The implementation of monetary policies in Islamic Republic of Iran faces several major challenges, including the non-specificity of an entity determining monetary policy and the ambiguity of its main objective in the Islamic economic system. These challenges cannot be solved systematically unless there is a comprehensive analysis on the nature of money when studying the subject. The book presents a financial-credit analysis on the nature of money and concludes that liability is the entity determining monetary policy in Islamic system of religion as it considers the main goal of monetary policy to be "money value preservation". Consequently, the government has limitations in monetizing the budget deficits; therefore, the central bank in the Islamic system should insist on its main task (i.e., money value preservation) and the other entities in the system, especially the executive, are also recommended to assist the central bank by observing the financial order. In addition, the comprehensive modification of the country's monetary rules in order to increase the central bank’ independence is an important step in this regard.