Paper Money is forbidden?
Please moderators, do not lock this unless you want to keep a Muslim ignorant and lead him into harram actions.
Is paper money forbidden? How and why is it forbidden?
It doesn't make any sense... why on Earth would it be forbidden? Any amount of funds or cheques into today's world can be represented by paper money. Therefore that would make all money forbidden.
Can somebody clear this up and show what Hadith this is in?
Originally Posted by Jafarr
We are no longer (for the moment at least) allowed to discuss this issue on SF. There are though a few other threads on this (do a search) eg., this one http://www.sunniforum.com/forum/showthread.php?t=23699 which was locked earlier today.
with peace
Oh, and there was this rather long thread that was also locked. With the question that is refered to in the previous post (above) remaining unanswered.
with peace
Can someone at least answer the questions I asked?
Why would paper money be forbidden? It's no different than using coins. Nor can you truly say that it is different than a electronic transaction. There's no difference.
Money must be tied to a hard currency (such as gold or silver). Paper money is a fraudulent enterprise because there is more paper than hard currency. Due to interest, there is far more paper money than hard currency. This is the primary way that capital has been produced (in addition to slavery and grand theft of the natural resources of other countries).
So if Muslims had their own state, paper currency would probably be impermissible for them. However, given the dire necessity of livelihood, which is one of the priorities of the Shari'ah (Maqasid), it doesn't necessarily mean that paper money is haram for those of us living in today's circumstances.
Refer this question to a living scholar for further details and don't just check out the Murabitun guys, inshaAllah.
silencio
But what if a nation was technically using gold as their currency...
let's say that they have a very large portion of gold in their possession and they use that gold as their currency by distributing it around their country in the form of paper money. IE, the gold is represented by paper money.
???
There's still a level of uncertainty in the transaction and thats looked down upon at least in the Hanafi madhab. I'm not sure about other schools of law.
Again, this is a moot point, because no scholar has declared paper money to be haram under today's circumstances.
That should be sufficient bro... don't worry about these theoretical situations. When the Khilafah comes, the gold grills and dolla bills will be the last thing on our minds. When the Khilafah comes, Imam Mahdi will lead us in Jihad and defending us against the fitnah of Dajjal and the return of Isa (alayhi salam).
Does anyone know who said the following "Why do you ask questions about what you do not know when you do not apply what you do know?"
what you seem to be describing seems to be best summed up in the following:
“Yahya related to me from Malik that he had heard that receipts
(sukukun) were given to people in the time of Marwan ibn al-Hakam
for the produce of the market of al-Jar. People bought and sold the
receipts among themselves before they took delivery of the goods.
Zayd ibn Thabit, one of the Companions of the Messenger of Allah,
may Allah bless him and grant him peace, went to Marwan ibn Hakam
and said, ‘Marwan! Do you make usury Halal?’ He said, ‘I seek refuge
with Allah! What is that?’ He said, ‘These receipts which people buy
and sell before they take delivery of the goods.’ Marwan therefore sent
guards to follow them and take them from people’s hands and return
them to their owners.”
Thus the simple answer to your question would be, unacceptable.
with peace
Well, we can infer from this that it would be unacceptable in the opinion of Sayyiduna Zayd ibn Thabit
what you seem to be describing seems to be best summed up in the following:
“Yahya related to me from Malik that he had heard that receipts
(sukukun) were given to people in the time of Marwan ibn al-Hakam
for the produce of the market of al-Jar. People bought and sold the
receipts among themselves before they took delivery of the goods.
Zayd ibn Thabit, one of the Companions of the Messenger of Allah,
may Allah bless him and grant him peace, went to Marwan ibn Hakam
and said, ‘Marwan! Do you make usury Halal?’ He said, ‘I seek refuge
with Allah! What is that?’ He said, ‘These receipts which people buy
and sell before they take delivery of the goods.’ Marwan therefore sent
guards to follow them and take them from people’s hands and return
them to their owners.”
Thus the simple answer to your question would be, unacceptable.
with peace
But what have other mujtahids said about this?
Last edited by Sad ibn Abu Waqqas; 27-06-2007 at 08:06 AM.
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