Full Article: PDF
Scientific Object Identifier: http://s-o-i.org/1.1/TAS-06-146-7
DOI: https://dx.doi.org/10.15863/TAS.2025.06.146.7
Language: English
Citation: Shaamirova, S. (2025). Title: theory of exchange in Islamic finance. ISJ Theoretical & Applied Science, 06 (146), 34-39. Soi: https://s-o-i.org/1.1/TAS-06-146-7 Doi: https://dx.doi.org/10.15863/TAS.2025.06.146.7 |
Pages: 34-39
Published: 30.06.2025
Abstract: This paper explores the concept and theory of exchange from classical, modern, and Islamic perspectives. It begins by examining the notion of exchange in social sciences and economics, comparing social exchange theory with economic exchange theory in terms of tangibility and value. It reviews the contributions of key thinkers such as Aristotle, Marx, and Al-Ghazali, discussing how each conceptualized value and the role of money in economic transactions. The paper particularly highlights Islamic perspectives, showing how Islamic scholars such as Al-Ghazali addressed exchange, money, interest, and trade ethics in accordance with Shari’ah. Various forms of exchange, including spot and deferred transactions, are analyzed in the context of Islamic finance. The paper concludes that exchange is the core of economic activity and, when governed by ethical and legal principles, contributes to equitable value creation and resource distribution in society.
Key words: Theory of Exchange, Value and Money, Islamic Finance.
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