Resolutions-of-Islamic-Fiqh-Council-1

Nassa) is also applicable in it, as they are applicable in goldand silver, where the price-value plays an important role as itplays in the currency note. This way the currency noteacquires the position of money in all commitments approvedby the Islamic Shari’ah.2. The currency note is self-sufficient money, and its moneyvalue is similar to that of gold and silver. The currency notehas different types, which vary as per the agencies which issuethem in the different countries. In other words, the Saudicurrency note is one kind and the US currency note is anotherkind. Likewise, every currency note is a separate kind whereasthe usury with its both kinds (Fadhl and Nassa) is applicableas it is applicable in gold, silver and other kinds of money.All above considerations call for the following:A: It is not lawful to sell the paper money for each other or forother kinds of cash money such as gold and silver. Hence, itis not lawful for example to sell a Saudi Riyal in exchange ofany other currency in debt and with increase and decrease.B: It is not lawful to sell one kind of the currency note betweeneach other in increase or decrease whether it is in debt or cashsale, such as selling the notes of 10 Saudi Riyal for notes of11 Saudi Riyal whether in cash or credit.C: It is lawful to sell one kind of the currency note for anotherkind if it is in cash. For example, it is lawful to sell the Syrianor Lebanese Lira for Saudi Riyal or to sell one US Dollar forthree Saudi Riyals if it is in cash, because this sale would beconsidered as a sale of one kind for different kind.3. Zakah is obligatory in the currency notes when they reach theleast of any Nisab of either gold or silver, or they make up the138