Money and Bitcoin According to Islamic Law and Economics

Transcription

1. A Research on Money and Bitcoin According to Islamic Law and Economics Mufti Faraz Adam www .darulfiqh.com
2. 1 |Page Disclaimer: The views and opinions expressed in this research paper are those of the author only and do not in any way reflect those of the institutions to which he is affiliated. Arguments and ideas propounded within this research paper are only for research purposes. They should not be utilised in real-world scenarios as a fatwa would as they are based on developing research and discussions. Assumptions made within this research paper are not necessarily indicative of any official positions held by the author. Conclusions have the possibility of inaccuracy. Permission to conduct & publish research has been sought from senior teachers and scholars. The intent of this paper is to stimulate discussion and research among scholars and students of knowledge. Consideration is only given and is restricted to the specific links provided, the author does not endorse nor approve of any other content the website may contain Any observations or feedback will be appreciated. You may email the author at muftifaraz@darulfiqh.com
3. 2 |Page About the Author: Faraz Adam was born in the United Kingdom. After completing college, he enrolled at the prestigious Darul Uloom Leicester in the quest to study the sacred Islamic knowledge. After six rigorous and intensive years studying Aqidah, Tafsir, Hadith, Fiqh, Usul, Arabic grammar, syntax, morphology and rhetoric, he qualified with distinction and was granted Ijazah in the above disciplines. He studied further in South Africa at Darul Iftaa Mahmudiyyah, where he completed his Mufti course under the auspicious tutelage of Mufti Ebrahim Desai, Mufti Husain Kadodia & Advocate Mufti Emran Vawda. Upon qualifying from the Darul Iftaa as a Mufti (juriconsult), he was accredited with: Masters of Arts in Islamic Theology with specialisation in Juristic verdicts (Iftaa) and Diploma specialisation in Islamic Finance under Shaykh Mufti Ebrahim Desai Faraz is in his final semester in a Master’s Degree in Islamic Finance, Banking and Management at the Markfield Institute of Higher Education under Newman University. He founded www.darulfiqh.com in 2011- a fatwa portal serving humanity worldwide and specialising in Islamic Finance advisory & consultancy services. He served as a lecturer in Islamic studies at Darul Uloom Leicester for a couple of years. He is the director of the Darul Iftaa Leicester and currently serves full-time with the National Zakat Foundation in the Services for Zakat Payers where he is engaged in product development & service provision for Zakat Payers. Mufti Faraz provides Shariah advisory services to many organisations and individuals, in particular, he is an Ethica CIFE™ Graduate and serves as a Shariah Advisor with Ethica. He also serves as a Shariah Advisor at Simplyethical. He delivers lectures and workshops across UK on different aspects of Islam & specialises in delivering workshops and courses on Islamic finance and banking.
4. 3 |Page Contents The Philosophy of Money in Islam .............................................................................................................................4 Is Centralisation Necessary for Money in Islam? .....................................................................................................14 The Types of Money in Islamic law ...........................................................................................................................18 Cryptocurrencies ......................................................................................................................................................19 An Islamic Analysis of Bitcoin ...................................................................................................................................20 Does Bitcoin Qualify as Money in Shariah? ..............................................................................................................22 Fatāwā on Bitcoin .....................................................................................................................................................25 Bitcoin related Fiqh ..................................................................................................................................................31 Conclusion ................................................................................................................................................................31 APPENDIX 1: Gold and Silver Money ........................................................................................................................32 APPENDIX 2: The Concept of Ta’āmul and Iṣṭīlāḥ .....................................................................................................33 APPENDIX 3: Types of wealth ...................................................................................................................................37 APPENDIX 4: Money in Economics ...........................................................................................................................40 APPENDIX 5: Opinions on Bitcoins ...........................................................................................................................48 APPENDIX 6: How Bitcoin Works ..............................................................................................................................51
5. 4 |Page Abstract The purpose of this research is to identify whether Bitcoin fulfils the criteria of being money according to Islamic law and economics. Digital currencies are a new phenomenon which hold great potential in the Islamic finance industry. Classical Fiqh and contemporary economics are explored to identify the criteria for something to be regarded as money. Bitcoin was identified as a new paradigm of currency which fulfils all the criteria of being a currency according to Islamic law. The Philosophy of Money in Islam Islam does not recognise money as a subject-matter of trade, except in some special cases. Money has no intrinsic utility; it is only a medium of exchange; Each unit of money is exactly equal to another unit of the same denomination, therefore, there is no room for making profit through the exchange of these units inter se. Profit is generated when something that has intrinsic utility is sold for money or when different currencies are exchanged, one for another. The profit earned through dealing in money (of the same currency) or the papers representing them is interest, hence prohibited1. Imam Ibn Taymiyyah (d. 728 H) states that benefit from the actual corpus of money is never the objective of money, rather, it is the exchange which is the objective and benefit of money2. The owner of the money must spend or put labour to derive benefit from money. Alternatively, he can enter a partnership contract in a profit and loss sharing model. If the money is lent in the form of a loan, interest cannot be charged on it. Money is 1 Uthmani, M.T. (1998), An Introduction to Islamic Finance, َ‫م‬ َ‫م‬ َ ‫م َم‬ َ َُ ‫َم‬ َ َ َ َ ‫اْل مم َوال َوََل َي مقص ُد اَل منت َف‬ َ ‫ص‬ ُ ‫ َفإ َّن ماْلَ مق‬2 ‫ ط‬472 ‫ ص‬29 ‫اع ِب َع مي ِن َها (مجموع الفتاوى ج‬ ‫ود ِم من اْلث َم ِان أن تكون ِم مع َي ًارا ِلْل مم َو ِال َيت َو َّس ُل ِب َها إلى َم مع ِرف ِة َمق ِاد ِير‬ ِ ِ ِ ِ ِ )‫مجمع اْللك فهد‬
6. 5 |Page simply a unit of measurement. Thus, money is not a commodity in Islam, but is used by the entrepreneur as a medium of exchange. Its reward is not guaranteed, instead, it is contingent on the result of production from productive activity which generates surplus value3. According to classical Islamic law, Thamaniyyah (monetary value) is the key element in an asset which qualifies it to serve as currency and money. Thamaniyyah refers to what contemporary economists refer term as a ‘unit of account’4 and a ‘medium of exchange’. In other words, Thamaniyyah refers to the nature of money possessing value by which it valuates goods and is widely acceptable in an exchange. Islamic scholars and Muslim economists state that money is of two types5: 1) Natural (al-thaman al-khilqī) - created to serve as a medium of exchange and naturally possesses monetary value. Gold and silver are natural money. 2) Artificial and customary (al-thaman al-‘urfī) - used as a medium of exchange and is extrinsically assigned monetary value. Commodity money6 and fiat currencies are common artificial and customary forms of money. 3 Bank of England. (2014). 2014 Q1. Quarterly Bulletin, 54(1). Sanusi, M. (2002). Gold Dinar, Paper Currency and Monetary Stability: An Islamic View. Viability of The Islamic Dinar, 73-90. )‫ ط دارالفكر‬15 ‫ ص‬8 ‫ ويتوصل به إليها ومما بهذه الصفة قبل الصياغة وبعدها (البناية ج‬،‫واْلعنى بالثمينة كونه بحال يقدربه مالية اْلشياء‬ 4 ‫بحوث في قضايا قفهية معاصرة للمفتي تقي عثماني ط دارالقلم‬ 5 6 Commodity money refers to those assets which intrinsically has value and serve another function but become an acceptable and popular medium of exchange. This was an accepted form of money in Shariah. Commodity money are assets used as money that also have intrinsic value in some other use. In other words, it can serve as money as well as commodity due its intrinsic value. Salt, animals, shells, grains etc. are forms of commodity money. Commodity money is an acceptable form of money in Shariah when people attribute Thamaniyyah to a commodity.
7. 6 |Page One of the main differences between the two is that natural money has intrinsic Thamaniyyah and customary money has extrinsic Thamaniyyah. Gold and silver innately possess Thamaniyyah (monetary value) by which people consider them as stores of value and are ready to exchange goods in lieu of gold and silver. What is interesting to consider is that besides their unique properties, gold and silver have nothing unique about them to signify the attribute of Thamaniyyah. Nevertheless, across time, humans have naturally valued gold and silver. It is as if the Thamaniyyah is placed by Allah into the hearts of humans for gold and silver and thus, Thamaniyyah has become a permanent description of gold and silver. Besides gold and silver, artificial and customary money such as commodity money and fiat money do not innately possess Thamaniyyah. Although commodity money has intrinsic value, it does not have Thamaniyyah. Humans naturally do not perceive commodities as a medium of exchange, rather, they are the purpose of an exchange. On the other hand, fiat currencies do not have intrinsic value to serve a function nor do humans naturally consider them to possess Thamaniyyah, instead, an extrinsic force adds the notion of Thamaniyyah to fiat currencies which is then perceived by the masses. Thus, there is difference between the following: 1) Al-Thaman al-Khilqī (gold and silver) – intrinsic Thamaniyyah and intrinsic value allowing it to be used for other purposes such as jewellery. 2) Al-Thaman al-‘Urfī A) Commodity money – has intrinsic value allowing it to be used for other functions but does not have intrinsic Thamaniyyah. Fiat money gets its value from a government order (i.e. fiat). That means, the government declares fiat money to be legal tender, which requires all people and firms within the country to accept it as a means of payment. Unlike commodity money, fiat money is not backed by any physical commodity. By definition, it does not have intrinsic value. Hence, the value of fiat money is derived from the relationship between supply and demand. Most of the world’s paper money is fiat money. Fiat money is also an acceptable form of money in Shariah after the government assign a note, coin or electronic money value and Thamaniyyah.
