In this paper, we develop a fault tolerant job scheduling strategy in order to tolerate faults gracefully in an economy based grid environment. We propose a novel adaptive task checkpointing based fault tolerant job scheduling strategy for an economy based grid. The proposed strategy maintains a fault index of grid resources. It dynamically updates the fault index based on successful or unsuccessful completion of an assigned task. Whenever a grid resource broker has tasks to schedule on grid resources, it makes use of the fault index from the fault tolerant schedule manager in addition to using a time optimization heuristic. While scheduling a grid job on a grid resource, the resource broker uses fault index to apply different intensity of task checkpointing (inserting checkpoints in a task at different intervals).To simulate and evaluate the performance of the proposed strategy, this paper enhances the GridSim Toolkit-4.0 to exhibit fault tolerance related behavior. We also compare "checkpointing fault tolerant job scheduling strategy" with the well-known time optimization heuristic in an economy based grid environment. From the measured results, we conclude that even in the presence of faults, the proposed strategy effectively schedules grid jobs tolerating faults gracefully and executes more jobs B. Nazir ( ) 2 B. Nazir et al.successfully within the specified deadline and allotted budget. It also improves the overall execution time and minimizes the execution cost of grid jobs.