Mufti Online — Madrasah Ta'leemuddeen

Paper currency

· 14 Rajab 1439 AH1 min readEnglish

Question

I am reading about the Quran and old Islamic economic system. Is it true that if any country or bank prints paper currency more than gold or silver reserves, it will be ribah or sin? Some Islamic teachers say that paper currency is a fraud because paper currency is more than Gold reserves, and in Islam money is which has intrinsic value like wheat, barley, dates, salt or gold and silver?

Answer

The country that is practising this is obviously dishonest and misleading people.

And Allah Ta'ala (الله تعالى) knows best.

Answered by
Mufti Ebrahim Salejee (Isipingo Beach)
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Questions about this ruling, answered only from the archive with sources.

Where scholars differ, it’s safer to take the more cautious view.

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Source: Mufti Online — Madrasah Ta'leemuddeen — https://muftionline.co.za/node/25243
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