8. ‫‪7|Page‬‬ ‫‪B) Fiat money – No intrinsic value and therefore does not provide any considerable function‬‬ ‫‪besides being a medium of exchange. It also has no intrinsic Thamaniyyah.‬‬ ‫‪Imam al-Ghazāli (d.505 H) refers to gold and silver as natural money which Allah The Almighty created for‬‬ ‫‪mankind to use as a standard and measure to price and valuate7. All forms of gold and silver have an intrinsic‬‬ ‫‪element of Thamaniyyah. For more information on gold and silver as currency, see Appendix 1.‬‬ ‫‪As mentioned above, customary money incorporates two types of money:‬‬ ‫‪1) Commodity money‬‬ ‫‪2) Fiat money‬‬ ‫‪Commodity money is an asset used as money that also has intrinsic value. In other words, it can serve as money‬‬ ‫‪as well as a commodity due to its intrinsic value. Salt, animals, shells, grains etc. are forms of commodity‬‬ ‫‪money. Commodity money is an acceptable form of money in Shariah when people attribute Thamaniyyah to a‬‬ ‫‪commodity.‬‬ ‫م َ َّ َ َ َ َ م ُ َّ َ َ َّ َ َ َ َ ُ ُّ م َ َ ُ َ َ َ َ َ َ م َ َ َ َ م َ َ َ َ م ُ م َ م َ م َ‬ ‫ُ ُ م‬ ‫ضط ُّرالخل ُق ِإل مي ِه َما ِم من َح ميث ِإ َّن ك َّل ِإن َس ٍان‬ ‫اَّلل تعالى خلق الدر ِاه ِم والدنا ِن ِيرو ِب ِهما ِقوام الدنيا وهما حجر ِان َل منفعة ِفي أعي ِان ِهما ول ِكن ي‬ ‫‪ 7‬فنقول ِمن ِنع ِم ِ‬ ‫َ‬ ‫َ‬ ‫م‬ ‫م‬ ‫َ م‬ ‫ً‬ ‫َ‬ ‫اج إ َلى َأ مع َيان َكث َيرة في َمط َعمه َو َمل َبسه َو َسائر َح َ‬ ‫ُ مَ ٌ‬ ‫اجا ِت ِه َوق مد َي مع ِج ُز َع َّما َي محتا ُج ِإل مي ِه َو َي مم ِل ُك َما َي مستغ ِني عنه كمن يملك الزعفران مثال وهو محتاج إلى‬ ‫ِ ِ‬ ‫ِِ‬ ‫ٍ ِ ٍِ‬ ‫محت ِ‬ ‫ِِ‬ ‫جمل يركبه ومن يملك الجمل ربما يستغنى عنه ويحتاج إلى الزعفران فال بد بينهما من معاوضة وَل بد في مقدارالعوض من تقديرإذ َل يبذل صاحب‬ ‫الجمل جمله بكل مقدارمن الزعفران وَل مناسبة بين الزعفران والجمل حتى يقال يعطى منه مثله في الوزن أو الصورة وكذا من يشتري دارا ثياب أو‬ ‫ً‬ ‫ً‬ ‫ً‬ ‫عبدا بخف أو دقيقا بحمارفهذه اْلشياء َل تتناسب فيها فال يدرى أن الجمل كم يسوي بالزعفران فتتعذراْلعامالت جدا فافتقرت هذه اْلعيان اْلتنافرة‬ ‫اْلتباعدة إلى متوسط بينها يحكم بينهما بحكم عدل فيعرف من كل واحد رتبته ومنزلته حتى إذا تقررت اْلنازل وترتبت الرتب علم بعد ذلك اْلساوي من‬ ‫غيراْلساوي فخلق هللا تعالى الدنانير والدراهم حاكمين ومتوسطين بين سائر اْلموال حتى تقدر اْلموال بهما فيقال هذا الجمل يسوي مائة ديناروهذا‬ ‫القدرمن الزعفران يسوي مائة فهما من حيث إنهما مساويان بش يء واحد إذن متساويان وإنما أمكن التعديل بالنقدين إذ َل غرض في أعيانهما ولو كان‬ ‫ً‬ ‫في أعيانهما غرض ربما اقتض ى خصوص ذلك الغرض في حق صاحب الغرض ترجيحا ولم يقتض ذلك في حق من َل غرض له فال ينتظم اْلمرفإذن‬ ‫َ مَ‬ ‫مَ‬ ‫َ‬ ‫م‬ ‫مَم‬ ‫ُ َ‬ ‫م ُ م‬ ‫َّ‬ ‫خلقهما هللا تعالى لتتداولهما اْل مي ِدي َو َيكونا َح ِاك َم مي ِن َب مين اْل مم َو ِال ِبال َع مد ِل َو ِل ِحك َم ٍة أخ َرى َو ِه َي الت َو ُّس ُل ِب ِه َما ِإلى َسا ِئ ِر اْلش َي ِاء ْلنهما عزيزان في أنفسهما وَل‬ ‫ً‬ ‫غرض في أعيانهما ونسبتهما إلى سائر اْلحوال نسبة واحدة فمن ملكهما فكأنه ملك كل ش يء َل كمن ملك ثوبا فإنه لم يملك إَل الثوب (إحياء علوم الدين‬ ‫ج ‪ 4‬ص ‪ 91‬ط داراْلعرفة)‬
9. ‫‪8|Page‬‬ ‫‪Fiat money gets its value from a government order (i.e. fiat). That means, the government declares fiat money to‬‬ ‫‪be legal tender, which requires all people and firms within the country to accept it as a means of payment.‬‬ ‫‪Unlike commodity money, fiat money is not backed by any physical commodity. By definition, it does not have‬‬ ‫‪intrinsic value. Hence, the value of fiat money is derived from the relationship between supply and demand.‬‬ ‫‪Most of the world’s paper money is fiat money. Fiat money is also an acceptable form of money in Shariah after‬‬ ‫‪the government assign value to a note, coin or electronic money and Thamaniyyah.‬‬ ‫‪Thaman, commonly translated as price, is a broad term used to describe any medium of exchange in a sale‬‬ ‫‪regardless of what the medium is: currency, assets or a debt8. Every sale contract requires a Thaman for‬‬ ‫‪validity9. However, not every Thaman is currency or money. In other words, the trait of Thamaniyyah is not in‬‬ ‫‪everything used when paying for goods.‬‬ ‫َّ َ َّ َ َ م ُ‬ ‫م َ َّ ُ‬ ‫َ م َ م َ م َ َ َ م ً َ َ َ َ َ َّ ُ م ُ َ َ م َ َّ َ َ َ َ َّ ُ‬ ‫َّ َ ُ َ َ ُ ُ َ َ ً م َ َ َ َ َ َّ ُ‬ ‫َ َّ َ‬ ‫الذ َّم ِة؛‬ ‫الذم ِة حتى ولو أ ِش َيرإلى الثم ِن ِحين العق ِد و ِإن كان نقدا فال يتعلق ِباْلش ِارإلي ِه ب مل إنما يتعلق ِب ِ‬ ‫‪( 8‬اْلادة ‪ )152‬الثمن ما يكون بدَل ِللم ِب ِيع ويتعلق ِب ِ‬ ‫َ َّ َّ َ َ َ َ َ َ ُ م َ‬ ‫م م‬ ‫َ َ ُ َ‬ ‫يء ِفي اْل َّاد ِة (‪َ )243‬ل َيت َع َّين ِبت مع ِي ِين ِه ِفي ال َعق ِد‪.‬‬ ‫ِْلن الثمن كما سي ِج‬ ‫َ َّ َ ُ ُ َ ً ُ َ َ ُ َّ م َ َ َ م َ م َ َ َ ُّ م َ م َ ُ َّ م َ َ م ُ َ م َ َ َ م َ م َ َّ م ُ َ م َ م م َ َ م َ‬ ‫اص‪.‬‬ ‫والثمن‪ :‬لغة هو ِقيمة الش ي ِء وهذا اْلعنى أعم ِمن معن ماه الشر ِع ِي فنقل مه ِذ ِه ال َك ِلم ِمة إلى اْلعنى الشر ِع ِي هو ِمن نق ِل الع ِام إلى ال َخ ِ‬ ‫م‬ ‫مَ ً َ‬ ‫َ م‬ ‫َ‬ ‫َّ‬ ‫َ‬ ‫َ‬ ‫َ‬ ‫َ َ َ‬ ‫َ‬ ‫إيض ُ‬ ‫اح ُه َو َت مفص ُيل ُه َ‬ ‫(م مج َم ُع اْل من ُه ِر) ‪.‬‬ ‫َوق مد ُي مست مع َم ُل الث َم ُن ِب َم معنى ال َب َد ِل ُمطلقا َوق مد َو َر َد ِفي اْل َّاد ِة (‪ِ )463‬ب َهذا اْل معنى ف َس َيأ ِتي ِفي ش مر ِح َها‬ ‫ِ‬ ‫َّ َ ُ َ م َ م َ م َ ُ َ م َ َّ َ َ م َ َ َّ ُ َ َ َ َ َّ ُ م َ‬ ‫ال َّالذي َي ُكو ُن ع َو ً‬ ‫َ ُ م َ ُ م َ م َ َّ َّ َ َ م َ َ م َ م َ َ َّ ُ َ ُ م َ َ َ َ َ َّ ُ‬ ‫ضا َع من‬ ‫ِ‬ ‫الذم ِة وهو اْلعنى الو ِارد ِفي ه ِذ ِه اْلاد ِة‪ ،‬ومعنى أنه بد ٌل‪ :‬أ مي أنه اْل ُ ِ‬ ‫وجملة القو ِل أن ِللثم ِن معنيي ِن ِبمعنى أنه ِقيمة اْل ِب ِيع ويتعلق ِب ِ‬ ‫مَ‬ ‫اْل ِب ِيع‪.‬‬ ‫ََم ُ‬ ‫َ ُ َ م َ م َ م َ َّ م َ َ ُ َ م َ م ُ َ ُ َ م َ َ َّ ُ م ُ َ َ َ ُ َ ُّ ُ ُ ُ َ م َ م َ‬ ‫َ َ م َ َ ُّ َ‬ ‫الذ َّم ِة‪.