Category: Business Matters
Fatwa#: 40766
Asked Country: Pakistan

Answered Date: Jul 26,2018

Title: Is fiat currency recognized in Shari’ah?

Question

Assalam u Alaikum, I am emailing regarding the permisibillity of fiat money in the sharia which is reportedly the modern majority currency. Some reportedly say that it is haram as it has no intrinsic value and is based by riba-based transactions and that the only valid currency is Sunnah and Quran currency.mainly gold.dinar and silver dirham. what are the findings in the Quran and Sunnah.

JazakAllah

Answer

In the Name of Allaah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.


Gold and silver are modes of currency. Shari’ah did not confine modes of currency to gold and silver[1].

Generally, the proponents of confining modes of currency to gold and silver claim to follow Imam Malik (May Allah have mercy on him).

It should be noted that Imam Malik (May Allah have mercy upon him) himself permits other modes of currency besides gold and silver[2].

Shari’ah considers and recognizes the norm of the time (Urf)[3].

Allamah Ibn Aabdeen –a great Hanfi jurist- (May Allah have mercy upon him) states:

“The attribute of wealth is established by people regarding it as wealth and by it being permissible to use according to Shari’ah”.

 

Accordingly, fiat currency is recognized in Shari’ah.

 

And Allaah Ta’aala Knows Best

Muhammed Al-Ameen Bin Moulana Ismail Akoo

 

Student, Darul Iftaa

Newcastle; KZN, South Africa

 

Checked and Approved by,
Mufti Ebrahim Desai.



[1]

 

لأصل المعروف بالمبسوط\كتاب البيوع و السلم

ج 5\ص 57 (إدارة القرآن والعلوم الإسلامية – كراتشي)

وَكَذَلِكَ الْفُلُوس لَا بَأْس بِأَن يسْتَبْدل فلسًا بفلسين أَو أَكثر يدا بيد وَلَا خير فِيهِ نَسِيئَة وَهَذَا قَول أبي يُوسُف وَقَالَ مُحَمَّد لَا يجوز ذَلِك يدا بيد وَلَا نَسِيئَة لِأَن الْفُلُوس ثمن إِن ضَاعَ مِنْهَا شَيْء قبل الْقَبْض وَجب على صَاحبه مَكَانَهُ لِأَنَّهُ من نَوعه

 

المحيط البرهاني في الفقه النعماني فقه الإمام أبي حنيفة رضي الله عنه\ الفصل الخامس في الفلوس

ج 7\ص 174 (دار الكتب العلمية، بيروت – لبنان)

وإذا اشترى متاعاً بعينه بفلوس بعينها فله أن يعطي غيرها مما يروج بين الناس لما ذكرنا أن الفلوس ثمن، فصار الشراء بالفلوس بمنزلة الشراء بالدراهم.

 

 

 

 

[2]

المدونة\[تَسْلِيف الْفُلُوسِ فِي الطَّعَامِ وَالنُّحَاسِ وَالْفُلُوسِ وَالْفِضَّةِ]

ج 3\ص 70 (دار الكتب العلمية)

فِي تَسْلِيفِ الْفُلُوسِ فِي الطَّعَامِ وَالنُّحَاسِ وَالْفُلُوسِ وَالْفِضَّةِ قُلْت: مَا قَوْلُ مَالِكٍ فِيمَنْ أَسْلَفَ فُلُوسًا فِي طَعَامٍ؟

قَالَ: لَا بَأْسَ بِذَلِكَ فِي قَوْلِ مَالِكٍ.

قُلْت: فَمَا قَوْلُ مَالِكٍ فِيمَنْ أَسْلَمَ طَعَامًا فِي فُلُوسٍ؟

قَالَ: قَالَ مَالِكٌ: لَا بَأْسَ بِذَلِكَ.

 

[3]

 

المبسوط للسرخسي\باب البيع بالفلوس

ج 14\ص 25

لأن الفلوس الرائجة ثمن كالنقد عندنا،

 

رد المحتار على الدر المختار\باب زكاة المال

ج 2\ص 300 (دار الفكر-بيروت)

في الشرنبلالية: الفلوس إن كانت أثمانا رائجة أو سلعا للتجارة تجب الزكاة في قيمتها وإلا فلا. اهـ. (قوله: والمختار لزومها) أي الزكاة

 

فتاوى محمودية\ج 9\ص 387 (فاروقية)

 

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