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]

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..

[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.

[Ma'ruf]

Hehe, good point about technology. But the difference is that technology has many obvious benefits, which is why it is developed, whereas debased currencies and unbacked paper money were developed essentially so that governments could spend freely on war and take/pay back loans without worry.

As for going back to the land... certainly I think regions should be self sufficient in food! Otherwise an artificial bubble of population density gets created, fed with crops grown far away - a bubble which would collapse if the distribution networks collapsed (say if oil became to expensive), leading to a catastrophe. Which is the situation that much of the world has stumbled into now..

[mospike]

the 'SABC' oul local broadcaster said in the morning news that Zimbabwe has now got a 15 000 000 (million) dollar and 50 000 000 (million) dolar that has been printed in order to keep check with their ever rising inflation....

I suppose you might get a half loaf of bread with the 15 mil note

Brothers i urge you not to forget our muslim bretheren in Zimbabwe, make dua for them, they are going through a very tough time under the oppresive Mugabe regime