From Gold to Paper - Yousef Wahb (@YousefWahb)
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Drawing from the Shāfiʿī school’s doctrine: “Ribā does not apply to representative currencies,” my latest article with the UCLA Journal of Islamic and Near Eastern Law, “From Gold to Paper,” examines the contentious debate over the applicability of ribā laws to modern fiat money.
Oct 29, 2024 · 5:50 PM UTC
It analyzes the definition of ribā, the rationale for its prohibition, currency criteria, and the legal history of non-gold-and-silver currency laws in Shāfiʿī jurisprudence. It assesses modern fatwas permitting certain interest-based transactions based on the Shāfiʿī doctrine.