“The real issue lies with the existing monetary system being practiced. The existing monetary system is based on lending activities and has been evolving since the beginning of human civilization. However, managed money is a new phenomenon that gained popularity following the downfall of the Bretton Woods system in August 1971 (Akther, 2016). From an Islamic perspective, however, it is not possible to find precedence for managed money in the days of the holy Prophet Muhammad (peace be upon him) or in early formative Islamic history…”