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Must Money 'Be Limited to Only Gold and Silver? A Survey of Fiqhi Opinions and Some Implicatlons هل تقتصر النقود على الذهب والفضة ؟

Author

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  • Muhammad Aslam Haneef

    (International Islamic University Malaysia.)

  • EMAD RAFIQ BARAKAT

    (Assistant Professor Department of Islamic Economics and Banking Yarmouk University, Jordan)

Abstract

This paper attempts to provide a survey into the issue of money in Islam. Specifically, it looks at the views of Muslim scholars (primarily past fiqh scholars), on whether money has to be limited to gold and silver or not and discusses some implications of the findings of this brief survey on present day opinions. In this connection it discusses some general points on gold and silver as money, from a historical and ‘contextual’ perspective, followed by some points that are agreed upon by the majority of scholars. It also compares the views of scholars who take the position that only gold and silver can be used as money and the evidences given to support their stand with the views of those who do not limit money to only gold and silver, together with their evidences. يرمي البحث إلى استطلاع موضوع النقود في الاسلام ، وبصورة محددة آراء الفقهاء المسلمين خاصة الأولين منهم، حول ما إذا كان من الأفضل اقتصار النقود على الذهب والفضة، وتأثير ذلك على الآراء المعاصرة في الموضوع، وما هي جوانب انقاذ جمهور الفقهاء حول ذلك. كذلك يقارن الباحث بين آراء الفقهاء الذين يميلون إلى اقتصار النقود على الذهب والفضة مع بيان النماذج المؤيدة لحجج كل من الفريقين.

Suggested Citation

  • Muhammad Aslam Haneef & EMAD RAFIQ BARAKAT, 2006. "Must Money 'Be Limited to Only Gold and Silver? A Survey of Fiqhi Opinions and Some Implicatlons هل تقتصر النقود على الذهب والفضة ؟," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 19(1), pages 21-34, January.
    • Handle: RePEc:abd:kauiea:v:19:y:2006:i:1:no:2:p:21-34
    DOI: 10.4197/islec.19-1.2
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    Cited by:

    1. Hina Binte Haq & Syed Taha Ali, 2018. "Navigating the Cryptocurrency Landscape: An Islamic Perspective," Papers 1811.05935, arXiv.org.
    2. Islahi, Abdul Azim, 2013. "Economic and Financial Crises in Fifteenth-Century Egypt: Lessons From the History," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 21, pages 71-94.
    3. Hasan, Zubair, 2007. "Ensuring exchange rate stability: Is return to gold (Dinar)possible?," MPRA Paper 8134, University Library of Munich, Germany.
    4. Zubair Hasan, 2008. "Ensuring Exchange Rate Stability: Is Return to Gold (Dinar) Possible ضمان استقرار سعر الصرف: هل يمكن الرجوع إلى الذهب؟," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 21(1), pages 3-25, January.
    5. Adam Abdullah, 2022. "Classical Islamic Perspectives on Monetary Theory وجهات نظر عُلماء المُسلمين القُدامى حول النظرية النقدية," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 35(1), pages 3-22, January.

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