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VISTORBELITUNG.COM,Tanjung Pandan, Bangka Belitung Islands - The nature of fiat money, the government-issued currency prevalent in most modern economies, has sparked considerable debate within Islamic financial circles. A central question arises: does the inherent structure and function of fiat money align with Islamic principles, or does it contain elements of riba, which is strictly prohibited in Islam?
Riba, often translated as usury or interest, is condemned in the Quran and Sunnah. It is generally understood as an excess amount charged over and above the principal amount of a loan or in the exchange of certain commodities.
Divergent Opinions Among Islamic Scholars
Islamic scholars have presented various perspectives on the permissibility of fiat money.
One viewpoint argues that fiat money, by its very nature, is problematic from an Islamic perspective. This group often emphasizes that historically, money in Islamic societies was based on intrinsic value, primarily gold and silver (dinars and dirhams). They contend that fiat money, lacking inherent value and being subject to inflationary pressures and manipulation by central authorities, can facilitate or even embody riba in various economic transactions. Some scholars within this view advocate for a return to a gold or silver-based monetary system to avoid the pitfalls of fiat currency.
Conversely, a significant number of contemporary Islamic scholars hold a different view. They argue that as long as fiat money functions as a medium of exchange, a store of value, and a unit of account, and its use is based on mutual agreement and fairness in transactions, it can be considered permissible (halal). These scholars often differentiate between the function of money and the prohibited act of riba in lending or exchange. They emphasize that riba occurs when an unjustifiable increase is stipulated in a transaction, not necessarily due to the form of the currency itself.
Furthermore, this group often points to the consensus (ijma') of the Muslim community in accepting and utilizing fiat currencies globally for everyday transactions. They argue that practicality and the smooth functioning of modern economies necessitate the use of such currencies.
Concerns Remain Regarding the System
Even among scholars who deem the use of fiat money generally permissible, concerns exist about the broader financial system built upon it. Issues such as fractional-reserve banking, which allows banks to lend out more money than they physically hold, and the charging of interest in lending practices are frequently cited as potential avenues for riba within a fiat-based system.
The question of whether fiat money itself constitutes riba remains a subject of ongoing discussion and differing interpretations among Islamic scholars. While some view its inherent characteristics as problematic, a significant body of opinion accepts its use as long as transactions conducted with it adhere to Islamic principles of fairness and avoid explicit riba. Nevertheless, scrutiny of the broader financial mechanisms operating within a fiat monetary system continues to be a crucial aspect of Islamic economic discourse.