Fiat money

Q: What is the Islamic position on fiat money which is the reported currency of the majority of the world today as some say that is haram and riba as the Sunnah money and Quran money is gold dinars and silver dirhams which have "intrinsic value" while todays money is backed by interest. What is the proof in the Quran and Sunnah?

A: Ulama have allowed it and recognise it as money.

And Allah Ta'ala (الله تعالى) knows best.


Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)