[unatkot]

The very few who considered bank interests halal today, base it on such disagreements on "what is money? is it a normal commodity? or should it be treated as gold?"

What I have read is that money in its current form is very new. However, the closest thing to it was is coins (foloos, mostly copper I think, some bronze) that were used a long time ago. So before looking into it, one must look into scholars opinions on "Foloos" used at the time.

Since its not gold (Dinars) or silver (Dirhams), some (I think Shafi'is and some Hanbalis) considered that riba cannot occur since its still not money in and of itself. Others said that it can. Each giving reasons for the opinion and through what method of reasoning it was reached.

According to material I read, Hanafis and some Hanbalis tied the ruling to weight, and since "Foloos" at the time was not weighed, riba cannot occur (ie weight was the illah that would make it riba). Some added that it shouldnt be done in food, though. Then I read elsewhere that some prominent Hanafis still said that riba CAN occur in foloos because its used as money, just like gold Dinars and silver Dirhams.

Malikis considered it from Uroodh Al Tijarah, treating it as a commodity, not money. With disagreements on the issue as well.

Which opinion is the most prominent Hanafi view on this? And on what is it based?

Also, on what basis is considering riba applicable paper money based on in Hanafi fiqh, especially that the ruling was tied to weight, which isnt applicable in paper money? I read that it is based on it being "naafiqah" (used by everyone as a medium of exchange) but with no details given.


I know its a very detailed topic impossible to discuss here in detail. But since two important rulings are connected to it (Riba and zakat) its certainly an important topic. Also please note that this isnt about giving fatwas as a fatwa especially on an issue like this isnt for just anyone.

Also, this isnt about considering riba halal or saying zakat isnt wajib on paper money, its just that read a very interesting discussion on ahlalhdeeth board between local and Azhari students of knowledge discussing this issue (all of which considered riba applicable to money today, btw) and it fueled my interest to read about the different perspectives on this, and how people with a Hanafi background view it.

Jazakom Allah khair.