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    Fiat Paper Money vs Crytocurrency (bitcoin)

    Fatwa
    Concerning the Islamic Prohibition of Using Paper-Money as a Medium of Exchange




    GRANADA, 18th of August of 1991.

    The proof of this prohibition of usury comes from the book of Allah :

    "Allah has permitted trade and forbidden usury"
    (Quran, 2, 275)


    Allah has forbidden usury, and therefore all the transactions which fall under this category are all forbidden by Allah. Imam Malik said:

    "Whatever makes a sale halal makes it halal and whatever makes a sale haram makes it haram"
    ("Al-Muwatta", Book of Commercial Transactions, 49)


    We are going to prove, Inshaallah, that the use of paper-money makes the transaction usurious and haram and consequently we will declare that the use of paper-money is haram.

    This Fatwa consist of 4 parts:

    Before we enter into a proper analysis of what paper-money is, we will examine the law to undertand what Allah has made haram, namely usury, so that we will be able to identify it. 1. The Nature of Usury



    Then we will examine the nature of paper money 2. What is paper-money?



    Then we will arrive at a decision on the matter 3. CONCLUSION OF THE FATWA



    And finally we will examine how can we implement the fatwa 4. APPLICATION OF THE FATWA

    The Nature of Usury



    Usury in Arabic means increment, excess. The definition of usury by Qadi Abu Bakr Ibn al-'Arabi in his "Ahkamul'Qur'an" is:

    "Usury (Riba) is any unjustified increment by its countervalue ('iwadun)"

    Another form of expressing the same is:

    "Usury is any unjustified increment between the value of the goods given and the countervalue of the goods received"

    Definitions: What is the thing that is increased in such a usurious contract? What is increased in the usurious contract is not merely the quantity, like for example, the weight of one good against the other.We will call this caracteristic of the goods: value (qimah). Value includes the quantity and quality of the goods, and also is a reflection of a free market and it is the reflection of a just transaction. Goods ('ard) is anything containing wealth in general that can be sold or bought, including merchandises and the particial use of rentable merchandises. The value of goods is the comparative relation with some other goods in a just commercial transaction (bay'). Value is each one of the two relations between two equivalent parts:

    The value of A is B: A=B

    The value of B is A: B=A

    ...

    Note for people miseducated in a Faculty of Economics:

    The kafirs speak of value as a subjective/objective representation. Value is sometimes represented by a concept of subjective utility (Galiani), sometimes by objective labor (Smith, Ricardo), sometimes represented by abstract labor (Marx), sometimes by numerical data (Samuelson). Value is not something psychical, is not a concept. To evaluate is a human act, and an act only exists in its performance. Evaluation exists only in the instant when two parties exchange goods within certain existential conditions that make the exchange equivalent. And these conditions are the matter of Islamic Jurisprudence.

    ...

    We warn all Muslims against the spread of the kafir doctrines of Karl Marx among ourselves, sometimes through the influence of munafiqun and ignorant people. Karl Marx was a Jew of a very important rabbinical family in Germany. The core and basis of his doctrine is called: the doctrine of surplusvalue (Mehrwert, in the original German), which for Marx was like robbery. Surplusvalue could literally be translated in Arabic (a semitic language like hebrew) as Riba. Usury comes from latin. Surplusvalue is a literal translation of the semitic word which means usury. If we realise that surplusvalue 'means' usury, we can see how Marx then twisted the meaning. Where we say making profit in one transaction is usury, he said it is not usury (surplusvalue) and is acceptable (halal). And where we say making profit in between two transaction is trade and is halal, he said is usury (surplusvalue) and is unacceptable (haram). Marx twisted the meaning of usury to its opposite.

    ... What is paper-money?



    What we know today as paper money is the result of an historical evolution. And it is still evolving*. Paper money in history has passed through different stages, in which paper-money has adopted different natures therefore has been understood in different ways.

    PAPER MONEY THROUGH HISTORY.

    Paper money is a creation of the Kufr of the West and it is not the creation of Islam. It was then introduce in the Muslim land through the colonial and intellectual pressure of the kafirs, and the colaboration of some munafikun.

