Monetary and credit policies of developing and underdeveloped countries are taken in general from the best practices of western countries usually as a premise and prerequisites of IMF and World Bank grants or credits. In this study we are studying monetary and credit policies of İslamic Economics. Our argument is that monetary and financial policies can be in congruent with the principles of İslamic Economics. Therefore, in comparing western philosophy that centralizes worldly life in primer focus by subjugating everything that can serve material progress and capital accumulation as means of production or productive relations, with İslamic philosophy that takes world only as a temporary place but worthwhile to the extent that it preserves life of the hereafter by subjugating whatever exist as creature means relation of which should be based on Divine consent. Hence, monetary and credit policies can be developed and used in order to prevent extravaganza and interest based activities, incenting productive and labour based activities, and assuring real economy against deteriorating risks and fixing imbalance and injustices of income distribution system.