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**floadaVonfoli** · 10-18-2011, 08:01 PM

the older ulama could not have issued fatwa on the current fiat money since before 1938 all notes were backed by gold and were not currency in themselves rather receipt of debts. Then up untill 70's the money was partially backed by gold reserves.

These are nicely mentioned in Mufti Taqi's risalah about "Note ki Shar'ee Haythiyat"

how about the current system where money is not backed by anything and created out of interest? what is the islamic stance on that?

10-18-2011, 08:01 PM	#19
floadaVonfoli Join Date Oct 2005 Posts 417 Senior Member	the older ulama could not have issued fatwa on the current fiat money since before 1938 all notes were backed by gold and were not currency in themselves rather receipt of debts. Then up untill 70's the money was partially backed by gold reserves. These are nicely mentioned in Mufti Taqi's risalah about "Note ki Shar'ee Haythiyat" how about the current system where money is not backed by anything and created out of interest? what is the islamic stance on that?
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