    In the European Middle Ages money consisted of gold and silver, although generally altered by the kings. The use of paper money is already recorded, though limitedly in its use, between merchants and bankers in Italy in the XI century, and later on in Naples, Sweden, Cologne, Vienna or Granada from the XV century right up to the short attempts or experiments with paper money that happened in France during the XVIII century (John Law in 1720). This original use of paper-money must be distinguished from the use of paper money in the new country called United States, when a significant and fundamental change happened in the use of paper money: Paper money, the dollar, became the generalised and lasting medium of exchange. A third period must be distinguished after World War II when paper-money gradually became what it is today: a monopolised merchandise standing on its own, not representing other particular merchandise.

    ...

    WHEN A DEBT BECAME THE LEGAL MEDIUM OF EXCHANGE

    The establishment of the Bank of England had originated a new situation in relation to paper money. The bank created by Patterson had 72,000 pounds in gold and they lent 16.75 times more to the king of England (William of Orange) to finance his war against France. He lent the money at an annual interest of 8.25% so that it received 100,000 pounds a year of interest. Although he had only 72,000 pounds he received an interest of 100,000 a year, therefore, about 140% a year. When some people started to rumour that the Bank had not enough gold for all the receipts, the state, who needed them to finance the war, declared them legal money of the kingdom. By law the receipts had the same value as the gold that they represented. The debt became legal medium of exchange. The example was repeated successfully in other countries, until it reached its peak with the constitutional establishment of legal paper-money in U.S.A.

    ... On the trading generally with receipts (debt):



    The trading generally with debts, without being contained to particular cases, is usury and haram

    Zayd ibn Thabit, one of the Companions of the Messenger of Allah, may Allah bless him and grant him peace, made haram the trading with receipts. He said it is usury.

    Yahya related to me from Malik that he had heard that receipts were given to people in the time of Marwan ibn al-Hakm for the produce of the market at al-Jar. People bought and sold the receipts among themselves before they took delivery of the goods. Zayd ibn Thabit and one of the Companions of the Messenger of Allah, may Allah bless him and grant him peace, went to Marwan ibn al-Hakam and said, "Marwan! Do you make usury halal?" He said, I seek refuge with Allah! What is that?" He said, "These receipts [sukuukun] which people buy and sell before they take delivery of the goods." Marwan therefore sent guards to follow them and to take them from people's hands and return them to their owners.

    ("Al-Muwatta", Book of Commercial Transactions, 44) Conclusion



    Paper-money as a debt cannot be used as a medium of exchange. A debt is restricted to a private contract between two parts, and it should remain like that.

    The general use of a debt in the exchanges is in most of the cases haram, and it is in general disapproved. It is only limitedly allowed in a private situation. Therefore the use of a debt as a medium of exchange is haram. CONCLUSION OF THE FATWA



    After examining the nature of paper money in all possible forms: as a debt (a promise to pay a merchandise or representing a merchandise) and as a merchandise, we have seen its use makes the transaction usurious.

    Paper money cannot be accepted as a medium of exchange even if it represents a merchandise gold or silver, on a nominal and one to one basis. Even if that were the case it could not be used outside the closed circuit of depositor and receiver. Only on a private scale it can be transferred but may not circulate.

    But if we consider that nowadays paper-money has become nothing but a pure symbol with no reality attached except the imposition of the law, then it is clear that the use of paper money is usury because:

    - Its 'legal value' is an imposition by the state on the people and

    - Its production is a limited monopoly by the same state that imposes it.

    Without these two elements which are usurious conditions the value of the paper-money would be nothing.

    Therefore we declare a Fatwa in Granada, for all the Muslims, by which:

    After examining all the aspects of paper-money, in the Light of the Qur'an and the Sunna, we declare that the use of paper-money in any form of exchange is usury and is therefore haram. It is not permitted for the Muslim to accept or to give paper-money in a commercial transaction. It is an obligation on the Muslims to abandon usury and to introduce new media of exchange, or money, and the best way is to follow the sunna of the Messenger of Allah, salallau alaihi wa salaam, by using gold and silver, or any other merchandise commonly accepted as a medium of exchange. APPLICATION OF THE FATWA



    "The use of paper-money in any form of exchange is usury and is therefore haram". This fatwa obliges all the Muslims to abandon the practice of usury in the form of using paper money as the medium of exchange. The understanding of this fatwa should not lead to the conclusion that therefore I can not take a taxi back home because I will have to pay the taxidriver with paper-money. This way of thinking is mockery with the intention of preventing you from doing anything serious about it. What one should understand is that money is not a personal matter, but it is common agreement among people. What one should do is to create an arena of people where you can agree to accept a different medium of exchange. This is a decision for a group, not a matter for a single individual.

