Rules of making currencies
3-5-2006 | IslamWeb
Question:
dear scholars, assalam o elaikum, please tell islamic rules for making currency, both paper and metallic. whether govt has monopoly for making currency or people can do this also like other islamic actions.------jazak Allah.
Answer:
All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger. We ask Allaah to exalt his mention as well as that of his family and all his companions.
We do not know of any specific religious requirements for issuing currencies, however, it is known that the Islamic legislation came to prevent and decrease harms, and achieve benefits. There is no doubt that people are in great need for these currencies, in buying and selling, renting, giving dowries and so forth. Therefore, on one hand, the rule of achieving benefits requires to put the matter of issuing currencies at the hands of a responsible body which will be faithful and responsible about the amount of curries which it issues, and this body should have the means to be capable of issuing currencies which are impossible to forge the like of it, a falsification that would not be impossible to detect. On the other hand, the rule of preventing the harm is that it not permissible to play with these currencies as this leads to much harm which will affect the entire society. Therefore, it is not permissible for any institution or body other than the government to issue these currencies.