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Paper currency has remained controversial since its advent, until the majority of the modern scholars agreed that paper currency is just like gold and silver, and all the rules and provisions regarding the/of homogeneous and heterogeneous exchange of gold and silver are applicable to paper currency. This viewpoint is widely adopted by prominent modern-day international academies of Islamic Jurisprudence and the same has been preferred by the majority of contemporary scholars in their books, dissertations and scholarly articles. On the contrary, there is a different opinion of majority of the scholars in Indian sub-continent. The reason behind this was that the viewpoint of Ḥanafi school of thought about legal effective cause (᾽illat) of Ribā i. e. weight is not found in paper currency, so the rules of Ṣarf (Exchange of gold and silver) are inapplicable. So, they opined that paper currency is like Fulūs (metal coins) . Furthermore, to stop all the possible ways resulting to/in Ribā according to this opinion, they preferred the viewpoint of Imam Muhammad (R. A) regarding the metal coins and set some precautionary measures. However, the said standpoint has not been deliberated and contested in the contemporary jurisprudential research work as it deserved. This research aims to evaluate this viewpoint in detail, clarifying its roots and evidences while revealing its implications and comparing it with the view adopted by the majority of the contemporary scholars.
نعام الله, اسد الله . (2019) موقف إلحاق الورق النقدي بالفلوس: دراسة فقهية نقدية, Bannu University Research Journal in Islamic Studies, Volume 6, Issue 1.
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