    We must understand that the introduction of paper-money as a medium of exchange among the Muslims has been a process of 200 years. We must understand that we have modelled and fashioned our ways of trading and our ways of living around the existence of paper-money. All this must change in order to be able to avoid the haram.

    ...

    The "Islamic Bank" is a completely usurious institution used as a means to lure the Muslim who still reject the banks to enter in the banking system. The "Islamic Bank" is a Trojan horse in Dar al-Islam.

    Note: a warning against the Modernist Movement and the allowance of usury

    The inspiration behind the Modernist Movement is said to have been Jamal-ud-Din al Afgani (1839-1897), its brain was Muhammad 'Abdou (1845-1905) and the one who extended it was Rashid Reda (1865-1935). It appeared as a rejection of the colonialism, but their emotional rejection of the West was accompanied by a deep and not discriminated admiration of the West. This movement is responsible for the introduction of a false teaching that said banking and insurance transactions are not usury and are allowed in our Muslim community.

    Muhammad 'Abdou because of his position - he was posted as Shaykh (Director) of the renowned University of Al-Azhar by Lord Cromer, Brithish Governor of Egypt - was the most damaging of all. His first fatwa as Shaykh al-Azhar was: "interest in saving funds is allowed". He wrote (5th of Dec. of 1903):

    "The stipulated usury is not permisible in any case; whereas the Post Office invest monies taken from the people, which are not taken as loans based on need, it would be possible to apply the investment of such monies on the rules of a partnership in commendan"

    ("Al-Manar", vol. VI, part 18, pag. 717)

    The door to the using of the banks and their banking money was therefore opened. The basis of the "Islamic Bank" had also been delineated by which the interest can be considered as if it were part of parnership in qirad.

    Muhammad Rashid Reda was the founder of the magazine "Al-Manar" distributed around all the Muslim World. He participated in the same circle of people as Lord Cromer and 'Abdou. He opposed the traditional position of the Madhhabs to impose his own opinions. He also bitterly opposed the traditional Sufis. His opinions are clearly exposed in his writing:

    "There is nothing in our religion which is incompatible with the current civilisation, especially those aspects regarded as useful by all civilised nations, except with regard to a few questions of usury [riba] and I am ready to sanction [from the point of view of the Shari'a] everything that the experience of the Europeans before us shows to be needed for the progress of the state in terms of the true Islam. But I must not confine myself to a school of law, only the Qur'an and the authentic Hadith" ("Al-Manar", vol. XII, p.239)

    "Except with regard to a few questions of usury [riba]" What he meant by a "few questions" is for example that he saw nothing wrong with taking up a life insurance policy ("Al-Manar", vol. XXVII, pag. 346, also vol.VII, pags. 384-8, and vol. VIII, pag. 588). He also decries the jurists' misuse of Qiyas to extend to the area of prohibition on taking interest on capital and suggests that the taking of interest on monies left in the bank or post office does not come under the prohibited usury. ("Al-Manar", vol. VII, pag. 28).

    The teaching of this people or other people who use their arguments in their judgement have to be rejected. With it the restoration of the traditional fiqh that clearly forbids usury in all its forms.

    ...

    Some 'practical people' pretend that you cannot leave paper-money and the banks. But to abandon usury is not impossible, it is the easiest thing possible. Allah does not imposes on any soul a duty beyond that which it can bear. Allah has commanded us to two distinctive tasks:

    1. The abandoning of usury

    2. Fighting against those who practice usury

    Abandoning usury is also the creation of a halal way of trading among ourselves, which does not involve any form of paper-money or other usurious practice. And fighting against the usurers is to destroy the means by which they practice usury using all the methods at hand (harb). Both of them must go together, we cannot promote the destruction of the usurious system if at the same time we do not provide an alternative. Equally we will not be able to succeed in establishing an Islamic market if we do not dismantle the fragile structure of the financial and usurious nexus. This is the future fight of the Muslims.

    The Creation of an Islamic Market

    The Path towards the Islamic Market should be a progressive, systematic, and strategic abandoning of the usurious system.

