Back to search
The question

What is the ruling on dealing with the current paper currencies that have no intrinsic value and no gold backing, and whose value sometimes changes without justification, and is there any injustice in this, or empowerment of the disbelievers?

Share this answer

Source: FtawySummary from Ftawy's records · added here Sep 2, 20261 min readAlso available in العربية
The answer

The value of paper currency is derived from governments obligating people to use and accept it. It serves as a price for goods, and changes in its value do not affect its function as currency. The Council of Senior Scholars holds that paper currency is considered a self-standing form of currency, similar to the monetary nature of gold and silver. The problem of changing currency value (inflation) affects the purchasing power of borrowed or due amounts, but scholars have researched the implications of this issue.

Summary from Ftawy's records · added here

Reviewed by El Fatwa's sharia committee.

Read the full answer on Ftawy
Where this answer came from
Source platform
Ftawy
Original fatwa ID
125553
Added here
. This is when the answer was added to El Fatwa, not the fatwa's date.
Text
Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
Read the full ruling
Read the full answer on Ftawy