Fiat Standard And Fractional Reserve Banking Amd Home Loans
Your question was overlooked because once you replied to it yourself, it was marked as “answered,” and therefore no longer appeared in our active queue. It seems that you are seeking some form of divine approval to validate a particular type of money. However, determining what should be considered “money” is not a religious matter. Anything that people mutually agree to use as a medium of exchange becomes money. In the barter system, goods were exchanged directly; later, people chose silver and gold as money, and today other forms serve the same purpose. There is no such thing as inherently “real” money—what truly matters is collective trust and agreement. Manipulation is always possible. To prevent manipulation, laws should be made.
To add to this. Ghamidi sb response: “its for convenience” is wrong here because I am not saying remove paper money but that paper money should be backed by real asset like gold. Because of there is no backing of the paper money then there is no limit on the supply of money. Second, ghamidi sb response: “you can still buy with gold, aawam se haq nai chheenaa” is not accurate. Aawam se haq chheena he. If i want to open a bank of gold based currency, i can’t Because all governments prohibits the legal use of gold as currency. That is simply against the free market economy. That is not just against islamic principal, open up any classical economic text book and they will tell you how this is against the freedom of choice for people. If I cant open a bank with gold currency or crypto currency, and i am obliged to follow the paper money imposed by govt, then you have to show from Divine guidance Quran and sunnah that, its the right given to government that 1..it can impose Monetarily standard and prohibit other metal/crypto as legal use. 2… it can create money out of nothing Read world war and economic history books and you will know how the private players started to play with momey supply and creating out of nothing to fool the people and fund their wars. Read fractional reserves history and you will know this. I am very passionate on this topic and very sure on mu position and that ghamidi sb and al mawrid team had not looked up on this matter in detail. I want to discuss this with 1-1 either live with any scholar or please give me an email or something so I can contact them directly(email of any of this hassan, sehzad saleem and ammar khan niazi sb would be greaat
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