آراء علماء شبه القارة الهندية حول الورق النقدي في القرن الماضي: دراسة تحليلية نقدية
Jurists Opinions of the Indian Subcontinent on Paper Money in the Twentieth-Century: An Analytical Study
Abstract
This article discusses the views and arguments of the jurists of the Indian subcontinent regarding paper money. In the beginning, the validity of paper money was a contested debate among the jurists of in the Indian subcontinent as majority of them viewed that it was nothing but a receipt of gold or silver. Thus, they applied the sharī‘ah rulings of hawalah (assignment of debt) to paper money. The underlying reason of this opinion was the nature of paper money. In the past, gold and silver were behind it. Therefore, the jurists considered it a receipt of debt. With the passage of time, however, its status changed and it started to be treated as a real, legal money. Consequently, the juristic opinion also changed, as elaborated in the article. The study shows how juristic opinion (fatwā) changes over the time due to socio-economic realities.
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