What is money – and where do the different types of money derive their value?

Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money.[4] Fiat money, like any check or note of debt, is without use value as a physical commodity. It derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private".[6]

The money supply of a country consists of currency (banknotes and coins) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms by far the largest part of the broad money in developed countries."

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the arab empire adopted the muslim religion as their main belief. arabs would influence the people from the territories they invaded towards islam (the muslim belief).

nevertheless, throughout the history of the arab empire, rulers brought intellectual individuals from other religions to their centers of learning. these other foreigners included jews, christians, greeks, persians, and indians.   these resulted in the adoption of important knowledge developed by these cultures by the arabic empire. for example, the works of aristotle were translated from greek to arab and indian scientists brought the numerical concept of "zero" to the arabs.

nowadays, 93% of the arab population is muslim, which at the same time is subdivided in sects including the sunni, zaini, alawi, shia. the remaining 7% is composed mainly of christians.