‬‬ ‫فيدخ ُل ِف ِيه وهو ِفي اْلعنى اْلو ِل اْل ِكيالت‪ ،‬واْلوزونات‪ ،‬والعد ِديات اْلتق ِاربة والنقود دون اْلعي ِان ِلعد ِم إمك ِان ت َرت ِبها ِب ِ‬ ‫َ َّ‬ ‫ُ‬ ‫ُّ ُ ُ َ م َ َ ُ َ م َ م ُز َ ُ َ م َ م َ ُ‬ ‫ان َغ مي ُر ماْل مثل َّية َك مال َح َي َوان َو َ‬ ‫اب (درر الحكام شرح مجلة اْلحكام ج ‪ 1‬ص ‪ 123‬ط دار‬ ‫َو َي مدخ ُل ِف ِيه ِب َم معن ُاه الثا ِني النقود واْل ِكيالت واْلو ونات واْلعي‬ ‫ِ ِ‬ ‫ِ ِ ِ‬ ‫الثي ِ‬ ‫الجيل)‬ ‫َ َ َ َّ َ ُ َ َ َ َّ َ ُ َ م ً َ ُ ُ َ م ُ َ َّ َ َ م َ َ َ م َ م ُ َ َ م ُ َ َ ُ م ُ م َ‬ ‫َ َم َ‬ ‫م‬ ‫َ‬ ‫ض (درر الحكام شرح مجلة اْلحكام ج ‪ 1‬ص‬ ‫ود غي ِرمعين ٍة أو م ِكيال ٍت أو موزون ٍ‬ ‫كما أن له إذا كان الثمن دينا كنق ٍ‬ ‫ض أو ِبغي ِر ِعو ٍ‬ ‫ات أن يم ِلكه اْلشت ِري ِب ِعو ٍ‬ ‫‪ 235‬ط دارالجيل)‬ ‫َ مَم َ َ ٌ ََ م َ َ ُ َ م َ َ َ َ َ مَم ُ َ‬ ‫م َ َّ ُ‬ ‫َ م َ ُ َّ َ‬ ‫اس ًدا‪.‬‬ ‫‪( 9‬اْلادة ‪ )237‬تس ِمية الثم ِن ِحين البي ِع َل ِزمة فلو باع ِبدو ِن تس ِمي ِة ثم ٍن كان البيع ف ِ‬ ‫َ َ َ َ َ َ م‬ ‫َ م‬ ‫مُ‬ ‫مُ مَ م َ‬ ‫َ ُ َ م َ م م ُ َّ َ َ َ م َ ُ ُ َ َ َ َ‬ ‫ان َم مس ُك ًوتا َع من ُه ح َين مال َب ميع َف مال َب مي ُع َفاس ٌد َو َل مي َ َ‬ ‫اط ٍل؛ ِْل َّن ال َب مي َع اْلطل َق َيقت ِض ي اْل َع َاوضة ف ِإذا َسكت ال َب ِائ ُع‬ ‫يجب ِحين البيع ِذكرالثمن وتس ِميته فإذا ك‬ ‫س ِبب ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫َ ِ م َّ َ َ َ ِ َ م ُ ُ َ ِ م َ َ م َ ِ َ َ َ‬ ‫َ َ م َ ُ َ َ م م َ ُ م َ َ ً َ م َ ُ َّ َ َ َ م ُ ً َ َ ُ ُ م َ م ُ َ ً َ‬ ‫ُ‬ ‫َّ‬ ‫ُ‬ ‫ُ‬ ‫م‬ ‫َ‬ ‫َ‬ ‫ُ‬ ‫اسدا َل‬ ‫عن الثم ِن كان مق ِصده أخذ ِقيم ِة اْل ِب ِيع فكأنه يقول ِبعت م ِالي ِب ِقيم ِت ِه و ِاَلق ِتصارعلى ِذك ِرال ِقيم ِة مجملة يجعل الثمن مجهوَل فيكون البيع ف ِ‬ ‫َ ً‬ ‫اطال‪.‬‬ ‫ب ِ‬ ‫َ ُ م َ ُ م َ م م َ َ َّ‬ ‫َ م َ َّ َ َ م ُ م َ م َ َ ُ م َ‬ ‫َ َّ ُ َ َ م َ ُ َ ُ َ َّ َ ُ َ َ‬ ‫ض ماْلَبيع ََل ُيفيدُ‬ ‫يق ًة َأ مو ُح مك ًما َف مال َب مي ُع َباط ٌل َح َّتى َّ‬ ‫إن َق مب َ‬ ‫ويفهم ِمن قو ِل اْلجل ِة ِفي ه ِذ ِه اْلاد ِة (إذا لم يذكرثمن اْل ِبيع) أنه إذا بيع اْلال ون ِفي الثمن ح ِق‬ ‫ِ ِ ِ‬ ‫ِ‬ ‫م َ م َ م َ م َِ ُ َ م َ ُ َ ِ َ َ ُ ُ م ُ َ م ُ َ َ َ‬ ‫م ُ م َ م م َ َ َ م َّ َ م م‬ ‫ُّ‬ ‫َ‬ ‫ُ‬ ‫ً‬ ‫م‬ ‫َ‬ ‫اْلشت ِر َي ِاْلل ِك َّية؛ ِْل َّن نف َي الث َم ِن نف ٌي ِل ُرك ٍن ِمن أرك ِان البي ِع وهو اْلال فال تكون ِمثل ه ِذ ِه اْلعامل ِة بيعا (الدرر) (درر الحكام شرح مجلة اْلحكام ج ‪ 1‬ص‬ ‫‪ 217‬ط دارالجيل)‬
10. ‫‪9|Page‬‬ ‫‪Ibn Taymiyyah (d. 728 H) states that the Sharī’ah has not defined any specific condition nor definition for‬‬ ‫‪currency and money, and has instead left it to the ‘Urf and understanding of the people10. Hence, the Hanafī‬‬ ‫‪Fuqahā’ state that assets or commodities become money and currency by Ta’āmul11 (usage) and Iṣṭilāḥ‬‬ ‫‪(common agreement). Imam Ahmad (d.241 H) also opined that currency and money can be identified by the‬‬ ‫‪agreement of the people12. When something becomes currency or money in Shariah, the rulings of Zakat,‬‬ ‫‪currency exchange, Ribā and other such rulings apply to the currency. For a detailed discussion on Ta’āmul and‬‬ ‫‪Iṣṭilāḥ, see Appendix 2.‬‬ ‫‪The legal consequences of being Thaman (price)13:‬‬ ‫‪1) When transacting, the Thaman (price) becomes a debt upon the buyer.‬‬ ‫م َ ُ َ َ ُ َ َ ُ م َ ُ َ ُ َ ٌّ َ م ٌّ َ َ َ م ٌّ َ م َ م ُ ُ َ م َ َ َ م َ َ َ َ َ َّ ُ م َ م َ َ َ َ َّ ُ م َ م ُ ُ َ م م َ َ ُ َ م‬ ‫َ َ َّ‬ ‫ض أن‬ ‫الدينارفما يعرف له حد طب ِعي وَل شر ِعي بل مر ِجعه إلى العاد ِة و ِاَلص ِطال ِح؛ وذ ِلك ِْلنه ِفي اْلص ِل َل يتعلق اْلقصود ِب ِه؛ بل الغر‬ ‫الدرهم و ِ‬ ‫‪ 10‬وأما ِ‬ ‫َ مَ‬ ‫َ‬ ‫َ َ َ م َم ً‬ ‫َ ُ َن م َ ً َ َ َ َ َ ُ َن َ َّ َ ُ َ َّ َ ُ َ ُ م َ َ م‬ ‫َ ٌ َ َّ‬ ‫ص َ‬ ‫اْل مم َوال َفإ َّن ماْلَ مق ُ‬ ‫ود‬ ‫ص ُد ِلنف ِس َها َب مل ِه َي َو ِسيلة إلى الت َع ُام ِل ِب َها َو ِل َهذا كانت أث َمانا؛ ِب ِخال ِف س ِائ ِر‬ ‫يكو ِمعيارا ِْلا يتعاملو ِب ِه والدر ِاهم والدنا ِنيرَل تق‬ ‫ِ ِ‬ ‫م َ ُ َ َ م َ َ َ َ َ َ م ُ َ َّ َ ً م ُ ُ ور َّ م َّ َ م َّ م َّ َ م َ َ ُ م َ م َ‬ ‫صودُ‬ ‫ص ُل ب َها ماْلَ مق ُ‬ ‫ورت َها َي مح ُ‬ ‫ض ََل ب َم َّادت َها َوََل ب ُ‬ ‫ص َ‬ ‫ض ُة َّالتي ََل َي َت َع َّل ُق ب َها َغ َر ٌ‬ ‫ِاَلن ِتفاع ِبها نف ِسها؛ ف ِلهذا كانت مقدرة ِباْلم ِ الطب ِعي ِة أو الشر ِعي ِة والو ِسيلة اْلح‬ ‫ِ‬ ‫ِ ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫َ َ َ َ م‬ ‫ك ميف َما كانت‪( .‬مجموع الفتاوى ج ‪ 19‬ص ‪ 252‬ط مجمع اْللك فهد)‬ ‫َّ م َ َ َ ُ َ م َ‬ ‫َ َ م‬ ‫َ مَ‬ ‫َّ َ‬ ‫َّ َ ُ‬ ‫َ‬ ‫َ‬ ‫‪َ 11‬و َأ َّما الت مب ُر َف َه مل َي م‬ ‫اْل مث َمان ماْلُ مط َل َق ِة؛ ِ َْل َّن ُه َق َ‬ ‫ص ُل ُح َرمأ َ‬ ‫اشت َرى‬ ‫ال ِف ِيه‪ :‬إذا‬ ‫اب الصر ِف جعله ك‬ ‫وض َو ِفي ِكت‬ ‫اب الش ِرك ِة َو َج َعل ُه كال ُع ُر‬ ‫س َم ِال الش ِرك ِة؟ ذ ِك َر ِفي ِكت‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫َََ َ َ َم َ ُ م َ م ُ َ مَ‬ ‫َ م َ ُ َ َ َ َ ُ َ َ ُ م ُ ُ ُ م ُ م َ م َ م ُ م َ َ َ َ ُ ُ َّ َ ُ َ َ م َ ُ َ‬ ‫َ مُ ٌ َ َ‬ ‫َّ‬ ‫َ‬ ‫ُ‬ ‫م‬ ‫ُ‬ ‫اس‪ ،‬ف ِإن كانوا يتعاملون ِب ِه فحكمه حكم اْلثم ِان اْلطلق ِة‪ ،‬فتجوز الش ِركة ِبها و ِإن كانوا َل‬ ‫ِب ِه فهلك َل ينف ِسخ العقد‪ ،‬واْلمر ِف ِيه موكول إلى تعام ِل الن ِ‬ ‫م م‬ ‫َّ َ ُ‬ ‫َ ُ َ َ م‬ ‫َ َ ُ‬ ‫وض‪َ ،‬وَل ت ُجوز ِف َيها الش ِركة‪( .‬بدائع الصنائع ج ‪ 6‬ص ‪ 59‬ط دارالكتب)‬ ‫َيت َع َاملون ِب َها ف ُحك ُم َها ُحك ُم ال ُع ُر‬ ‫ِ‬ ‫مَ مَ‬ ‫م َّ َ َ م َّ َ َ‬ ‫َ مُ َ َ‬ ‫َ َ َّ م ُ َ ُ َ َ َ َ‬ ‫ان َغ مي َر َم م‬ ‫الصغيرب َم منزَلة مال ُع ُروض َف َل مم َي م‬ ‫اْل م‬ ‫ص ُل مح َرمأ َ َ‬ ‫صل َو مال َجامع َّ‬ ‫الش مرك ِة َواْلض َارَبة‬ ‫ض ِة ف َج َعل ُه ِفي ِشرك ِة‬ ‫وب ِمن الذه ِب وال ِف‬ ‫ض ُر‬ ‫التبروهو ما ك‬ ‫ِ ِِ ِ ِ‬ ‫وأما ِ‬ ‫س م ِال ِ‬ ‫ِ‬ ‫ِ‬ ‫ٍ‬ ‫ِ‬ ‫ِ‬ ‫َ م م َ م َ م َ م َ َ َّ َّ َ َ َ م َّ َ َ َ ٌ َ م م م َ َ م َ َّ ُل ُ َ َ ُ م َ م َ َ َو م ُ ُ َ َّ َّ َ َّ َ َ م َ ُّ َ‬ ‫صوص َْل َّن ُه َب معدَ‬ ‫َ َ ََ ُ‬ ‫ض مرب َم مخ ُ‬ ‫ٍ ِ‬ ‫وجعله ِفي صر ِف اْلص ِل كاْلثم ِان ِْلن الذهب وال ِفضة ثمن ِبأص ِل ال ِخلق ِة واْلو هو ظ ِ‬ ‫اهراْلذه ِب و جهه أن الثم ِنية تختص ِب ٍ‬ ‫م َّ‬ ‫َّ م َ ُ م َ ُ َ َ م َ َ َ ً َ م ُ م َ َ ُ ُ َ م ُ م ُ َ ُ ُّ َ م‬ ‫َ َ َّ َ ُ ُ َ ُ َ َ َ ٌ َ َّ َ ُ م ُ ُ َ ُ م م ُ ُ‬ ‫وض ِفي ُحك ِم الت مع ِي ِين َو َع َد ِم َج َوا ِز‬ ‫الضر ِب َل ميصرف إلى ش ي ٍء آخرغ ِالبا واْلعتبرهو العرف فكل مو ِض ٍع جرى التعامل ِب ِه فهو ثمن و ِإَل فحكمه كحك ِم العر ِ‬ ‫َ‬ ‫ُ َ‬ ‫الش مرك ِة َواْلض َارَب ِة ِب ِه‪( .