Q: I am reading about the Quran and old Islamic economic system. Is it true that if any country or bank prints paper currency more than gold or silver reserves, it will be ribah or sin? Some Islamic teachers say that paper currency is a fraud because paper currency is more than Gold reserves, and in Islam money is which has intrinsic value like wheat, barley, dates, salt or gold and silver?
A: The country that is practising this is obviously dishonest and misleading people.
And Allah Ta’ala (الله تعالى) knows best.
Mufti Ebrahim Salejee (Isipingo Beach)