Home » Hanafi Fiqh » Muftionline.co.za » Islamic Position on Fiat Money: Haram or Halal?
Q: What is the Islamic position on fiat money which is the reported currency of the majority of the world today as some say that is haram and riba as the Sunnah money and Quran money is gold dinars and silver dirhams which have “intrinsic value” while todays money is backed by interest. What is the proof in the Quran and Sunnah?
A: Ulama have allowed it and recognise it as money.
And Allah Ta’ala (الله تعالى) knows best.
Answered by:
Mufti Ebrahim Salejee (Isipingo Beach)
This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.
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