‬تبيين الحقائق ج ‪ 3‬ص ‪ 317‬ط إمدادية)‬ ‫ِ‬ ‫م َ ُ َ َ ُّ ُ َ َ َ َ َّ ُ م ُ ُ َ َ ُّ َّ َ ُ َ ُ َّ َ َّ َ ُ ُ م م َ َ َ ً َ م َ‬ ‫م ُ م ُ َ ُ َ م َ َ َ َّ َ ُ ُ م ُ‬ ‫َ ُ مُ‬ ‫َ‬ ‫َ‬ ‫َ‬ ‫َ‬ ‫م‬ ‫َ‬ ‫ُ‬ ‫ود وت ِصح الش ِركة ِب ِه ونزل التعامل ِباس ِتعم ِال ِه ثمنا ِبمن ِزل ِة‬ ‫ود َل يتعين ِبالعق ِ‬ ‫التب ِرفهو كالنق ِ‬ ‫قالوا اْلعتبر ِف ِيه العرف ف ِفي ك ِل بلد ٍة جرى التعامل ِباْلبايع ِة ِب ِ‬ ‫َ َ َ َّ ُ م ُ ُ َ َ‬ ‫ُ م َ‬ ‫َ َ م‬ ‫مَ‬ ‫َّ َ ُ َ َ‬ ‫َّ م م َ‬ ‫َّ‬ ‫َ‬ ‫اْل مخ ُ‬ ‫ُّ‬ ‫ود وَل ي ِصح ِب ِه الش ِركة كذا ِفي الك ِافي (درر الحكام ج ‪ 2‬ص ‪)321‬‬ ‫وص َو ِفي ك ِل َبل َد ٍة ل مم َي مج ِرالت َع ُام ُل ِب ِه ف ُه َو كال ُع ُر‬ ‫ص‬ ‫الضر ِب‬ ‫وض يتعين ِفي العق ِ‬ ‫ِ‬ ‫ِ‬ ‫م َ َ ُ َ َ م َ َ َ م ُ َ َّ َ ُ َ َ َ م‬ ‫‪ َ َ َ َ َ َ َ 12‬م ً م َ َ ُ َ َ م م َ م ُ ُ‬ ‫ٌ‬ ‫وس‪ ،‬اصطلحوا عليها‪ ،‬فأرجو أَل يكون ِبها بأس‪( .‬اْلغني ج ‪ 4‬ص ‪ 40‬ط مكتبة القاهرة)‬ ‫فقال‪ :‬إذا كان شيئا اصطلحوا علي ِه ِمثل الفل ِ‬ ‫َّ َ َ َ م َ َ ً ُ‬ ‫َ م ُ ُ ُ َ ُ م َ َ ُّ م َ م َّ َ م ً َ َ َ م َ َ ً َ م َ ُ َ م َ م ُ ُن َ م ُ َّ م‬ ‫َ ُّ ُ ُ َ ُ م َ َ ُّ م َ م َّ َ م ً‬ ‫َ‬ ‫َ‬ ‫م‬ ‫الذم ِة فكانت ثمنا ِبك ِل ح ٍال‪ ،‬والعروض َل تستحق ِبالعق ِد إَل عينا فكانت م ِبيعة‪ ،‬واْل ِكيل‪ ،‬واْلوزو غيرالنقدي ِن‬ ‫‪ 13‬والنقود َل تستحق ِبالعق ِد إَل دينا ِفي ِ‬ ‫َ‬ ‫م م م َ ُ م م‬ ‫ُ م َ َ ُّ م َ م َ م ً َ ً َ َ م ً ُ م َ َ َ َ َ ً‬ ‫َ َ م ُ م َّ َ م َ ُ م َ َ ُ ُ ُ ُ م م َ‬ ‫َ َ ً‬ ‫اق ِد ِعن َد ال َعق ِد َوَل َي مبط ُل ال َعق ُد‬ ‫يستحق ِبالعق ِد عينا ت َارة ودينا أخ َرى فكان ثمنا ِفي ح ٍال م ِبيعا ِفي ح ٍال و ِمن حك ِم الثم ِن أن َل يشت َرط وجوده ِفي ِمل ِك الع ِ‬ ‫َّ م َ َّ َ‬ ‫َ‬ ‫َ َ‬ ‫ات َت مس ِليم ِه َو َيص ُّح ِاَل مس ِت مب َد ُ‬ ‫السل ِم (تبيين الحقائق ج ‪ 4‬ص ‪ 145‬ط إمدادية)‬ ‫ال ِب ِه ِفي غ مي ِرالصر ِف‪ ،‬و‬ ‫ِبفو ِ‬ ‫ِ‬ ‫ِ‬
11. 10 | P a g e 2) It is not necessary to own the monetary amount and price (Thaman) at the time of transaction. 3) A transaction is not nullified with the non-delivery of the Thaman. 4) Thaman can be re-negotiated after a transaction except in a ṣarf and Salam contract. Characteristics of Thaman: 1) Benefit from Thaman is derived by spending. It serves no other purpose whilst in one’s ownership14 2) Thaman is used as a standard for pricing15 3) Thaman is used as a medium of exchange to acquire assets with intrinsic value16 For further information on Thaman and the categorisations of wealth in Islamic law, see Appendix 3. The Concept of Māl (Wealth) Besides the attribute of Thamaniyyah, the other pre-requisites for something to be considered money is that it must be Māl (wealth) and must have Taqawwum (legal value). - Without Taqawwum in money, a trade is legally fāsid (irregular)-. The schools of law have differed in their understanding of Māl. According to the Hanafi jurists, Māl is "what is normally desired and can be stored up for the time of need". This definition denotes that the two key criteria for defining Māl in the Hanafis' view are "desirability" and “storability”. The first criterion clearly links Māl to its linguistic root mayl, which means inclination or desire. َ َ ُ َّ َّ َ َ ‫َ َّ م‬ َ َّ َ ُ َ َّ ‫ُ َ م‬ َ َّ َ َ َّ ‫م َ ٌ َ م‬ ُ َ ‫َ َ مُ ُ ُ َ ُم ُ م‬ ‫اع به َم َع َب َقاء َأ م‬ ‫الدن ِان ُير ِْل مج ِل ِه َو ُه َو الث َم ِن َّية َل ُي مم ِك ُن‬ ‫اع ال ِذي خ ِلقت الدر ِاهم و‬ ‫ ف ِإن ِاَلن ِتف‬،‫الدنا ِن ِير‬ ‫ص ِل ِه) اح ِترازعن الدر ِاه ِم و‬ ِ ِ ِ ‫ وقوله (ك ُّل ما يم ِكن ِاَلن ِتف‬14 ‫م‬ ‫به َما َم َع َب َقاء َأ م‬ )‫ دارالفكر‬218 ‫ ص‬6 ‫ (العناية ج‬.‫ص ِل ِه ِفي ِمل ِك ِه‬ ِ ِِ ‫ واْلعنى بالثمينة‬،‫ اْلراد باْلثمان اْلطلقة الدراهم والدنانير؛ ْلنهما أثمان بكل حال؛ ْلن هللا تعالى خلق الذهب والفضة ثمنا لْلشياء‬:‫ وقال اْلترازي‬15 )‫ ط دارالفكر‬15 ‫ ص‬8 ‫ ويتوصل به إليها ومما بهذه الصفة قبل الصياغة وبعدها(البناية ج‬،‫كونه بحال يقدربه مالية اْلشياء‬ )‫ ط دارالفكر‬15 ‫ ص‬8 ‫(البناية ج‬،‫ ويتوصل به إليها ومما بهذه الصفة قبل الصياغة وبعدها‬،‫ واْلعنى بالثمينة كونه بحال يقدربه مالية اْلشياء‬16
12. ‫‪11 | P a g e‬‬ ‫‪Mufti Taqi Uthmani describes desirability as something which is beneficial. However, Shaykh Salah Abul Hāj‬‬ ‫‪states that the condition of desirability excludes undesirable articles of trade such as humans etc.17‬‬ ‫‪Ibn ‘Ābidīn (d.1252 H) presents another definition of Māl as “something created for the benefit of man which‬‬ ‫‪people hoard and have greed for18. Imam al-Lacknawi (d.1304 H) has a similar discussion on Māl19.‬‬ ‫‪In terms of storability, Ibn ‘Ābidīn (d.1252 H) states that this condition excludes Manfa’ah (usufruct)20 as‬‬ ‫‪Manfa’ah is Milk (something that comes into your ownership) not Māl. In other words, Manfa’āh is something‬‬ ‫‪which comes into one’s ownership as a result of trading Māl and is the usufruct of the Māl and not Māl in itself.‬‬ ‫‪Thus, in a rental contract, one gets ownership of the Manfa’ah and not the Māl (leased item) which is providing‬‬ ‫‪the Manfa’ah. Thus, intangibles which can be stored and retrieved are different to Manfa’ah. The former will‬‬ ‫‪be Māl whilst the latter is not Māl according to the Hanafi legal theory.‬‬ ‫‪Storability simply means that something can be retrieved for use at a later time. Thus, thin air, an odour or‬‬ ‫‪scent, a passing thought in one’s mind are not ‘storable’. The jurists put this condition for Māl because only‬‬ ‫‪storable items can be retrieved and used, and the entire purpose of Māl is usage.‬‬ ‫‪ 17‬فبقيد‪ :‬ما يميل إليه طبع اإلنسان؛ خرج لحم اْليتة‪ ,‬واإلنسان الحر‪( .‬مذكرات في فقه اْلعامالت ص ‪)12‬‬ ‫َُ‬ ‫م َ ََ م‬ ‫َّ م ُ َ ُ َّ َ ُ َ م م َ َ َ م َ ُ َ َ َ‬ ‫ُّ ُّ َ‬ ‫َ َّ م َ َ َ َ ُ َ م‬ ‫الضنة اهـ‪( .‬منحة الخالق ج ‪ 5‬ص ‪ 277‬ط سعيد)‬ ‫‪ِْ 18‬لن اْلال ما ي ِميل إلي ِه الطبع ويدخر ِلوق ِت الحاج ِة أو ما خ ِلق ِْلص ِال ِح اْلد ِم ِي ويج ِري ِف ِيه الشح و ِ‬ ‫ً‬ ‫‪ 19‬واْلال لغة‪ :‬خواسته وايخه درملك كس ي باشد‪ .