    •The first step is education. Knowledge of the basic rules of the Islamic Market: the basis of qirad, a commercial transaction, what is riba... This is essential because this knowledge is practically lost. Most of the Muslims have adopted the ways of the kafir, and have complete ignorance of how this could be done Islamically.

    •Second it is obligatory take on the fard of chosing an Emir in every community of Muslims to whom all of them give oath of alliance (the bai'at). The Emir is the seal of the community, gathers the people together and pursues justice in the controversies of the community.

    •Third we should start implementing strategically the Law, this could be carried out in three stages

    a] Minting of coins: gold, silver, copper, or anything commonly accepted. This is for us real money. The sunna of the Messenger of Allah was to use gold and silver as the main medium of exchange

    b] Establishment of Muslim Fairs or Markets. Putting the coins in circulation, among the people who will agree to keep them in circulation (and not keeping them). Thus condition of the Trade Fairs among Muslims will be to deal with the real coins and not with paper. The Market should proliferate in different communities, until we are able to establish permanent ones in every Muslim community under the authority of an Emir.

    .. The Destruction of the Usurious System



    To impose the supremacy of our deen to Kufr is an obligation for the Muslims. Allah has made Jihad fisabilillah, halal for the Muslims. To fight fisabilillah, the first condition is that the banner of Islam must be raised high, it cannot be done by secret organizations. Kufr cannot be fought with the weapons of kufr, the military struggle cannot succeed unless we stop paying a usurious tribute to the kuffar.

    The first struggle against kufr, should be against their usurious (financial and monetary) system. The usurious system of money and finance is the weakest part of their system, because it is based on pure fantasy. The enourmous debts of the countries and the even bigger debt of the individual persons to the banks DOES NOT EXIST on paper. It is pure computer data. It is like a magic. As long as people believe that this system has a reality, they will find themselves prisoner of its demands and ways. The moment they realise that the wealth is in themselves and that they do not need this usurious system, the system will collapse. Collapse is the inevitable destiny of the usurious system, because Allah has declare his war against those who follow it. In the meanwhile a group of totally commited Muslims will take on their duty to use strength and wealth to spoil and to destroy the usurious system.

    ...

    The events of recent History reveal that the fight against the kufr cannot yet take place in the battlefield, they are prepared for this in the most extraordinary way, that they can kill without being present. This is the kind of battle they are expecting. But our battle is global, and clearly oriented to their weakest point.

    It is necessary to form small groups, with the authority of one Emir, to fulfill this obligation of the Muslims. The first step of these groups is that they must swear absolute allegiance among themselves for the purpose of the ghazwat. They must then study the best strategy to have success. And then commit themselves to the action.

    About the targets the Shaykh has said:

    "It should be remembered that in the early phase of the Jihad, raiding should be on targets of all who participate in the haram usurious practice, and that the jews have enhanced their power, that is, the worthless paper-money, by their own hoards of wealth, through control of the diamond and the gold markets, and that these centres of hoarded wealth are among the necessary first targets to finance the larger struggle"

    ("The Sign of the Sword", p. 63)

    The Islamic future will inevitably target computer systems, and erase debt information of major banks all over the world. Enter into their system and transfer money at random, or to a particular accounts that we can use. Alter the information in a way that they cannot reconstruct it. To do that we are in an excellent position because all Muslim are potential mujahidin. And nowadays the Muslims, whether it is correct or incorrect, are everywhere inside the whole of the usurious system. This Muslims and their expertise are our weapons. Weapons are not tanks nowadays. Weapons are technical knowledge and people with access to information. We have all that we need within our Muslim Umma.

    The computer networks are being infiltrated everyday. In many cases by young boys for the purpose of playing. This weakness is growing and growing as their greed grows. It means that a free spirit and conviction is the most powerful of all guarantees of success.

    Our businessman have also a task to do. They have their own networks of people who trust, and have access to very valuable information. The only thing they have to do is stop being naive about the bank and the financial institution. They should not play the role of victims with them. Do not admit their conditions and rules, but play with them at your favour. They have to change the mentality. They should prepare themselves within their rules to take from the enemy. Create companies in a vacuum and absorb debt that will never be paid back, create different financial identities to avoid the control and taxation of the state, use everything you know to take from them and sabotage them.

