“O those who believe, fear Allah and give up what still remains of the riba if you are believers. But if you do not, then listen to the declaration of war from Allah and His Messenger. And if you repent, yours is your principal. Neither you wrong, nor be wronged.” (Al-Baqarah 2:278-279)


Financial transactions, in our Digital Age, are more complicated than ever. The line between halal financial matters and ones that are haram continues to blur on a daily basis. It is difficult to understand our current monetary system, which is often rife with riba. As a result, there are many myths that abound and make it increasingly difficult for Muslims to make halal financial decisions.

Did you know that all of your financial decisions are affected by our current monetary system? Or that banks use clever tactics to lure you in with loans that will tangle up your financial future in a web of riba?

To help make sense of the madness, Ilm Institute presents, “Money Myth” by Sr. Hamida Mubasshera to unravel the myths surrounding our current monetary system once and for all. This course will cover everything you need to achieve financial bliss. Insha’Allah


You Will Learn:

  • How our current monetary system affects our daily financial decisions
  • Reasons why the cost of living keeps going up and up
  • How eliminating interest can help fight inflation
  • Whether or not riba is an effect of inflation
  • Why banks entice customers with loans
  • How to manage debt
  • & so much more!

Course Curriculum

Module 1
Introduction 00:10:00
Types of Money 00:12:00
Evolution of the Current Monetary System I 00:18:00
Evolution of the Current Monetary System II 00:18:00
Evolution of the Current Monetary System III 00:10:00
Evolution of the Current Monetary System IV 00:11:00
Evolution of the Current Monetary System V 00:12:00
Snapshot of the Evolution of the Current Monetary System 00:08:00
Module 2
History of Current Monetary System 00:13:00
How Bank Creates Money in the Current System 00:17:00
How Much Money is Created 00:20:00
The Role of Central Bank 00:14:00
Quantitative Easing and Liquidity Trap 00:15:00
Module 3
Characteristics of Current Money 00:12:00
Characteristics of Credit Money 00:06:00
Default in the Current System 00:22:00
Current Money-Misallocated at Source 00:18:00
Module 4
Endemic Inflation-Our Regular Companion 00:19:00
Impact of Inflation on Our Daily Life 00:14:00
Impact of Systematic Default on Our Daily Life 00:08:00
Impact of Debt Culture on Our Daily Life 00:14:00
Impact of Growth Imperative of Our Daily Life 00:09:00
Behavioural Impact of the Current Monetary System I 00:10:00
Behavioural Impact of the Current Monetary System II 00:16:00
Concluding Remark 00:04:00
Final Exam
Final Exam 00:30:00

Course Reviews


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  1. Kudos!


    I am very glad to have finished this course’ money myth’ the Sister that handled it was very good and moderate in-her explanation . Jazakumu Llahu khairan to the organizers of this empowerment course. Thank you.

  2. Money Myth


    It is amazing all the things one doesn’t know about money, because nobody is talking about it. After taking this free course, I dove right in and am taking Sister Hamida Mubashera’s Debt course. Worth its weight in gold.

  3. Alhamdulillah


    Alhamdulillah. Learned a very important thing about what was unknown to me.
    Jazakallahu khairan

  4. thoughts on Money


    I am so grateful to Allah that He allowed me to come across such a wonderful platform, Alhamdulillah !
    This course not only tells us about the myths surrounding money, but also makes us realize that we should work more on our Knowledge of Economy as a Muslim(individual and team). My humble request to the people who will be taking up the course is that it is very necessary to build a healthy attitude towards Money, and we should be working towards the same.
    May Allah grant this institution barakhah and may He guide us All, Ameen
    Jazakallah Khair.

  5. No regrets


    Alhamdulillah That I took this course… Jazakumllahu khairan for this wonderful course. It worth doing and I am so grateful to be part of this opportunity.
    Jazakumllahu khairan.
    Money myth is a worthy course to take.

  • FREE
  • Course Certificate
  • Number of Sections5
  • Number of Units25
  • Number of Quizzes1