‬كذا في ((اْلنتهى اْلرب))‪ ،‬وقال صاحب ((البحر))(‪ )277 :5‬ناقال عن ((الكشف))‪ :‬اْلال‪ :‬ما يميل إليه‬ ‫ً‬ ‫ُ‬ ‫بتمول الناس كافة‪ ،‬أو ُّ‬ ‫الطبع ويمكن ادخاره لوقت الحاجة‪ ،‬واْلالية‪ :‬إنما يثبت ُّ‬ ‫يثبت بها وبإباحة اَلنتفاع به شرعا فما يكون‬ ‫بتقوم البعض‪ ،‬والتقوم‪:‬‬ ‫ً‬ ‫ً‬ ‫ً‬ ‫مباح اَلنتفاع يدون ُّ‬ ‫تمول [الناس] َل يكون ماَل كحبة حنطة‪ ،‬وما يكون ماَل بين الناس وَل يكون مباح اَلنتفاع َل يكون متقوما كالخمر‪ ،‬وإذا عدم‬ ‫م‬ ‫َ‬ ‫فخرج به اْليتة والدم وحبة الحنطة وشعيرة وكف تراب وشربة ماء مما هو ليس مال وبقي الخمروالخنزير‬ ‫اْلمران لم يثبت واحد منهما كالدم‪ .‬انتهى‪.‬‬ ‫ُّ‬ ‫َّ‬ ‫َّ‬ ‫َّ‬ ‫ُ‬ ‫ُّ‬ ‫وغيرهما مما هو مال لكنه غيرمتقوم للمسلم‪ ،‬اللهم إَل أن يقال اْلراد باْلال ما هو محل البيع‪ ،‬ومحله مال متقوم كما هو العرف عند الفقهاء‪ ،‬والعرف‬ ‫يكون قرينة‪( .‬عمدة الرعاية ج ‪ 5‬ص ‪ 8‬ط دارالكتب)‬ ‫‪ َّ َ َ 20‬م َ َ َّ َ م ُ ُ َ م َ م َ َ َ ُ َ‬ ‫َّ‬ ‫ال؛ َْل َّن ا مْل مل َك َما منم‬ ‫الط مب ُع َو ُي ممك ُن اد َخ ُار ُه ل َو مقت مال َح َ‬ ‫اجة‪َ ،‬و َأ َّن ُه َخ َر َج باَلد َخار‪ ،‬ماْلَ من َف َع ُة َفه َِي م مل ٌك ََل مَ‬ ‫ٌ‬ ‫يل إل مي ِه‬ ‫وع تع ِريف اْل ِال ِبما ي ِم‬ ‫ِ ِ‬ ‫ِ ِ‬ ‫ِ‬ ‫ِ ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ ِ ِ ِ‬ ‫َ موق َد ممنا َأول الَبي ِ‬ ‫ُّ َ م َ م م َ ُ َ م ُ ٌ َ ُ َ‬ ‫َ م َم َ‬ ‫َّ م‬ ‫َّ م ُ َ م َ َّ ُ َ م ُ ُ م َ م ُ م َ م َ َ ُ‬ ‫َ‬ ‫م‬ ‫َ‬ ‫ُ َ‬ ‫م‬ ‫َ‬ ‫م‬ ‫َ‬ ‫َ‬ ‫ود اْلنفعة‬ ‫ف ِاَلخ ِتص‬ ‫اص كما ِفي التل ِو ِيح‪ ،‬فاْلولى ما ِفي الدر ِر ِمن قو ِل ِه اْلال موجود ي ِميل إلي ِه الطبع إلخ ف ِإنه يخرج ِباْلوج ِ‬ ‫شأ ِن ِه أن يتص َّرف ِف ِيه ِبوص ِ‬ ‫ِ‬ ‫ُ م ً َ م َّ َ ُ م َ م َ م َ ُ َ َّ م ُ َ‬ ‫َّ م َ َ‬ ‫َ م َ م َ َ َ َ َ َّ م َ م َ َ َ ُ َ َّ ُ م َ َ َ َّ َ َ َ م ٌ َ َ م ٌ َ َ ً َ َ َ ُ‬ ‫مََ‬ ‫يك َل‬ ‫اإل َج َارة َل َب مي َع اْلنا ِف ِع حكما‪ :‬أي إن ِفيها حكم البي ِع وهو التم ِل‬ ‫اإلجار ِة؛ ِْلن ذ ِلك تم ِليك َل بيع ح ِقيقة‪ ،‬و ِلذا قالوا‪ :‬إن ِ‬ ‫فافهم‪ .‬وَل ي ِرد أن اْلنفعة تملك ِب ِ‬ ‫َُ َ مَ‬ ‫َ َّ‬ ‫َح ِقيقت ُه‪ ،‬فاغت ِن مم َهذا الت مح ِر َير(حاشية ابن عابدين ج ‪ 5‬ص ‪ 51‬ط سعيد)‬
13. ‫‪12 | P a g e‬‬ ‫‪Although some Hanafi jurists have stated that Māl must be a physical entity, Mufti Taqi Uthmani dispels this‬‬ ‫‪argument and states that the Quran and Sunnah have not explicitly defined Māl, rather, Shariah has left it to the‬‬ ‫‪understanding of people. Furthermore, he argues that some Furu’ (substantive laws) in the Hanafi school‬‬ ‫‪discuss intangibles as Māl. He thereafter quotes the Fatāwā of late Hanafi jurists which consider electricity and‬‬ ‫‪gas as Māl despite being intangible. Thus, intangibles can also be Māl on condition they are desirable and‬‬ ‫‪retrievable. It is not necessary for intangible Māl to remain after using, it may be an intangible which is‬‬ ‫‪consumed and depleted upon usage. The condition of perpetuity is not required in physical Māl either, hence,‬‬ ‫‪food is Māl despite being used by consumption.‬‬ ‫‪In addition to being Māl, money or the medium of exchange must be Mutaqawwim (possess legal value) for‬‬ ‫‪transaction to be legally sound (ṣaḥīḥ) 21. Mutaqawwim refers to an item or subject being lawful to use in‬‬ ‫‪Shariah22. Therefore, Ali Haydar (1353 H) states that the criteria for any item to be tradeable and exchangeable‬‬ ‫‪are:‬‬ ‫م َ م َ‬ ‫م‬ ‫َ‬ ‫‪ ُ َ 21‬م َ َ ُ َ م ً َ َ َ َ م َ م َ م َ ُ َن َّ َ ُ َ ً ُ َ َ ً َ َ َ َّ م ُ َ م َ م ُ‬ ‫َ ََ‬ ‫م‬ ‫وط ان ِعق ِاد ال َب مي ِع ف ِش َر ُاء َم ٍال ِبث َم ٍن غ مي ِر ُمتق ِو ٍم ُمف ِس ٌد ِلل َب مي ِع َ(ر ُّد‬ ‫ويشترط أيضا ِلعد ِم فس ِاد البي ِع أن يكو الثمن ماَل متق ِوما وهذا الشرط لي‬ ‫س ِمن ش ُر ِ‬ ‫ُم ُ مَ َ‬ ‫مُ َ‬ ‫اْل محت ِار) (انظ مراْل َّادة ‪( )212‬درر الحكام شرح مجلة اْلحكام ج ‪ 1‬ص ‪ 177‬ط دارالجيل)‬ ‫َ َ‬ ‫ً‬ ‫م َ َ َ ُ‬ ‫َ‬ ‫ُ َّ َّ ُ َ م م َ‬ ‫َ َ ي َ مَمُ َ ٌ َ َ ٌ َ َ َ ً َ َ ً‬ ‫َم ٌ‬ ‫م مَ‬ ‫م‬ ‫يعا أ مو ث َمنا‪،‬‬ ‫اطل سواء كان م ِب‬ ‫اط ِل أ َّن أ َح َد ال ِع َوض مي ِن إذا ل مم َيك من َماَل ِفي ِد ٍين سم‬ ‫او ٍ فالبيع ب ِ‬ ‫اس ِد ِمن الب ِ‬ ‫[تن ِبيه] ِفي ش مر ِح ِمس ِك ٍين‪ :‬ثم الض ِابط ِفي تم ِي ِيزالف ِ‬ ‫ِ‬ ‫َ‬ ‫م َم َ َ م َ ُ ًََ َ مَمُ َ‬ ‫م‬ ‫م َ َ م َ‬ ‫َ م َ َ‬ ‫َ َ م ُ م َ م َ َ َّ‬ ‫ان في َب مع م َ م َ َ ً ُ َ م َ م‬ ‫الدم َو مال ُحر َب ٌ َ َ َ م َ م ُ‬ ‫اس ٌد ف َب مي ُع ال َع مب ِد ِبالخ مم ِرأ مو الخ مم ِر‬ ‫ِ ِ‬ ‫ض إن أمكن اع ِتب ُاره ثمنا فالبيع ف ِ‬ ‫اطل‪ ،‬وكذا البيع ِب ِه‪ ،‬و ِإن ك ِ‬ ‫فبيع اْليت ِة و ِ‬ ‫ض اْلدي ِان َماَل دون البع ِ‬ ‫ِ‬ ‫َّ ُ‬ ‫ُم‬ ‫ُ‬ ‫َ‬ ‫َ مَ‬ ‫م َّ‬ ‫َّ‬ ‫م َ م َ‬ ‫ب مال َع مبد َف ٌ َ م َ َ َّ َ َ م ُ ُ َ ً َ م َ م ُ َ‬ ‫ََمُ م َ م‬ ‫الض ِابط َي مر ِج ُع إلى الف مر ِق َب مي َن ُه َما ِم من َح ميث‬ ‫اط ٌل اهـ‪ .‬قلت‪َ :‬و َهذا‬ ‫اط ٌل فبيع الخم ِر ِبالد َر ِاه ِم أو الد َر ِاه ِم ِبالخم ِرب ِ‬ ‫اسد‪ ،‬و ِإن تعين كونه م ِبيعا فالبيع ب ِ‬ ‫ِ ِ‬ ‫ِ‬ ‫مَ َ َ َ م‬ ‫م َ َ ُّ َ َ م َ َ َ َّ م َ م ُ ُّ م‬ ‫الرك ُن َواْل َح ُّل ف ُه َو أ َع ُّم فاف َه مم‪( .‬حاشية ابن عابدين ج ‪ 5‬ص ‪ 50‬ط سعيد)‬ ‫اْلحل فقط‪ ،‬وما مر ِمن حيث‬ ‫ً‬ ‫‪ 22‬الثاني‪ :‬اْلتقوم‪:‬ما يباح اَلنتفاع به شرعا‪.‬‬ ‫فيشترط في اْلال اْلتقوم أمران‪:‬‬ ‫ن ً‬ ‫ً‬ ‫أن يكون متموَل‪ ،‬فما يكون مباح اَلنتفاع بدون تمول الناس َل يكو ماَل كحبة حنطة‪.‬‬ ‫ً‬ ‫ً‬ ‫أن يكون مباح اَلنتفاع‪ ،‬فما يكون ماَل بين الناس وَل يكون مباح اَلنتفاع َل يكون متقوما كالخمر‪.‬‬ ‫ً‬ ‫ً‬ ‫وما عدم فيه اْلمران لم يكن ماَل وَل متقوما‪ ،‬مثل‪ :‬الدم‬ ‫وحاصله أن اْلال أعم من اْلتقوم; ْلن اْلال ما يمكن ادخاره ولو غيرمباح كالخمر‪ ,‬واْلال اْلتقوم ما يمكن ادخاره مع اإلباحة‪ ,‬فالخمرمال َل متقوم‪ ,‬فلذا‬ ‫ً‬ ‫ً‬ ‫ً‬ ‫فسد البيع بجعلها ثمنا‪ ,‬وإنما لم ينعقد أصال بجعلها مبيعا; ْلن الثمن غيرمقصود‪ ،‬بل وسيلة إلى اْلقصود؛ إذ اَلنتفاع باْلعيان َل باْلثمان؛ ولهذا‬
