PAPER MONEY – Islamic Legal Analysis
Selected excerpts translated from the book, which is a discussion & analysis by Sheikh Abdullah b. Sulayman b. Mani’, now a member of the Council of Senior Islamic Scholars (Lajnah Kibar al-‘Ulama’) of Saudi Arabia. The version I’ve used is the author’s original Master’s thesis – this was later expanded into a bigger book.
With the current chaos in the financial markets, it is especially urgent in our times to re-evaluate our financial, monetary and banking systems. A critique of fiat money, token money, paper money and electronic money is long overdue. This text may be helpful in providing Islamic viewpoints to the discussion. Other resources I recommend are The Creature from Jekyll Island by Edward Griffin (a gripping read!), Tarek el-Diwany’s The Problem with Interest and his website Islamic Finance (www.islamic-finance.com), and the cartoon film Money as Debt.
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