Critical Evaluation of the Contemporary Scholars' Fatwas on Substitution of Gold Dinar for Banknotes

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dc.contributor.authorOlorogun, Lukman Ayinde
dc.contributor.authorAziz, Akhtarzaite Abdul
dc.date.accessioned2023-08-12T18:28:32Z
dc.date.available2023-08-12T18:28:32Z
dc.date.issued2021en_US
dc.departmentİktisadi İdari ve Sosyal Bilimler Fakültesien_US
dc.description.abstractHard currency (‘umlah) plays an essential role in any modern economy. The introduction of money as a means of remuneration successfully eliminated the problems posed by traditional barter trade. Gold and silver became the most widely accepted and circulated form of money in the medieval world, stored in the treasuries of the kings and the wealthy and powerful. In 1971 the US government abolished the Bretton Woods system and exchanged with the floating or fiat economy system which soon became the standard currency system worldwide. Disappointingly, no Muslim government produced legal rulings (fatwas) which rejected the legality of the fiat system and demanded the return to gold and silver backed currency. The single fatwa issued in Saudi Arabia in 1985 concluded that paper currency had completely replaced gold and silver and that all previous Islamic legal rulings issued on gold and silver were now applicable to paper currency. This paper study critically evaluates the 1985 fatwa, questions its legal validity and concludes that only a solid gold and silver currency fulfills the legal requirements of an Islamic currency of which all Muslim economies should adopt and protect.en_US
dc.identifier.doi10.24035/ijit.20.2021.215en_US
dc.identifier.endpage119en_US
dc.identifier.issn2232-1314
dc.identifier.issn2289-6023
dc.identifier.scopus2-s2.0-85121931953en_US
dc.identifier.scopusqualityQ2en_US
dc.identifier.startpage109en_US
dc.identifier.urihttps://hdl.handle.net/11363/5299
dc.identifier.urihttps://doi.org/
dc.identifier.volume20en_US
dc.identifier.wosWOS:000755005400011en_US
dc.identifier.wosqualityN/Aen_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.institutionauthorOlorogun, Lukman Ayinde
dc.language.isoenen_US
dc.publisherUNIV KEBANGSAAN MALAYSIA, FACULTY SCIENCE & TECHNOLOGY, BANGI, SELANGOR 43600, MALAYSIAen_US
dc.relation.ispartofInternational Journal of Islamic Thoughten_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 United States*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/us/*
dc.subjectSubstitutionen_US
dc.subjectGold & Silveren_US
dc.subjectBanknotesen_US
dc.subjectForeign Exchangeen_US
dc.subjectContemporary Muslim legal thoughten_US
dc.titleCritical Evaluation of the Contemporary Scholars' Fatwas on Substitution of Gold Dinar for Banknotesen_US
dc.typeArticleen_US

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