الحقيقة حول المال والعملة: في ضوء الشريعة الإسلامية

THE REALITY OF MONEY AND CURRENCY: IN LIGHT OF ISLAMIC SHARIAH

Abstract

The evolution of currency systems has been integral to human civilization, initially rooted in the exchange of goods and gradually transitioning to the introduction of currency for facilitating trade. This transition was driven by the necessity to fulfill basic needs efficiently. However, various challenges led to the emergence of metallic currencies, notably coins, as a preferred medium of exchange.

Gold and silver coins gradually became prevalent, yet in some regions, certain commodities retained their status as quasi-currencies. Subsequently, the dominance of coins waned as paper currency emerged, initially coexisting with coins but eventually supplanting them due to various factors. Today, fiat currency reigns supreme globally, owing to its ease of exchange. The control and issuance of currency are crucial responsibilities, but the question arises: who holds the authority, the government or the broader society? This article examines this question from an Islamic perspective, incorporating insights from scholars to shed light on the matter. Overall, this research explores the historical trajectory of currency systems, from barter to fiat, and delves into the Islamic viewpoint regarding currency control and issuance, contributing to a deeper understanding of this critical aspect of economic systems.