    These teams of truly Muslim Mujahedeen, should appear everywhere. Not only one head, but we should be many heads. As the Shaykh says:

    "It follows that one should strike at the place not expected. By extension, in the light of the current situation, one may strike at several centres all at the same time, thus causing havoc in the enemy and their response."

    ("The Sign of the Sword", p. 63)

    The election of the targets has to be ordered by their priority in relation to the total struggle against Kufr. We should not fell into the temptation of chosing those which seem easier, but rather we should chose those which are more effective against the usurious system. We should also remember that although the booty in Jihad is halal for the Muslims, this is not the purpose of the fight. The purpose is to make Kufr surrender to the deen of Islam. Therefore the first targets must be the bigger targets, even if they take longer to get organized. So that they can be delitated, and you introduce chaos in their usurious system. We should use the surprise, to hit in their key communications centers and to their key people. And once the first targets are covered we should move to the smaller ones.

    We call you all Muslims with an Amir to the struggle fisabilillah against the usurious system! These are just simple examples of how things can be done. Victory is certain if we fight fisabilillah. Therefore fisabilillah must be our constant remembrance. Victory belongs to Allah.

    The Book of Allah:

    "Allah imposes not on any soul a duty greater than it can bear. For it gets every good that it earns, and it suffers every ill that it earns. Our Lord! Punish us not if we forget or make a mistake. Our Lord! Do not lay on us a burden as You laid on those before us. Our Lord! Lay not on us a burden greater than we have strength to bear. And pardon us! And grant us protection! And have mercy on us! You are our Protection! So grant us victory over the disbelieving people"

    (Quran, 2, 286) * It is evolving from its paper form towards an electronic form representing some hipothetical unit of money, as the universal and unique the medium of exchange.
    "Iraq is a War.
    Afghanistan is an Occupation.
    Suicide-Bombing is a Terrorism. Guantanamo is a Concentration Camp. Detention without Charge is an Inquisition."[ Shaykh abdal qadir as sufi ]

    #2
    though i agree with you, what are you gonna do?
    .لا نريد زعيما يخاف البيت الإبيض
    نريد زعيما يخاف الواحد الأحد
    دولة الإسلامية باقية





    Comment


      #3
      hmm. always wondered about paper money and riba.
      Please Re-update your Signature

      Comment


        #4
        Originally posted by AbuMubarak
        though i agree with you, what are you gonna do?
        Exactly.


        http://www.guidinghelper.com/qna/zakat.html



        > I would like to ask you concerning the matter of paper money. I find it
        > a difficult matter when if is considered from the point of view of our
        > fiqh. It can be categorized as fulus or factionary currency if we look at
        > it as it is now. Or as a debt if we look at it from an historical point of
        > view ant its genesis. In both cases it creates serious problems as far as
        > the rulings of Zakat or Riba are concerned. Most of the ulama I have asked
        > have a tendency to treat paper money as if it is gold or silver therefore
        > they say that Zakat should be paid from it and it is riba to lend it in
        > order to get benefit. I have noticed that this is also your position. But
        > the fact of being flus or a debt changes the fiqh ruling on it. There is a
        > fatwa from Shaikh ?Illish al-Maliki (the Sheikh of the Malikis of al-Azhar
        > in his time and, by the way, a implacable enemy of Sh. Muhammad Abduh) in
        > his collection of fatwas al-Fath al-Ali al-Malik where he says that zakat
        > should not be paid on paper money because it is fulus (factionary currency
        > made of copper or other material other than gold and silver) and zakat is
        > not paid on fulus in the Maliki madhhab.
        >
        > I do understand both positions but I would like to know if you do have
        > more thoughts on this subjet.

        The position we narrate is taken our teachers who feel that one should
        try one's best to practice the five pillars of Islam even if some
        essentials and preconditions cannot be fully met due to one's
        uncontrollable circumstances.

        This is also the position of Muhammad ibn Muhammad ibn `Abdullah ibn
        al-Mubarak al-Fathi al-Marakishi al-Maliki al-Muwaqqat, a late scholar
        of the last century who came up with this ruling after the French instated
        paper currency in Morocco. He states in his Habl al-Matin:

        fi mi'atay dirhamin shar`iyyatin aw `ishrina dinarin shar`iyyatin
        fakthara aw ma yatanazzalu manzalatahuma min hadhihi al-awraqi
        al-hadithah yajibu rub`u l-ushri fihima. wa ma zada `ala dhalika
        wa in qalla fabihisabihi. wa yajuzu ikhraju dh-dhabi `an il-fiddati
        wa l-fiddatu `an dh-dhahabi wa yajuzu ikhraju ma tatanazzalu
        manzilatahuma `anhuma ya yu`tabaru fi dhalika sarfu z-zaman.

