A legal status of paper currency in view of Muslim Scholars in the Sub-Continent
This study was conducted to determine the relevant fatwas of different clerics of different school of thoughts regarding paper currency and further to discuss the pros and cons and explanations regarding it, given by Muslim scholars, in the Sub-Continent. The paper currency is a new concept whose existence and something similar to it did not exist in the era of “Quroon-e-Uoola” (قرونِ اولی) i.e. early days of Islam. Therefore its status is neither mentioned in Quraan nor in Sunna nor discussed in the lives of “Aaima-e-Mujtah-e-deen” implying four ‘fiqhi’ Imam i.e. Imam Abu Hanifa, Imam Shafai, Imam Malik and Imam Hanbal (R.A). Islam is the most comprehensive religion owing to its inclusive teachings that has the capacity and depth to be a shining light for human being in every areas of life through its guidance. The Imams meanwhile have prescribed such principles and rules in accordance with the teaching of Quraan and Sunnah which provides us with resolution of our problems and disputes for good. Therefore, the same guidance (Quran, Sunna and fiqhi rulings) aids us in shedding light on the issue of paper currency after undertaking an analysis at length. The results would be different since different people have different opinions, causing a debate among various scholars, while making it debatable. Our scholars just as well have different point of views about the status of paper currency in light of Islamic jurisprudence since each of them has developed their opinions according to their research carried out by them respectively.