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**egoldhyip** · 10-18-2011, 03:54 PM

Asalam WR WB

From my understanding upon the matter.. fiat currency was never allowed by the Shariah. Just recently, near the decline of the caliphate, fatwas were passed by 'scholars' (under Western guidance

) which authorized its use and permissibility, although it had been deemed haram for all of Islamic history. There is a lot of good work on the finance money system by the Murabitun group. I've found from their readings, they grasp the reality of the situtation, whereas many others dont.

One must know the diff types of money: commodity, representative and fiat. Commodity is gold, silver, seashells, dates, etc. Representative was utilized by the Muslm Caliphate at various times and basically represents the commodity itself (this is a fixed definitive relationship 1:1, etc.). The fiat was initially introduced as a rep, then pseudo-representative (eventually the rate of conversion was arbitrarily established) and eventually it was weaned off this system in 1971.

The position of scholars today is we have no option but to use fiat so as a maslaha and allowance for the people it is continued to operate and spread its harm.

Unfortunately, mnany (including scholars) don't understand the complexities of the modern banking/finance system as this is not found in the traditional sources/curriculums of most madrasas/islamic schools. They come out viewing the world thru the lens of theory and applying principles and theorems to axioms wher tehy are not relevant and creates a further mess, as is the case with the whole modern banking system, whether it be Islamic or conventional. The foundation of both is money created out of thin air as debt that doesn't exist. Whether you put a beard and a jilbab on it or leave it as is, is irrelevant as the damage is already done. The whole downfall of the Muslim world and supremacy of the West is based on the ability of one group to have an unlimited supply of money and acquire resources (physical, intellectual, etc) for free, whereas every other entity or group (outside of their select system) has to trade hard physical assets to acquire those same goods/systems.

Allah knows best and may He guide us all to what is pleasing to Him.

10-18-2011, 03:54 PM	#12
egoldhyip Join Date Oct 2005 Posts 485 Senior Member	Asalam WR WB From my understanding upon the matter.. fiat currency was never allowed by the Shariah. Just recently, near the decline of the caliphate, fatwas were passed by 'scholars' (under Western guidance ) which authorized its use and permissibility, although it had been deemed haram for all of Islamic history. There is a lot of good work on the finance money system by the Murabitun group. I've found from their readings, they grasp the reality of the situtation, whereas many others dont. One must know the diff types of money: commodity, representative and fiat. Commodity is gold, silver, seashells, dates, etc. Representative was utilized by the Muslm Caliphate at various times and basically represents the commodity itself (this is a fixed definitive relationship 1:1, etc.). The fiat was initially introduced as a rep, then pseudo-representative (eventually the rate of conversion was arbitrarily established) and eventually it was weaned off this system in 1971. The position of scholars today is we have no option but to use fiat so as a maslaha and allowance for the people it is continued to operate and spread its harm. Unfortunately, mnany (including scholars) don't understand the complexities of the modern banking/finance system as this is not found in the traditional sources/curriculums of most madrasas/islamic schools. They come out viewing the world thru the lens of theory and applying principles and theorems to axioms wher tehy are not relevant and creates a further mess, as is the case with the whole modern banking system, whether it be Islamic or conventional. The foundation of both is money created out of thin air as debt that doesn't exist. Whether you put a beard and a jilbab on it or leave it as is, is irrelevant as the damage is already done. The whole downfall of the Muslim world and supremacy of the West is based on the ability of one group to have an unlimited supply of money and acquire resources (physical, intellectual, etc) for free, whereas every other entity or group (outside of their select system) has to trade hard physical assets to acquire those same goods/systems. Allah knows best and may He guide us all to what is pleasing to Him.
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