Muslims and Paper-Money.

[laughinglion]

Paper money was first invented in China in the 13th century and soon made its way to Islamic world. In both of these places it did not survive for long. Paper money was first introduced in the Islamic world by the Mongol ruler Gaykhatu of the Il-Khan dynasty who ruled the present day Iran, Iraq and Afghanistan. However the experiment did not succeed. In China paper money was used for much longer but its used died out until it was reintroduced by the Western world. Interestingly the paper money issued in the Islamic lands had both Arabic and Chinese text. Here is a relevant excerpt from applied history tutorial from University of Calgary.

Gaykhatu, who succeeded him. Eager to make a name for himself as an Il-Khan, Gaykhatu introduced paper money from China into Islamic trading circles. Islamic merchants in the Il-Khanate refused to accept the unrecognisable new money, however, and trade came to a virtual standstill. The experiment was such a disaster that Gaykhatu was forced to abandon it after six months, and the ensuing rebellion ousted him from power in 1295.

from http://islaminchina.wordpress.com/20...islamic-world/

peace

[Abu_Omar_ash_Shafii]

This is interesting to read in relationship to Islam and Paper Money: http://www.shaykhabdalqadir.com/cont..._04112004.html

[Ibn Ahmad]

in regards to paper money, its not worth the paper its written on...

BRING BACK THE REAL MONEY, GOLD AND SILVER

[dining_philosopher]

How many times do you need to make more threads about paper money?

[shushu]

According to wikipedia, the printing of paper money has been know to be associated with wars, or sponsoring such financially and it is considered to be support of "a standing army"

So a fascination with paper money and wars, perhaps never considerably exaggerated?

Also, it is known that one's paying of zakat was never allowed with paper money until the fall of the khalifate, so here is the link with political power for the Muslims.

oh, and paper money can be easily torn and loses its value

just some general observations.

[Ma'ruf]

According to wikipedia, the printing of paper money has been know to be associated with wars, or sponsoring such financially and it is considered to be support of "a standing army"

Yes that is one of the most important points in this whole subject. Paper money (or any debased currency) is the weapon of a corrupt or tyrannical government.

[abuhajira]

Yes that is one of the most important points in this whole subject. Paper money (or any debased currency) is the weapon of a corrupt or tyrannical government.

and so is technology : ).. Mufti Desai once commented, that if we need to make a positive impact to the world economy.. we need to revert to the land.. and cultivation. All other solution can be taken out from that. I didnt understand his comment then.. nor do I understand it now.. but Its true that the basic foundation of economy is in farming and cultivation of lands.

[abuhajira]

Also, it is known that one's paying of zakat was never allowed with paper money until the fall of the khalifate, so here is the link with political power for the Muslims.

nope.. it had nothing to do with khilafat, rather with the nature of the paper money then. It was a receipt then for a loan and Zakat cannot be paid with a receipt. But that changed later on. So the same ruling cannot apply to it - atleast with regars to zakat payability.

Other factors have other reasonings..

[laughinglion]

nope.. it had nothing to do with khilafat, rather with the nature of the paper money then. It was a receipt then for a loan and Zakat cannot be paid with a receipt. But that changed later on. So the same ruling cannot apply to it - atleast with regars to zakat payability.

Other factors have other reasonings..

No! You have found a position contrived by colonised minds that allows you to remain in your comfort zone of in-action against one of the major causes of injustice in our age. You seem to prefer that we Muslims hand over our wealth to our enemies...

You may find this interesting. The first part of the book elucidates the rise of the banking/modern financing industry. The second the part these played in the downfall of the khalif.

with peace

[xs11ax]

in regards to paper money, its not worth the paper its written on...

BRING BACK THE REAL MONEY, GOLD AND SILVER

salaam

i understand that present day paper money has no real value as such except for the value placed on them by the governments of the world. a value which is false and is not backed up with anything of real value i.e gold and silver as in the early days of paper money. also it is worthwhile noting that the present day value of money is manipulated by the governments of the world by manipulating the world economy.

i also understand the value posessed by money which is in the form of ownership certificates i.e a certificate that authenticates that a certain person is the owner of a farm or a camel etc and such certificate is traded from person to person instead of the actual item itself by way of convienience.

what i never have been able to grasp is that why gold and silver was used as a means to stipulate value to paper money. from what i understand, gold and silver do not have much value in the sense that it cannot be used for any economical purpose. it is not used in industry, medicine, construction, agriculture etc. in other words there is no benefit in it. it does not increase the value of a persons life, cannot be used in warfare, cannot be used to develope a country so what use is there? i might be missing the point but no one has been able to explain to me otherwise.