        For every 200 dirhams (according to Shari`ah weight) or 20
        dinars (according to Shari`ah weight) or *what is equivalent
        in paper currency*, one forth of a tenth is due on them.

        And it is permissible to pay gold for silver and silver for gold.
        It is also permissible to pay what is equivalent [of paper currency]
        for gold and silver. And one should regard in this matter what
        is considered cash currency in one's time.

        [HM: volume 1: page(s) 42-43: line(s) 23,1-3 :{explanation of
        al-Murshid al-Mu`in, line 187 "`ishruna dinaran nisaban fi
        dh-dhahab..."}]

        And of course, you will find differences among the scholars
        on this point. But, this seems to be the dominant position
        of most of the scholars (e.g., Hanafi, Shafi`i, Maliki) present
        today that teach legal rulings to the common man.
        http://www.islam.tc/ask-imam/view.php?q=7936

        Question: Please review the PROOF behind the idea that paper money is haraam.

        I saw that u do not regard paper money as being haraam, but please respond to the following, in detail: Moulana Imran Hosein (who studied under Moulana Fazlur Rahman Ansari) says the following: 1. Modern paper money is a branch of riba. He gives the following reasons: A. Modern paper money is “fiat” money i.e. it is not redeemable for any precious metal (gold/silver) or other commodity. Therefore, the value assigned to it, e.g. R100, is not convertible into actual value – it can only be used to buy some other good or stored as useless paper. B. The international system of exchange rates allows certain individuals/companies/countries to devalue a currency within minutes i.e. speculatory attack on a currency. Also, exchange rates are set arbitrarily. This means that the value assigned to a paper note is constantly changing, and wealth can be created or destroyed merely by virtue of exchange rates. This facilitates the transfer of wealth from poor to rich, without any effort on the part of the rich, and paper money is a mechanism of riba. C. Paper money has no intrinsic value – value is arbitrarily assigned (unlike gold, which has historical, universal value).


        Firstly, you use the word ‘proof’ in your question, yet there was no proof ever mentioned by the claimant that paper money is Haraam. By proof we mean Shar’ee proofs, not simply disadvantages. To make something Haraam one has to have Dalaa-il (sound shar’ee proofs).

        We accept that paper money is not the Islamically ideal means of exchange. It definitely has its elements of deception, and has been easily manipulated by western powers to subjugate economically weaker nations. The ideal would be to deal in gold and silver, which have real and intrinsic value. Therefore it would be the duty of a true Islamic State to revert to gold and silver as the standard means of exchange, which could then be represented by paper money.

        However, it does not follow that under the present circumstances it is Haraam to use paper money. Islam is a practical way of life, and the Fuqahaa (jurists) of Islam have laid down guidelines by means of which we can practice on this Deen in every age. They have explained that if any commodity becomes the means of exchange in any society, and this is the norm, then value will be attributed to that commodity based on the norm of that society. A simple example would be that in some societies in the past shells were used as the standard means of exchange. Although shells in themselves do not hold intrinsic value, since the society attributed value to it, such items may be used as a means of exchange.

        The fact that paper money has been manipulated by certain powers, and they have designed their system of Riba around it, does not render paper money Haraam. It is the transaction of Riba and the act of manipulation that are Haraam, and not the currency itself. If tomorrow they design their schemes around metals, are we then going to say that dealing in metals is Haraam. Certainly not! In fact, one who is aware of the detail rules of Riba would be aware that gold and silver are more susceptible to the contract of Riba than currencies are.

        On a practical level, one can understand that it would be virtually impossible to do without paper money. Now that this so called Maulana considers paper money as Haraam, one wonders what he would do if, for example, he had to go for Hajj. Does he take trunks full of coins along because paper money is Haraam. One has to be realistic.

