Islamic money [DINAR-GOLD COINS OR DHIRHAM- SILVER COINS OR SOME FORM OF TRADE BY BARTER] is Halal while non Islamic money such as paper money is Complete Haram just like AS interest because it does not have INTRINSIC value in it. SO, What is the stand of Islam on muslims USING PRINTED PAPERS as Money TODAY?
@Bani Hashim, good question.
I thing you don't know how paper money operates in Islamic Countries. In Islamic countries we still follow the same but the thing is you don't know it. In Islamic Countries, State Bank only prints money according to the GOLD available in Government Funds. So that instead of GOLD coins citizens use paper money, but that paper money has a value. In islamic countries, governments don't print money as much as they want, but they deposit GOLD and according to the value of GOLD they print money.
Hope you are now clear.
Paper money is not a certificate but it has a worth. Brother no one is forcing you, you can buy GOLD and posses it. The thing is if you want to buy a thing worth $ 1. So how will you deal with it buy possessing GOLD coins? Also paper currency reduces fraud because it has a registered number on to it and if someone steal money from you the police can find him through that number, however if someone steal gold from you he can sell it without any problem.
And brother now you are providing answers to defend your thought for your own question as if you wanted a debate. Brother, if you are not agreed to paper money then I can only say that you should buy GOLD coins and try to do transactions with it, pay tuition fee, pay your bills, leave bank, cancel your debt card, buy bus tickets with GOLD coins and everything.
Don't feel brother that I am rude, I am just trying to clear your doubt. Don't look only at the demerits of paper money but the benefits as well.
Plus we are using the same system by backing it with GOLD.
And banking is totally different, don't you know there were private banks as well before paper currency. They were Goldsmiths and they took interest over the GOLD they loan to others.
Paper Money Is UNDOUBTEDLY HARAM In Islam BECAUSE IT DOES NOT HAVE INTRINSIC VALUE. IT IS JUST A MERE RIP-OFF PAPER WHETHER OR NOT IT HAS A PROMISE TO PAY OR AN ASSUMED EQUIVALENCE OF CERTAIN VALUE KEPT IN STORE, TREASURY OR SOMEWHERE FOR THE HOLDER SINCE THAT VALUE IS CERTAINLY NOT IN IT [THE MERE PAPER, COLOR AND NUMBER] THIS IS HARAM IN ISLAM.
For Money To Be HALAL In Islam, It MUST have INTRINSIC Value. IN OTHER-WORDS IT MUST UNCONDITIONALLY CARRY ITS VALUE ALONG WITH IT OTHERWISE IT IS HARAM MONEY FOR REAL.
GOLD, SILVER, SALT, DATES OR ANY COMMODITY TO BE USED AS MONEY IN ISLAM MUST HAVE INTRINSIC VALUE.
ITS VALUE MUST BE IN IT.
THIS IS WHAT THE KUFFAR DO NOT WANT YOU TO DEMAND FROM THEM IN TRADE EXCHANGE, BECAUSE THEY DO NOT HAVE ENOUGH TO OFFER THAT WILL MAINTAIN THEIR FAKE STATUS QUO WITH VERY BIG DEFENSE SPENDING TOO.
THEY KNOW YOU ARE RICHER AND SO HOW WOULD THEY APPEAR TO BE RICHER THAN YOU AND KEEP EXCHANGE AND TAKING YOUR RESOURCES FOR FREE?
THEY THUS DEVICE A RIP-OFF SYSTEM [PAPER MONEY]. A SITUATION WHERE THEY TRADE ORDINARY PAPER FOR ALL YOUR RESOURCES INCLUDING OIL.
THIS PAPER WHICH USED TO BE BACKED UP [HARAM THOUGH] WAS LATER ABOUT 1971 TO BE TOTALLY UNBACKED PAPER, THUS RENEGING ON THEIR AGREEMENT TO BACKED IT UP.
TODAY THEY ISSUE YOU A MERE PAPER AS PAYMENT FOR ALL YOUR GOODS AND SERVICES. YOUR COUNTRY'S RESERVE IS IN THIS WORTHLESS PAPER WHICH MEANS NOTHING.
THEY DON'T EVEN GIVE YOU THE MANY PAPERS, THEY KEEP BOOKING CREDITS AGAINST NAMES OF NATIONS AND IMPOSING WORTHLESS PAPER ON THEM AS MONEY OR THAT YOU HAVE TRILLIONS OF US DOLLARS IN RESERVES, HOW? BOGUSNESS!
THE PAPER THAT MAY SOON COLLAPSE IN THE EVENT OF A CERTAIN WAR WHICH HAS ALMOST BEGAN.
SUBHAANAL LAAHI WABI HAMDIHI. SUBHAANAKAL LAAHUMMA WABI HAMDIKA, ASH HADU ALLAA ILAHA ILLAL LAAHU ASTAGHFIRUKA WA ATOOBU ILAYK.