Paper money

Question ID: 29466
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Is paper money haraam? I understand we are in a position where it would be difficult not to use it, however no-one can say it is impossible, especially when all sustenance comes from Allah. I understand that riba is condemned in the Quraan, even the taking of it and I understand the concept of money and it being monopolised in the hands of people who control resources(diamond, gold, oil..etc) and I understand paper money is a loan with interest added once spent; meaning the the value is ambivalent and due to inflation and the fluctuation of the value of money, the value of these notes are constantly changing. I worry that when we feel their is no other choice, we are not depending on Allah as much as we should and can and we are committing a grave sin. please enlighten me with your wisdom on this subject…Jazak’Allah

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Asked on March 14, 2014 12:06 am
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It is permissible to use 'paper money'. Although most of them have lost their real value for lack of collateral such as gold. We are living in a world with false currencies, false bonds, false banking system, etc.
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Answered on March 14, 2014 12:06 am