In the Name of Allāh,

the Entirely Merciful, the Especially Merciful

Praise is due to Allāh, Lord of the worlds, may the blessings and peace be upon our master Muḥammad, the last of prophets, on his family, and all his companions.

Resolution No. 21 (9/3) Shariah Rulings on Paper Money and the Changing Value of Currency

The Council of the International Islamic Fiqh Academy of the Organization of the Islamic Conference, holding its 3rd session in Amman, Hashemite Kingdom of Jordan, on 8–13 Ṣafar 1407h (11–16 October 1986),

Having examined the studies submitted concerning Shariah Rulings on Paper Money and the Changing Value of Currency (Rates Fluctuation),

Resolves

First: Shariah Rulings on Paper Currencies

Paper currencies are considered a legal form of money, possessing all the char- acteristics of value, and are subject to the rulings prescribed by Shariah for gold and silver with regard to ribā (usury), Zakāh, salam, and all other transactions.

Second: Changing Value of Currency

Issuance of a resolution on this issue is deferred until comprehensive studies are made on all the related aspects, for consideration at the fourth session of the Academy.4

Indeed, Allāh is the Giver of success.