Regarding the zakah of the two currencies, since dealing has shifted to paper and currency notes; how is it assessed?
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The questioner : Regarding the zakah of the two currencies, dealing with the two currencies has ceased; that is, as long as it is not permissible to apply analogical reasoning in these matters, because dealing is with paper.
The Shaykh : Prepare yourself, the time is running late. Yes.
The questioner : The paper now, which is the dinars and the currency notes.
The Shaykh: Yes.
The questioner : So this, too, is assessed by the ratio of gold and silver?
The Shaykh : That is correct.
The questioner : So is the same ruling applied to it regarding trade goods?
The Shaykh : No, these are not trade goods, these are bonds, these are not trade goods, these are exactly like bonds; if a man wrote a bond for you for a hundred gold dinars owed to him, then the bond...
The questioner : ...previously the value of the hundred dinars was greater than a hundred gold dinars.
The Shaykh: Correct.
The questioner : Now it means nothing.
The Shaykh : Yes, this involves either politics or economics or things of the people of economics that I know about; because now the Iraqi dinar was more expensive than the Jordanian dinar, and now it has become...
The questioner: Yes.
The Shaykh : A tenth or less, perhaps.
The questioner : So in relation to gold, it means it is not permissible to apply analogical reasoning in relation to gold as long as it rises and falls; because it has not been established with gold and silver.
The Shaykh : We do not apply analogical reasoning, but rather we say these are bonds, and we have known since ancient times that every paper currency was equal to a preserved gold value in the bank.
The questioner : Yes, previously, now this has ceased to exist.
The Shaykh: All right.
Another questioner : ... .
The questioner: Yes.
The Shaykh : No problem, this has ceased to exist, what has taken its place? The question now clarifies; does this paper, which is the paper currency, have intrinsic value?
Another questioner : A conceptual value.
The questioner : It does not have intrinsic value.
The Shaykh : Okay; so then what do we consider it to be? If it does not have intrinsic value, what do we consider it to be if we do not consider it as bonds?
Another questioner : The same as the paper currency.
The questioner : ... .
The Shaykh : The same as the paper currency, yes, it is...
The questioner : Yes, the question, suppose that I lent a man, for example, a sum of a hundred dinars of gold by bond.
The Shaykh: Perfect.
The questioner : And after fifty years he demanded it from him, and he says to me: the value of the bond has dropped, this statement is not accepted from him.
The Shaykh : No, it is not accepted.
The questioner : When people bought a hundred dinars previously, for example ten years ago.
The Shaykh: Yes.
The questioner : It was equal to a hundred gold dinars.
The Shaykh: Perfect.
The questioner : Now a hundred dinars is not equal to five gold dinars.
The Shaykh: Correct.
The questioner : So it changed and shifted.
The Shaykh: Correct.
-- ... ... ... --
The Shaykh : Professor, the reality now.
The questioner: Yes.
The Shaykh : A man borrowed a hundred Iraqi dinars from a person when the Iraqi dinar was more expensive than the Jordanian dinar, then this war occurred and devastated the Iraqi dinar; so does he give him a hundred Iraqi dinars today?
Another questioner : Yes, he gives him.
The Shaykh : A hundred Iraqi dinars, does he give him a hundred dinars or does he give him what was equal to the value on the day he borrowed?
Another questioner : The principle is that he gives him what it was on the day he borrowed.
The Shaykh : Okay; so then.
The questioner : Okay; O Shaykh, now...
The Shaykh : Wait a moment.
The questioner : This issue is very thorny, this issue needs to be decided, meaning.
The Shaykh : Decide it like this; every currency that goes down and up according to the surrounding circumstances, for example, I believe that these Americans are the ones who raise the value of gold and lower it with their currency, and this is one of the matters intended to crush the peoples and subject them to general American policy, but the fact that this paper goes down and up, this first does not take it out of being without intrinsic value, but rather its value is the estimated value, as for this estimation that it differs from one time to another, this is not in the control of man; therefore, we must keep in our minds this fact that these papers have no intrinsic value, in the previous example we gave, now suppose as happened in the previous World War; the German Mark bank fell at once, so those who had borrowed millions of marks from the big merchants would deliver to the lender these millions which are simple paper having a value greater than them, no sane person who knows the justice of the wise Shari'ah says this, now if we suppose that a currency completely ceased to exist, it fell due to the fall of its state like Syria, for example, or others; so what do those who lent to people do? It is necessary to estimate the value of this paper currency at the time of registration, so that it is repaid even after years.
The questioner : It is assessed in relation to gold, or silver.
The Shaykh : In relation to gold; because silver now, too, is not a field for assessment.
