Legal Status of Currency Note in Shariah: An Issue of Islamic Markets

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Dr.Usman Ahmad

Abstract

The financial Markets are run by the medium of exchange namely
paper currency. The Muslims are bound to abide by Shariah in all
spheres of life, hence Muslim scholars took under consideration the
legal status of paper currency. Difference of opinion occurred
among them and there are four opinions about currency. The author
of the article has extended fifth opinion with arguments. The
article has been written in analytical mode and all opinions have
been discussed and analyzed. The article reveals that Muslim
scholars normally establish their opinions on the apparent
phenomenon and don’t consider the ideological background of issues
that leads to declaring admissible or inadmissible on very poor basis.
The article ends with some handsome suggestions regarding
replacement of paper currency to some other medium of exchange.
It has also been suggested that some United Muslim Currency
should also be floated on basis Petrol resources or water resources
rather attaching it with dollar .

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