14. ‫‪13 | P a g e‬‬ ‫‪1) Tamawwul‬‬ ‫‪2) Taqawwum23‬‬ ‫‪Tamawwul refers to anything used as Māl. Taqawwum refers to the item being lawful in Shariah and hence it‬‬ ‫‪possesses legal value.‬‬ ‫‪Considering the above, a currency does not have to be tangible to be Māl, it can be digital or intangible and still‬‬ ‫‪be regarded as Māl as long as the currency is stored somewhere, whether a digital wallet, bank account or‬‬ ‫‪somewhere else. Electronic money is prime example of intangible Māl. Electronic money is simply digits that‬‬ ‫‪appear on a screen, however, it qualifies as currency due to the presence of Thamaniyyah, Māl and Taqawwum.‬‬ ‫‪It is these three features in currency which define money in Islamic economics and law. These three features‬‬ ‫‪are similar to what conventional economists define as the functions of money. Thamaniyyah refers to being a‬‬ ‫اشترط وجود اْلبيع دون الثمن‪ ,‬فبهذا اَلعتبارصارالثمن من جملة الشروط؛ ْلن البيع وإن كان مبناه على البدلين لكن اْلصل فيه اْلبيع دون الثمن;‬ ‫ولذا تشترط القدرة على اْلبيع دون الثمن وينفسخ بهالك اْلبيع دون الثمن (مذكرات في فقه اْلعامالت ص ‪)12‬‬ ‫مَ ُ‬ ‫مَ ُ مَُ َ‬ ‫ال اْلتق ِو ُم]‬ ‫[ (اْل َّادة ‪ )127‬اْل‬ ‫مَ ُ‬ ‫مَ ُ مَُ َ‬ ‫َ‬ ‫َ‬ ‫ال اْلتق ِو ِم ُي مست مع َم ُل ِفي َم معن َي مي ِن‪:‬‬ ‫(اْل َّادة ‪( )127‬اْل‬ ‫اح اَل منت َف ُ‬ ‫م َ َّ ُ َ ُ َ ُ‬ ‫اع ِب ِه‪.‬‬ ‫اْلول‪ :‬ما يب ِ ِ‬ ‫َ م َ م َ م ُ م َ َ َّ َ ُ م َ م َ م ُ ُ َ َ َ َ ُ م َ َ َ ُ َ َ ً م‬ ‫َ َّ‬ ‫اإل مح َر ِاز) ‪.‬‬ ‫والثا ِني‪ِ :‬ب َمعنى اْل ِال اْلحر ِز فالسمك ِفي البح ِرغيرمتق ِو ٍم و ِإذا اص ِطيد صارمتق ِوما ِب ِ‬ ‫َ م‬ ‫َ مَ َ م‬ ‫َّ‬ ‫َ مَ‬ ‫َّ‬ ‫فاْل معنى اْل َّو ِل ُّي ُه َو َم معنى اْل ِال الش مر ِع ِي َوالثا ِني َم معن ُاه ال ُع مر ِف ُّي‪.‬‬ ‫َ م ً َ َ َمَ ََ َ‬ ‫ََ م ُ م َ‬ ‫م َ م ُ َ َ ً َ َ َّ َ م َ ُ َ َ َ ُ َ ُ ُ َ ٌ َ ُ َ م َ م َ َ ٌ َ ُ َ َ ٌ َ م ً َ َّ َ م ُ َ م م َ م ُ َ م َ م ُ‬ ‫وح كاْلخنو ِق خنقا ف ِب َما أ َّن أكل ُه َوتن ُاول ُه‬ ‫فلحم الخ ُر ِ‬ ‫وح م مثال‪ِ ،‬بما أن َأكله َ َوتناوله ممباح فه مو ِمن ه ِذ ِ ًه ال ِجه ِة مال ومتق ِوم أيضا‪ .‬أما لحم غي ِراْلذب ِ‬ ‫وف اْلذب ِ‬ ‫َح َر ٌام َو َم مم ُن ٌ‬ ‫وع َفم من َهذه الج َهة ُي َع ُّد غ مي َر ُمتقوم َوإن َع َّد ُه ال َب مع ُ‬ ‫ض َماَل‪.‬‬ ‫ِِ ِ ِ‬ ‫ِ‬ ‫ٍِ ِ‬ ‫َ‬ ‫َ‬ ‫َ‬ ‫َ‬ ‫ُ م َ م َ‬ ‫م‬ ‫َ َ‬ ‫ُ َّ‬ ‫َمَ َ َ‬ ‫َ َ َ َ َّ ُ م م َ َ م َ ُ م َ م ً َ َ م َ م َ ُ َ َ َ ً م َّ م َ َ َ ُ َ ٌ َ َ م‬ ‫اح فل مي َست ِب َم ٍال ك َما ق مد أ مسلفنا‪ .‬كذ ِل َك ال َح َي َوان ال ِذي َي ُموت َحتف أن ِف ِه َل‬ ‫كذ ِلك حبة ال ِحنط ِة و ِإن تكن وفقا ِلهذا اْلعنى متق ِومة أي أن ِاَلن ِتفاع ِبها مب‬ ‫ً‬ ‫ُي َع ُّد َماَل‪.‬‬ ‫َ َ َ َ َ ُ م َ ُ َ َّ ُ َّ َ م ُ َ م ُ ُ ٌّ م َّ َ ُّ َ َّ َ ُّ َ َ َ ُ ُ َ ً َ َ ُ َ ُّ ُ َ َ ً َ َ َ م‬ ‫َ‬ ‫م َ‬ ‫م َ َّ‬ ‫يض ُ‬ ‫اح َع َلى َج َواز م‬ ‫اس ِت مع َم ِال ك ِل َم ِة‬ ‫اإل‬ ‫فعلى هذا يفهم أن كل ش ي ٍء ف ِقد َ ِمنه كل ِمن التمو ِل والتقو ِم فال يكون ماَل وَل يعد متق ِوما وسيأ ِتي ِفي اْلاد ِة (‪ِ )363‬‬ ‫ِ‬ ‫مَ َ م‬ ‫َّ‬ ‫مَُ َ‬ ‫َ مَ َ‬ ‫(اْلتق ِو ِم) ِفي ِكال اْل معن َي مي ِن اْل معنى اْل َّو ِل َوالثا ِني‪( .‬درر الحكام شرح مجلة اْلحكام ج ‪ 1‬ص ‪ 116‬ط دارالجيل)‬ ‫‪23‬‬
15. 14 | P a g e medium of exchange and a unit of account. Māl refers to being a store of value. Taqawwum is similar to being a standard of deferred payment as it has value. To understand money further, the definition and description of money according to economists can be seen in Appendix 4. Is Centralisation Necessary for Money in Islam? Until the caliphate of Abdul Malik ibn Marwān, the Islamic government did not control the currency nor its coinage. The Islamic government did not have a ‘Royal Mint’, however, Sayyiduna ‘Umar ibn al-Khaṭṭāb raḍiyallahu ‘anhu did introduce some measures to stabilise the alloy, content and weight of silver coins. In the year 74 AH, the government of Abdul Malik ibn Marwān established a monetary system and an Islamic dirham24. Furthermore, mint houses were established which took control of the coins in circulation and improved the quality and consistency of the currencies25. In the early decades of Islam, money was thus decentralised and left to public practice. However, one may argue that money was still centralised since the Muslims used the Dinar – a Byzantine currency – and Dirham – a Persian currency. َ َ ََ َ ‫م‬ ‫م‬ َ‫م‬ َ َّ َ َ َّ ‫َ َ َّ ُ َ م‬ 184 ‫ ص‬3 ‫( مطالب أولي النهى في شرح غاية اْلنتهى ج‬. .‫(على َع مه ِد ال َح َّج ِاج) الثق ِف ِي ِفي ِخالف ِة َع مب ِد اْل ِل ِك مب ِن َم مر َوان‬ ‫اإل مسال ِم‬ ِ ‫ (وأول ضر ِب الدر ِاه ِم) ِفي‬24 )‫ط اْلكتب اإلسالمي‬ 25 Zarra-Nezhad, M. (2004), ‘A Brief History of Money in Islam and Estimating the Value of Dirham and Dinar’,Ahvaz: Shahid Chamran University
16. ‫‪15 | P a g e‬‬ ‫‪The Hanafi jurists state that Ta’āmul can establish currency just as coinage and minting from the government‬‬ ‫‪established currency26. The Hanafi jurists reasoned that anything minted and centralised would give a known‬‬ ‫‪benchmark and point of reference, thus, creating ease in the markets and facilitating transactions.‬‬ ‫‪The Shafi’ī jurists state that it is disliked for other than the government to mint coins and currency as it was the‬‬ ‫‪role of the government. Furthermore, it was a secure method to combat counterfeiting, forgery and‬‬ ‫‪corruption27.‬‬ ‫‪The Hanbali jurists are explicit in stating that it is not permissible for the Sultan to ban the currency commonly‬‬ ‫‪used by people as it will cause financial harm to the people, unless they are recompensed proportionately in the‬‬ ‫َ م ُ م َ َّ َ ُ َ َ‬ ‫م َ م َ َ َّ َّ‬ ‫َ َّ ُ م َ َ َ َ ُ م َ ُ َ َ م َ َ َ ً َّ َ م َ م َي َّ‬ ‫ص ب َّ م م َ م ُ‬ ‫الت َع ُام ُل ب م‬ ‫الث َمن َّي َة َت مخ َت ُّ‬ ‫اس ِت مع َم ِال َها‬ ‫اهرا إَل أن يج ِر‬ ‫اه ُراْلذه ِب أن ِ‬ ‫وص ِْلنه ِعند ذ ِلك َل يصرف إلى ش ي ٍء آخر ظ ِ‬ ‫‪ 26‬وجه اْلو ِل وهو ظ ِ‬ ‫الضر ِب اْلخص ِ‬ ‫ِ‬ ‫ِ‬ ‫م َ‬ ‫َ ً َ م‬ ‫َّ م َ َ ُ ُ َ َ ً َ َ م ُ ُ َ م ُ م َ‬ ‫َّ‬ ‫س اْل ِال‪(.