Another questioner : Until a late hour.
The questioner : I mean, a little distance remains.
The Shaykh : Prepare yourself, the time is running late. Yes.
The questioner : The paper now, which is the dinars and the currency notes.
The Shaykh: Yes.
The questioner : So this, too, is assessed by the ratio of gold and silver?
The Shaykh : That is correct.
The questioner : So is the same ruling applied to it regarding trade goods?
The Shaykh : No, these are not trade goods, these are bonds, these are not trade goods, these are exactly like bonds; if a man wrote a bond for you for a hundred gold dinars owed to him, then the bond...
The questioner : ...previously the value of the hundred dinars was greater than a hundred gold dinars.
The Shaykh: Correct.
The questioner : Now it means nothing.
The Shaykh : Yes, this involves either politics or economics or things of the people of economics that I know about; because now the Iraqi dinar was more expensive than the Jordanian dinar, and now it has become...
The questioner: Yes.
The Shaykh : A tenth or less, perhaps.
The questioner : So in relation to gold, it means it is not permissible to apply analogical reasoning in relation to gold as long as it rises and falls; because it has not been established with gold and silver.
The Shaykh : We do not apply analogical reasoning, but rather we say these are bonds, and we have known since ancient times that every paper currency was equal to a preserved gold value in the bank.
The questioner : Yes, previously, now this has ceased to exist.
The Shaykh: All right.
Another questioner : ... .
The questioner: Yes.
The Shaykh : No problem, this has ceased to exist, what has taken its place? The question now clarifies; does this paper, which is the paper currency, have intrinsic value?
Another questioner : A conceptual value.
The questioner : It does not have intrinsic value.
The Shaykh : Okay; so then what do we consider it to be? If it does not have intrinsic value, what do we consider it to be if we do not consider it as bonds?
Another questioner : The same as the paper currency.
The questioner : ... .
The Shaykh : The same as the paper currency, yes, it is...
The questioner : Yes, the question, suppose that I lent a man, for example, a sum of a hundred dinars of gold by bond.
The Shaykh: Perfect.
The questioner : And after fifty years he demanded it from him, and he says to me: the value of the bond has dropped, this statement is not accepted from him.
The Shaykh : No, it is not accepted.
The questioner : When people bought a hundred dinars previously, for example ten years ago.
The Shaykh: Yes.
The questioner : It was equal to a hundred gold dinars.
The Shaykh: Perfect.
The questioner : Now a hundred dinars is not equal to five gold dinars.
The Shaykh: Correct.
The questioner : So it changed and shifted.
The Shaykh: Correct.
-- ... ... ... --
The Shaykh : Professor, the reality now.
The questioner: Yes.
The Shaykh : A man borrowed a hundred Iraqi dinars from a person when the Iraqi dinar was more expensive than the Jordanian dinar, then this war occurred and devastated the Iraqi dinar; so does he give him a hundred Iraqi dinars today?
Another questioner : Yes, he gives him.
The Shaykh : A hundred Iraqi dinars, does he give him a hundred dinars or does he give him what was equal to the value on the day he borrowed?
Another questioner : The principle is that he gives him what it was on the day he borrowed.
The Shaykh : Okay; so then.
The questioner : Okay; O Shaykh, now...
The Shaykh : Wait a moment.
The questioner : This issue is very thorny, this issue needs to be decided, meaning.
The Shaykh : Decide it like this; every currency that goes down and up according to the surrounding circumstances, for example, I believe that these Americans are the ones who raise the value of gold and lower it with their currency, and this is one of the matters intended to crush the peoples and subject them to general American policy, but the fact that this paper goes down and up, this first does not take it out of being without intrinsic value, but rather its value is the estimated value, as for this estimation that it differs from one time to another, this is not in the control of man; therefore, we must keep in our minds this fact that these papers have no intrinsic value, in the previous example we gave, now suppose as happened in the previous World War; the German Mark bank fell at once, so those who had borrowed millions of marks from the big merchants would deliver to the lender these millions which are simple paper having a value greater than them, no sane person who knows the justice of the wise Shari'ah says this, now if we suppose that a currency completely ceased to exist, it fell due to the fall of its state like Syria, for example, or others; so what do those who lent to people do? It is necessary to estimate the value of this paper currency at the time of registration, so that it is repaid even after years.
The questioner : It is assessed in relation to gold, or silver.
The Shaykh : In relation to gold; because silver now, too, is not a field for assessment.
Another questioner : Until a late hour.
The questioner : I mean, a little distance remains.
Source
www.al-albany.com
The Arabic text is copied verbatim from the original source, without any edits.