“The celebrated twelfth century Islamic theologian and thinker Abu Hamid Al Ghazali, more commonly known as Ghazali, analysed the nature of money, stating that Allah had created dirhams and dinars ‘so that they may be circulated between hands and act as a fair judge between different commodities and work as a medium to acquire other things’.

He concluded that ‘whoever effects the transactions of money is, in fact, discarding the blessings of Allah, and is committing injustice, because money is created for some other things, not for itself. So the one who has started trading in money itself has made it an objective, contrary to the original wisdom behind its creation, because it is an injustice to use money other than what it was created for.’

Indeed Aristotle had argued over a millennium earlier that gold and silver had no intrinsic value, an argument that Ghazali would uphold and build upon many centuries later.”

~ Heavens Banker’s by Harris Irfan