‬مجمع اْلنهرج ‪ 1‬ص ‪ 720‬اْلعرفة)‬ ‫ث َمنا ف َين ِز ُل الت َعا ُم ُل ِب َمن ِزل ِة الضر ِب فيكون ثمنا ويصلح رأ‬ ‫َ َّ َ ُ َل َّ َ َّ َّ ُ َ َ م َ َ َّ َ َ َ َ َ َّ َ‬ ‫‪َّ َ َ 27‬‬ ‫َ ُ َّ‬ ‫مَ م ُ َ م َ‬ ‫َّ‬ ‫َّ ُ ُ م ُ م َ‬ ‫َ مَ م َ ُ‬ ‫(م من غشنا‬ ‫َّلل صلى اَّلل علي ِه وسلم قال‬ ‫ق‬ ‫اف ِع ُّي واْلصحاب َر ِح َم ُه ُم اَّلل يك َره ِل ِْلم ِام ض مرب الد َر ِاه ِم اْلغشوش ِة ِللح ِد ِ‬ ‫يث الص ِح ِيح أن رسو ا ِ‬ ‫ال الش ِ‬ ‫م ُ ُ َ ََ َ مَ م َ َ م َ َ مَ‬ ‫َ َ م َ َّ َ َ ُ م ُ َ ُّ َ ُ م ٌ م َ َ َ ُ َ م َ َ‬ ‫اْل مج َالب َو َغ مي َر َذل َك منم‬ ‫فليس ِمنا) رواه البخ ِاري ومس ِلم ِمن ِرواي ِة أ ِبي هريرة وَلن فيه افسادا للنقود واضراربذوى الحقو ِق وغالء اْلسع ِاروان ِقطاع‬ ‫ِ ِ‬ ‫ِ‬ ‫َّ ُ َ‬ ‫َم م‬ ‫َ َ َ م َ َُ َُ م َُ َم م‬ ‫مََ‬ ‫َ‬ ‫َ‬ ‫ض مر ُب ماْلَ مغ ُشوش ْلَا َذ َك مرَنا في ماإل َمام َوِ َْل َّن ِف ِيه ماف ِت َئ ًاتا َع َلى م َ َ َ َّ ُ َ م َ َ َ م َ ُّ‬ ‫اإلم ِام‬ ‫اإل َم ِام‬ ‫اس ِد قال أصحابنا ويكره ِلغي ِر‬ ‫اْلف ِ‬ ‫ِ‬ ‫ِ‬ ‫اإلم ِام وِْلنه يخفى فيغتر ِب ِه الناس ِب ِخال َِف ضر ِب م ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫م ُ َ َّ َ َ م ُ ُ م م َ م َ َ َ َ م َ ُ َ َ ُ م َ ُ َ م ً َ م م‬ ‫َّ‬ ‫َ‬ ‫َ م ُ َّ َ َ َّ َ‬ ‫َ َ مَ‬ ‫َ َ م َ َ ً َّ‬ ‫َُ‬ ‫صة ِْلن ُه ِم من شأ ِن‬ ‫الدنا ِن ِيروإن كانت خ ِال‬ ‫اإل َم ِام ضرب الدر ِاه ِم و‬ ‫قال الق ِ‬ ‫اب قال أصحابنا َويكره أيضا ِلغي ِر ِ‬ ‫اض ي أبو الط ِي ِب ِفي اْلجر ِد وغيره ِمن اْلصح َِ‬ ‫م‬ ‫َّ َ َ م َ ُ َ َ َ م َ َ َ َ َ َ َ م ُ َ‬ ‫َ م م َ ُ َ َ مَ‬ ‫َ َّ‬ ‫وش ًة ُكر َه َل ُه مإم َس ُاك َها َب مل َي مسب ُك َها َو ُي َ‬ ‫ص ِف َيها َق َ‬ ‫ال‬ ‫اض ي أ ُبو الط ِي ِب قال أصحابنا ومن ملك در ِاهم مغش‬ ‫اإل َم ِام َوِْلن ُه َل يؤمن فيه لغش و‬ ‫اإلفساد قال الق ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫مَ م ُ‬ ‫مَ‬ ‫َّ َ َ َ م َ َ م َ َ َ م ُ َ ً َ َ ُ م ُ م َ ُ َ َ م َ َّ َّ‬ ‫َ َّ َ َ م َ م َ ُ َ َ َّ‬ ‫َّ ُ َ م ُ َ َ َ َ م َ‬ ‫اب َعل مي ِه ِْلن ُه‬ ‫وش واتفق اْلصح‬ ‫اف ِع ُّي َر ِض َي اَّلل عنه على ك َراه ِة إمس ِ‬ ‫اض ي إَل إذا كانت د َر ِاهم البل ِد مغشوشة فال يك َره إمساك َها وقد نص الش ِ‬ ‫الق ِ‬ ‫اك اْلغش ِ‬ ‫ُّ َ َ م ُ ُ َ َ َّ ُ َ َ َ َ‬ ‫َ َ َ َ ُ َ َ َ َ َ م ُ م م َ َ َ َ َ َّ َ ُ َّ‬ ‫َّلل ت َعالى أ معل ُم‪( .‬اْلجموع ج ‪ 6‬ص ‪ 11-10‬ط دارالفكر)‬ ‫اف ِعي وغيره وا‬ ‫يغربه ورثته إذا مات وغي َرهم ِفي الحي ِاة كذا علله الش ِ‬ ‫َ‬ ‫مَ م ُ َ‬ ‫َّ َ ُ َ َ َ م م ُ َ َّ َ َ َّ‬ ‫َ م َ َّ َ َ م َ َّ‬ ‫َ ُ َّ‬ ‫وشة ل مل َحديث َّ‬ ‫َ مَ م َ ُ ُم ُ م َ‬ ‫س ِمنا» ) َوِْل َّن ِف ِيه‬ ‫الص ِح ِيح‪« ( :‬من غش فلي‬ ‫الث ِالثة‪ :‬قال ِفي شرح اْلهذ ِب ق‬ ‫ال الشا ِف ِع ُّي واْلصحاب‪ :‬يك َره ِل ِْلم ِام ض مرب الد َر ِاه ِم اْلغش ِ ِ ِ ِ‬ ‫َ َ َ م َ َُ َُ م َُ َم م‬ ‫َ‬ ‫َ م ُ مَ م ُ‬ ‫م َ ً ُّ ُ َ ِ م َ ً َ ي م ُ ُ ق َ َ َ َ م َ م َ َ م َ َ م َ م َ َ َ م َ َ َ َ م َ َ‬ ‫َ‬ ‫وش ِْلا‬ ‫إفسادا ِللنق ِ‬ ‫ود و ِإضرارا ِبذ ِو الحقو ِ وغالء اْلسع ِار‪ ،‬وان ِقطاع اْلجال ِب وغيرذ ِلك ِمن اْلف ِ‬ ‫اس ِد‪ ،‬قال أصحابنا‪ :‬ويكره ِلغي ِر ِ‬ ‫اإلم ِام ضرب اْلغش ِ‬ ‫َِ َ م َ ُ م َ َ َ‬ ‫َ‬ ‫َم م‬ ‫م َ ً َ َ م َ َ َ َّ ُ َ م َ َ ُ م َ‬ ‫َّ‬ ‫َ‬ ‫ُّ‬ ‫اإلم ِام‪.‬‬ ‫اإلم ِام وِْلنه يخفى فيغتر ِب ِه ِب ِخال ِف ضر ِب ِ‬ ‫ام‪ ،‬وِْلن ِف ِيه اف ِتئاتا على ِ‬ ‫ذكرناه ِفي ِ‬ ‫اإلم ِ‬ ‫م ُّ َ م م‬ ‫َ م ُ َّ َ َ َّ َ َ م َ َ م َ َ ً َ َّ ُ م َ م م َ َ َ َّ ُ َ‬ ‫َّ َ ُ َ َ م َ م َ ُ ُ م َ ُ َ م م‬ ‫م‬ ‫ُ‬ ‫ُ‬ ‫َ‬ ‫ُ‬ ‫َ‬ ‫َ‬ ‫اإلفساد‪( .‬الحاوي‬ ‫اإلم ِام وِْلنه َل يؤمن ِف ِيه ال ِغش و ِ‬ ‫اإلم ِام ضرب الدر ِاه ِم والدن ِان ِيرو ِإن كانت خ ِالصة ِْلنه ِمن شأ ِن ِ‬ ‫الر ِابعة‪ :‬قال اْلصحاب‪ :‬يكره ِلغي ِر ِ‬ ‫للفتاوى ج ‪ 1‬ص ‪ 119‬ط دارالفكر)‬
17. ‫‪16 | P a g e‬‬ ‫‪new currency without a fee28. Considering the benefit and harm for the masses, Imam al-Ṣuyūṭī (d. 911 H) also‬‬ ‫‪states that it is disliked for the government to withdraw or nullify a currency commonly used among people29.‬‬ ‫‪Al-Buhūtī (d.1051 H) says that the reason why the government should solely take control of minting is to benefit‬‬ ‫‪the people and to make it easy for them in their transactions and affairs30.‬‬ ‫‪From the above, it is evident that the jurists and economists in Islam favoured a centralised monetary system‬‬ ‫‪because of the following reasons:‬‬ ‫‪1) Trust in the currency‬‬ ‫‪2) Presence of a regulatory framework‬‬ ‫‪3) Secure system‬‬ ‫‪4) Wide acceptance‬‬ ‫‪5) Ease for the people in pricing and transacting‬‬ ‫‪ ُّ ُ ُ َ َ َ 28‬م َ َ م ُ ُّ ُ َّ َ‬ ‫مَ‬ ‫َ‬ ‫َ‬ ‫م‬ ‫م‬ ‫َ َ َّ َ َ َ َ َ َ م َ م ُ َ ُ م ُّ‬ ‫َ‬ ‫َّ‬ ‫الن ُق َ‬ ‫ود‬ ‫اس) َوض مرُب ُه غ مي َر َها ل ُه مم‪(ِ ،‬ل ُيف ِس َد َما ِعن َد ُه مم ِم من اْل مم َو ِال) ‪ ،‬ويت ِجر ِبما ضرب‪ ،‬بل يض ِرب لهم‬ ‫ود ال ِتي ِبأ مي ِدي الن‬ ‫(وَل يجوز ِللسلط ِان تحريم النق ِ‬ ‫ِ‬ ‫م َ‬ ‫م َ ِ م َ َ م َ َّ َ‬ ‫َ َ َ ُم‬ ‫ُ م َّ‬ ‫َّ‬ ‫َ‬ ‫َ‬ ‫م‬ ‫َ َ م َم م‬ ‫الناس‪َ ،‬و َأ مكل َأ مم َواله مم ب مال َباطل‪َ ،‬فإ َّن ُه َإذا َح َّر َم ماْلُ َع َام َل َة بهاَ‬ ‫ً‬ ‫ً‬ ‫اب ظل ِم‬ ‫ِب ِقيم ِتها ِمن غي ِر ِرب ٍح ِف ِيه ِللمصلح ِة العام ِة‪ ،‬ف ِإن ِفي ِ‬ ‫ِ‬ ‫ِ‬ ‫ِِ ِ ِ ِ ِ‬ ‫التجار ِة َ ِفيها ظلما ع ِظيما‪ِ َ ،‬من أبو ِ‬ ‫ِ‬ ‫م َ م َ ََ َ ُ م َ َ م ُ ُ مَ‬ ‫م َ َُ َ َم ُ َم َ م ُ‬ ‫َ َ م َ َ ً َ َ َ َ َ َ ُ م ُ ُ ً ُ م َ َ م َ َ َ َ َ م م مَ َ م‬ ‫وش‬ ‫ص أسع ِار ِهم‪ ،‬فظلمهم ِفيما يض ِربه ِب ِإغال ِء ِسع ِرها (وك ِره ضَرب نق ٍد مغش ٍ‬ ‫صارت عرضا‪ ،‬و ِإذا ضرب لهم نقودا أخرى أفسد ما كان ِبأي ِد ِيهم َ ِمنها ِبنق ِ‬ ‫ُّ م َ‬ ‫م‬ ‫َّ َّ‬ ‫َ َ ُ ُ َ ًّ َ َ َ َّ َ َ ُ َ َ‬ ‫الد َ اهم َّإَل في َدار َّ‬ ‫ال) م َ ُ م َ ُ َ َ م ُ ُ َ م ُ َّ‬ ‫اس َإذا ُرخ َ‬ ‫ض مر ٌب ل َغ مير ُّ‬ ‫الن َ‬ ‫الس مل َطان‪َ .‬ق َ‬ ‫ص‬ ‫السلط ِان) ؛ ِْلن‬ ‫الض مر ِب ِب ِإذ ِن‬ ‫و ِا ِتخاذه‪ ،‬نصا) وتقدم‪( .‬وك ِره‬ ‫ِ‬ ‫اإلمام (أحمد‪َ :‬ل يصلح ضرب ر ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ ِ‬ ‫ُ‬ ‫َ‬ ‫َ َ م ُ َ م َّ م َ م م‬ ‫َ م َ ُ م َ َ َ َ َ مَ‬ ‫الص َّناع م من َب ميت ماْلَال) ؛ ْل َّن ُه منم‬ ‫الس مل َطان‪ْ ،‬لَا فيه م من اَل مفت َئات َع َل ميه‪(َ ،‬و ُي معطي أ مج َر َة ُّ‬ ‫ُّ‬ ‫اض ي‪ :‬فقد م ِنع ِمن الضر ِب ِبغي ِرإذ ِن‬ ‫ِ ِ ِ ِ ِ ِ ِ ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ ِ ِ ِ‬ ‫ِ ِ‬ ‫ل ُهم‪ ،‬ر ِكبوا العظا ِئم‪ .‬قال الق ِ‬ ‫م‬ ‫ماْلَ َ‬ ‫ص ِال ِح ال َع َّام ِة‪ (.‬مطالب أولي النهى في شرح غاية اْلنتهى ج ‪ 3‬ص ‪ 185-184‬ط اْلكتب اإلسالمي)‬ ‫َ م َ م ُ َ َ َ َ ُ ُ َّ َ َّ َّ ُ َ‬ ‫َّ ُ‬ ‫َّ َ م ُ م‬ ‫‪ 29‬م ُ َ ُ م َ ُ م َ م َ ُ م ُ َ َ َ م َ َ َ م َ َّ‬ ‫َ َ م َ ُ‬ ‫اَّلل َعل مي ِه َو َسل َم أن تك َس َر ِسكة‬ ‫اَّلل صلى‬ ‫اس ِْلا أخ َرجه أبو داود ع ِن اب ِن مسع ٍ‬ ‫ود قال‪« ( :‬نهَى رسول ِ‬ ‫اْلولى‪ :‬يكره ِل ِْلم ِام ِإبطال اْل معامل ِة الج ِاري ِة بين الن ِ‬ ‫م ُ م َ م َ َ ُ َ م َ ُ م َّ م َ‬ ‫س» ) ‪( .