In the Hadiths of the Prophet, there are many Hadiths which govern the rules regarding the exchange of currencies. The best known Hadith is the one reported on the authority of Ubadah Ibn Al-Samit (may Allah be pleased with him) said: "Gold for gold, silver for silver – until he said - equal for equal, like for like, hand to hand, if the kinds of assets differ, you may sell them as you wish provided it is hand to hand.” The other Hadith, reported on the authority of Abu Sa’id Al-Khudri, is that the Prophet (peace be upon him) said:“Do not sell gold for gold except equal for equal and do not sell what is deferred for a spot exchange.” These two Hadiths show clearly enough that gold is of one kind and the silver is of another. A few decisions have been issued by Islamic Fiqh organizations in accordance with the Shari’ah ruling that has been already accepted amongst the jurists, namely that dinars are of a different kind from dirhams. Contemporary Islamic Fiqh scholars have made an analogy between paper and coin money and gold and silver money referred to in the prophetic Hadith.

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