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. 42 (4/5) The Changing Value of Currency
The Council of the International Islamic Fiqh Academy of the Organization of the Islamic Conference, holding its 5th session in Kuwait City, State of Kuwait, on 1–6 Jumādā al-Ūlā 1409h (10–15 December 1988),
Having examined the research papers of the Academy’s members and experts concerning The Changing Value of Currency (Rates Fluctuation),
Having listened to the discussions on the subject,
Having recalled the Academy resolution no. 21 (9/3) which agreed that banknotes, such as legal currencies, possess all characteristics of valuables, and are therefore subject to the rulings of Shariah relating to gold and silver, with regard to Ribā, Zakāh, Salam, and all their transactions,
Resolves
The norm in the settlement of debt incurred in a specific currency is that it should be settled in the same (currency), rather than in value terms, for debts must be settled in an identical resource, and fixed debts, whatever their origin, are not permissible to be tied to the level of prices.
Indeed, Allāh is All-Knowing.
Read Also
Lastest
Secretary‑General of the Academy Visits the Consulate General of the Hashemite Kingdom of Jordan His Excellency Professor Dr. Qutb Mustafa Sano, Secretary‑General of the Academy, paid an official visit on 29 Sha‘ban 1447 AH, corresponding to 17 February 2026, to the Consulate General of the Hashemite Kingdom of Jordan in Jeddah. His Excellency and his accompanying delegation were received by His Excellency Ambassador Mohammed Salah Sobhi Hameed, Consul General and Permanent Representative of Jordan to the Organization of Islamic Cooperation, who welcomed him warmly and expressed his pleasure at the visit. He praised the distinguished intellectual efforts undertaken by the Academy under His Excellency’s leadership in addressing numerous religious and intellectual issues of concern to the Islamic world, affirming his personal honor in meeting His Excellency again and Jordan’s keenness to strengthen channels of communication and cooperation with the Academy, especially in areas of mutual interest. For his part, His Excellency expressed his deep gratitude and great appreciation to the Ambassador for the warm reception and generous hospitality. He commended the tremendous support, gracious care, and continuous attention the Academy has received from the leadership and people of Jordan since its establishment. He also conveyed his sincere appreciation for the Ambassador’s recent visit to the Academy, affirming the Academy’s full readiness to do everything that would enhance partnership, cooperation, coordination, and communication between the Academy and Jordanian religious and academic institutions. His Excellency was accompanied by Mr. Mohammed Al‑Mundhir Rida Al‑Shawk, Director of the Office and Protocol; Mr. Mohammed Waleed Al‑Idrisi, Director of Media and Public Relations; Ms. Sarah Amjad Badawi, Director of the Department of Family, Women, Children, and the Elderly; and Mr. Amjad Ibrahim Al‑Mansi, Head of the Protocol Section.