        For details on the development of paper money, and the Shar’ee rulings of its usage, refer to “Al Qadhaayah al fiqhiyyah al muaasirah” by Mufti Taqi Uthmaani Saheb. This is an excellent work on the subject.

        and Allah Ta'ala Knows Best

        Moulana Imraan Vawda
        FATWA DEPT.


        And Allah swt knows best
        www.marifah.info

        Wahhabis Refuted
        Ash'aris

        Comment


          #5
          this is the problem, too many dont know what they are talking about, no matter what people say banks and paper money wil allways be haraam for they are the tools of riba[ usury ].
          "Iraq is a War.
          Afghanistan is an Occupation.
          Suicide-Bombing is a Terrorism. Guantanamo is a Concentration Camp. Detention without Charge is an Inquisition."[ Shaykh abdal qadir as sufi ]

          Comment


            #6
            but how are you gonna survive without using it?? shops arent gna accept nething else.....
            .: Rufaida :.
            .:Fa Firroo Ila-llaah:.
            http://s61.photobucket.com/albums/h6...th_Silence.jpg
            “People praise you for what they suppose is in you,
            but you must blame your soul for what you know is in you.”
            ~ Ibn Atallah

            Ramadan Activities for Children
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            Comment


              #7
              Why not use other materials instead of paper?

              In my home country Bangladesh, the national Bangladesh Bank started distributing a strange, but smooth polyester-type material for money, around a few years back. It is still in use, though not as popular as paper money.
              Please Re-update your Signature

              Comment


                #8
                Originally posted by anna2000uk
                but how are you gonna survive without using it?? shops arent gna accept nething else.....
                Neither will the Nigerian con men. :)
                Please Re-update your Signature

                Comment


                  #9
                  Originally posted by Xaxerian
                  Why not use other materials instead of paper?

                  In my home country Bangladesh, the national Bangladesh Bank started distributing a strange, but smooth polyester-type material for money, around a few years back. It is still in use, though not as popular as paper money.
                  thats down to the government though... if they dont introduce summat like that, u cnt jst decide to start paying in ur own new currency cs ppl wont wanna know :eek2:
                  .: Rufaida :.
                  .:Fa Firroo Ila-llaah:.
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                    #10
                    Originally posted by anna2000uk
                    ...u cnt jst decide to start paying in ur own new currency cs ppl wont wanna know :eek2:
                    Sure you can...if you're willing to spend the next few years as a "guest" in the prison system.
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                      #11
                      :salams

                      Halaqah media do a very good audio tape/cd/download on the origins of Money,
                      including, of course, an Islamic perspective:

                      http://www.halaqah.com/shop2/catalog...products_id=59


                      :wswrwb:
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                        #12
                        "Usury is any unjustified increment between the value of the goods given and the countervalue of the goods received"
                        What's the alternative..........gold? There's very little value in gold except it's exchange value for currency. It's not at all rare compared to other metals, can't make much with it (other than ornaments)
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                          #13
                          thats the whole trickology malcom

                          when they stopped using gold and came up with this "monopoly money", economies became tools for the most wealthy to play with

                          i remember one of the muslim countries tried pushing gold as a currency again

                          but this paper money is chock-full of riba, and its haram, all of it
                          .لا نريد زعيما يخاف البيت الإبيض
                          نريد زعيما يخاف الواحد الأحد
                          دولة الإسلامية باقية





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                            #14
                            Actually, the reason why they stopped using gold coins was, that gold being a soft metal deteriorates over time, meaning the if at first the coin weighs 100g then 10 years later it will weigh only 90g, due to friction and things like that which grind the coins, thus the coin loses value over time, not to mention, there simply isnt enough gold to replace the paper money, not to mention do you like have any idea how much those coins weigh, it would be uncomfterable to go around with a sack of gold coins.
                            But no real worry cash currency as who is becoming obsolete, soon there wont be any material money at all, instead there will probably be electronic cards and hopefully a single universal currency.
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                              #15
                              kaiser, there may be some validity to that argument

                              but i refuse to believe thats why they changed to paper money

                              it used to be that paper money represented the amount of gold in the reserves, and that being the case, your point would have more validity

                              but they stopped backing money up with gold, now its just, whatever the federal reserve says it is

                              its a game being played on the people akhi
                              .لا نريد زعيما يخاف البيت الإبيض
                              نريد زعيما يخاف الواحد الأحد
                              دولة الإسلامية باقية





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