Conventional monetary system entrenched Islamic banking and finance from being independent on its notion. Islamization of conventional monetary system should be considered as a good short-term strategy, albeit still far from achieving the objectives of the maqasid al-Shariah as well as the moral economy of Islam. The study employs maqasid al-Shariah framework to test, identify and establish an appropriate Islamic monetary regime within the sphere of the higher objective of Shariah. The findings of this study have shown that the existing Islamic monetary mechanism and instruments in the market at present are considered Shariah compliant ...