RESOLUTION NO. 21 (9-3)

SHARI’A RULES GOVERNING

PAPER MONEY AND FLUCTUATIONS
IN  CURRENCY RATES

Compiled By:
Prof. Dr. Mohd. Ma’sum Billah
masum2001@yahoo.com
masum@applied-islamicfinance.com
+6019-3699542

Quote: The Council of the Islamic Fiqh Academy, holding its Third session
in Amman (Hashemite Kingdom of Jordan), from 8 to 13 Safar 1407 H (11 to 16
October 1986);

Having taken note  of the studies submitted on “Shari’a rules governing
paper money and fluctuation in currency rate”;

RESOLVES

First:  Regarding Shari’a rules governing paper money:
A.      Paper money is real money, possessing all characteristics of value,
and subject to Shari’a rules governing gold and silver vis-à-vis usury,
Zakat, Salam and all other transactions.
Second: Regarding fluctuation currency rates

A.      To postpone deliberation on this issue until a study is undertaken
on all its related aspects, for consideration during the fourth session of
the Council of the Academy.

May Allah grant us success  Unquote

(Source: "Resolution and Recommendations of the Council of the Islamic Fiqh Academy (1985-2000)” , IRTI.)