‬الحاوي للفتاوى ج ‪ 1‬ص ‪ 119‬ط دارالفكر)‬ ‫اْلس ِل ِمين الج ِارية بينهم ِإَل ِمن بأ ٍ‬ ‫م‬ ‫َ َّ ُ‬ ‫ُّ م َ َ م َ م َ َ ُ م َ م َّ َ َ ُ ُ ً َ ُ ُ‬ ‫َ م َم‬ ‫ُ َ ََ م م َم ُم َ م َ م ً ََم م ََ م‬ ‫ََ‬ ‫اش ِه مم َ(وَل َيت ِج ُرذو‬ ‫‪(َ 30‬ين َب ِغي ِللسلط ِان أن يض ِرب لهم) أي‬ ‫الرعايا (فلوسا تكون ِب ِقيم ِة العد ِل ِفي معامال ِت ِهم ِمن غي ِرظل ٍم ل ُهم) تس ِهيال علي ِهم‪ ،‬وتي ِس ًيرا ِْلع ِ‬ ‫ضرَب ُه َف َي َّتج َرفيه) َْل َّن ُه َت م‬ ‫اسا َف َي م‬ ‫ضي ٌ‬ ‫الس مل َطان في مال ُف ُلوس‪ ،‬ب َأ من َي مش َتر َي ُن َح ً‬ ‫ُّ‬ ‫يق‪.‬‬ ‫ِ ِ ِ ِ‬ ‫َ ِ ِ‬ ‫ِ‬ ‫ِ ِ‬ ‫ِ‬ ‫ِ‬ ‫َ‬ ‫َ‬ ‫ُ‬ ‫َ‬ ‫َ‬ ‫َ‬ ‫ُ‬ ‫ُ‬ ‫م‬ ‫َ‬ ‫َ‬ ‫َّ‬ ‫ُ‬ ‫ُ‬ ‫َّ‬ ‫َ م َ ٌ َ م م َ م َ م ُ ُّ‬ ‫َّ‬ ‫ض َر ُب ل ُه مم غ مي َر َها) ْلن ُه م‬ ‫وس التي بأ ميديه مم َو َي م‬ ‫اس فل ً‬ ‫وسا (بق َ‬ ‫ََ م ُ َ َ َ م‬ ‫الن َح َ‬ ‫يم ِت ِه ِم من غ مي ِر ِرمب ٍح ِف ِيه‬ ‫اس‪ ،‬وخسران علي ِهم (بل يض ِرب)‬ ‫إض َر ٌار ِبالن‬ ‫ِِ‬ ‫ِ‬ ‫(وَل ِبأن يح ِرم عل مي ِهم الفل َ ِ ِ ِ‬ ‫ِ‬ ‫ِ‬ ‫مُ َ َ‬ ‫َ َّ َ‬ ‫ُ م َّ‬ ‫الص َّناع م من َب ميت ماْلَال َفإ َّن َ َ َ َ ُ م ٌ َ ٌ م َ م َ‬ ‫ل مل َم م‬ ‫الن َ َ م َ م َ م م َ‬ ‫ص َل َحة مال َع َّامة‪َ ،‬و ُي معطي ُأ مج َر َة ُّ‬ ‫اط ِل ف ِإن ُه إذا َح َّر َم اْل َع َاملة‬ ‫اب ظل ِم‬ ‫اس وأك ِل أمو ِال ِهم ِبالب ِ‬ ‫ِ ِ ِ ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ ِ‬ ‫التجارة ِفيها ظلم َع ِظيم ِمن أب َو ِ‬ ‫ِ‬ ‫مَ‬ ‫َ َ‬ ‫ُم‬ ‫َ َ َ م َ َ ً َ َ َ َ َ َ ُ م ُ ُ ً ُ م َى َ م َ َ َ َ َ‬ ‫يما َي م‬ ‫ان ع من َد ُه مم م من ماْل مم َوال ب َن مقص أ مس َعار َها َف َظ َل َم ُه مم ف َ‬ ‫ض ِرُب ُه ِب ِإغال ِء ِس مع ِر َها قلت‪َ :‬وق مد َوق َع‬ ‫ك‬ ‫ا‬ ‫م‬ ‫د‬ ‫س‬ ‫ف‬ ‫أ‬ ‫ر‬ ‫خ‬ ‫أ‬ ‫ا‬ ‫وس‬ ‫ل‬ ‫ف‬ ‫م‬ ‫ه‬ ‫ل‬ ‫ب‬ ‫ر‬ ‫ض‬ ‫ا‬ ‫إذ‬ ‫)‬ ‫و‬ ‫ا‪،‬‬ ‫ض‬ ‫ر‬ ‫ع‬ ‫ت‬ ‫ص‬ ‫ا‬ ‫ه‬ ‫ب‬ ‫ِ ار‬ ‫ِ‬ ‫ِ‬ ‫ِ‬ ‫ِ ِ ِ‬ ‫ِ‬ ‫َ َ َ َ م َم َ ُ َ َ ََ َ ََ‬ ‫َ َ ََ َ‬ ‫َّ‬ ‫ُ‬ ‫َ‬ ‫م‬ ‫م‬ ‫َ‬ ‫َّ‬ ‫ات‪ ،‬وفسدت ِب ِه أموال ك ِث ِيرين‪ ،‬وزاد علي ِهم الضرر‪( .‬كشاف القناع ج ‪ 2‬ص ‪ 232‬ط دارالكتب العلمية)‬ ‫ذ ِلك ِفي زم ِننا مر ٍ‬
18. 17 | P a g e 6) A benchmark for transactions Thus, if these characteristics are found in a decentralised system, there is nothing to prohibit such a system in Islam. These underpinning principles are the ideals for currency and money in Islam. The government and ruling authority would have been the most efficient and instrumental in achieving these ideals. It is on the back of this it seems that classical scholars favoured a centralised system. However, the reality is that the Quran and Sunnah have not defined currency, instead, they have left it to the understanding of the people and custom of the people as mentioned by Imam Ibn Taymiyyah (d.728 H). This is a common feature for those aspects of law which are fluid, dynamic and adjustable31. Considering that a centralised system is not necessary, Shaykh Abdullah al-Mani’ states: “Money is thus whatever is agreed to be such, whether by government authority or public practice32.” Thus, money can be determined by centralisation and decentralisation. If a decentralised system can provide benefits similar to that of a centralised system, a medium of exchange can become money through public practice and widespread acceptance. ‫ اْلدخل لدراسة الفقه اإلسالمي للدكتور صالح أبو الحاج‬31 ‫ الورق النقدي حقيقته تاريخه قيمته حكمه‬32
19. 18 | P a g e The Types of Money in Islamic law 1) Natural: a) Gold b) Silver 2) Customary a) Commodity money b) Fiat money Natural money, in other words gold and silver, are always money as they have the intrinsic properties for them to be used as money (Thamaniyyah). They have the natural properties and characteristics of money. Commodities only become money upon Ta’āmul or Iṣṭilāḥ. The Ta’āmul and Iṣṭilāḥ credits the commodities with the trait of Thamaniyyah. Without these, the commodity monies may serve as Thaman for a transaction but would not technically be money and currency in Islam due to the lack of Thamaniyyah. Fiat money is issued and circulated with Iṣṭilāḥ of Thamaniyyah. It is money upon inception due to government legislation. This sets the ‘Urf to consider fiat money as possessing Thamaniyyah.
20. 19 | P a g e Cryptocurrencies Cryptocurrencies are also known as virtual currencies and at times, as digital currencies. Allen & Overy define virtual currencies as: “A virtual currency is a digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account and/or a store of value, but does not have legal tender status in any jurisdiction. It is not issued or guaranteed by any government, and fulfils these functions only by agreement within the community of users of the virtual currency. It is distinct from fiat currency or “real currency”, which is the physical money that makes up a country’s legal tender, and distinct from e-money, which is a digital representation of fiat currency.”33 The European Central Bank describes virtual currencies as: Virtual currencies are defined by as a digital representation of value that is neither issued by a central bank or public authority nor necessarily attached to fiat currencies, but is used as a means of exchange and can be transferred, stored or traded electronically. In contrast to fiat currencies, virtual currencies are not legal tender but are nevertheless accepted by members within a virtual community as a medium of exchange and as a unit of account. Virtual currencies must also be distinguished from electronic money such as PayPal or Ven. In electronic money schemes the link between the electronic money and fiat currency is guaranteed through some legal foundation and funds are shown in the same unit of account (U.S. dollar, Euro, etc.). Virtual currency 33 Allen & Overy (2015), ‘Virtual Currencies Mining the possibilities’ (available at: http://www.allenovery.com/SiteCollectionDocuments/Virtual%20Currencies.pdf)