wpjgt
Wiguna, A., Jayadi, J., Heriyanto, A., Setiani, F., Anggraini, G., Praytno, H. J., & Zakaria, G. A. N. (2020). Character Strength and Virtues in the Perspective of Islamic Education Psychology and Implication in Guidance and Counseling Services. Psikopedagogia Jurnal Bimbingan Dan Konseling, 9(1), 17. https://doi.org/10.12928/psikopedagogia.v9i1.17909
Zahra, S. (2023). Konsep Pemikiran Ekonomi Islam Imam Al-Ghazali. Eco-Iqtishodi Jurnal Ilmiah Ekonomi Dan Keuangan Syariah, 4(2), 87–96. https://doi.org/10.32670/ecoiqtishodi.v14i2.3083
Zainudin, S. M., Rasid, S. Z. A., Omar, R., & Hassan, R. (2019). The Good and Bad News About the New Liquidity Rules of Basel III in Islamic Banking of Malaysia. Journal of Risk and Financial Management, 12(3), 120. https://doi.org/10.3390/jrfm12030120
![Lisensi Creative Commons](<a%20rel="license" href="http://creativecommons.org/licenses/by-sa/4.0/"><img alt="Lisensi Creative Commons" style="border-width:0" src="https://i.creativecommons.org/l/by-sa/4.0/88x31.png" /></a><br />Ciptaan disebarluaskan di bawah <a rel="license" href="http://creativecommons.org/licenses/by-sa/4.0/">Lisensi Creative Commons Atribusi-BerbagiSerupa 4.0 Internasional</a>.)
