Should Muslims have a common Currency?

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Should Muslims have a common Currency?

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Migel9
Member

Comments please suggestions ideas..the usual stuff.

Posted 2 years ago on 21 Aug 2009 0:29 #
AsifK
Members

First have currency on the basis of religion. ( Muslim Currency)

Then sectarion Currency.

sunni Currency
Shia Currency
Braveli Currency
---
----

Xyz Currency

Posted 2 years ago on 21 Aug 2009 0:31 #
Migel9
Member

That was not the question. Should islamic countries adopt a common currency.Stop fitna..Think before you write.

We have the american jewish dollar?/That does not bother you right ASSIIFFF.European/ pound??..

Posted 2 years ago on 21 Aug 2009 0:35 #
shahzad1924
member

please ignore my friend Asif. he is a bit "random" when it comes to posting comments.

anyway, the topic you have started is an interesting one. in my opinion, yes the Muslims should have a common currency. and that currency should be fully backed by Gold and Silver according to the rules laid down by the shariah. i can guarantee you that if anyone announces a currency backed by Gold and Silver today, the next morning the American dollar and Euro would be history.

Posted 2 years ago on 21 Aug 2009 0:47 #
AsifK
Members

Migel9 & Shahzad

Eik doosraey kaay peechey namaz tu phahrtey nahi aur bataain kartaay haain eik currency kii.

Posted 2 years ago on 21 Aug 2009 1:02 #
shahzad1924
member

yeh to mujhay nahi pata lekin koi bhi discussion agar Islam pay ho to aap nay zaroor usay kharab karnay ka theka liya hua hai.

Posted 2 years ago on 21 Aug 2009 1:07 #
zia m
Member

We have a better chance of having a common currency with Southeast Asian countries.
Can you imagine suggesting it to Saudis or Gulf states.They will simply LAUGH at you.

Posted 2 years ago on 21 Aug 2009 1:14 #
NNL
member

Agar AsifK Sahib ki tabiyat ke khilaf ho maslay ka hal tou ye forun thekedari ki baat karte hain.

Lol

Waisay you remind of Noorani Mullay

Posted 2 years ago on 21 Aug 2009 1:14 #
shahzad1924
member

zia m, ofcourse i was not talking about that happening in the current scenario. as long as these puppet rulers remain on our necks, this is just a dream. this can only be expected from a sincere leadership that rules with Islam.

Posted 2 years ago on 21 Aug 2009 1:18 #
AsifK
Members

shahzad1924

What a currency has to do wtih Islam ? Where its written in quran or sunnah ?

Even in your ideal world of "Khilaft" nothing like this existed.

Posted 2 years ago on 21 Aug 2009 1:20 #
shahzad1924
member

why are you asking me?

go find out yourself

Posted 2 years ago on 21 Aug 2009 1:23 #
AsifK
Members

shahzad1924

I know it is not there .

I m asking u if u have any proof to contradict it ?

Posted 2 years ago on 21 Aug 2009 1:24 #
shahzad1924
member

if you are the know-it-all then why are you asking?

Posted 2 years ago on 21 Aug 2009 1:26 #
zia m
Member

Ofcourse,we can all be Sheikh Chilli. :)

Posted 2 years ago on 21 Aug 2009 1:27 #
NNL
member

Shahzad remember that Philosophical/theological circular argument you had with Mulla NAfs

doesnt Asif remind you of him.

Posted 2 years ago on 21 Aug 2009 1:28 #
AsifK
Members

shahzad1924

I m challenging u to come up with a proof to contradict ?

Since u don't have one , u will run away like always.

NNL
My friend , come up with argument.

Did Prophet PBUH issued currency ? Is it mentioned in Quran ?

Then what currency has to do with islam ?

Posted 2 years ago on 21 Aug 2009 1:33 #
NNL
member

Asifk My Brother in Islam (hopefully)

Currency as argument in its validity in Sunnah and Quran.

Hmm would you consider the use of Loudspeaker then haram as it wasnt at the time of Rasool Allah Sallaho Alahi Wasallam and is also not mentioned in the Quran.

Would you let go of the use of Loudspeaker used to given Adaans and its use during prayers ?

Posted 2 years ago on 21 Aug 2009 1:37 #
chechen
Member

Interesting article about currency.

Is the Franklin morphing into the Washington?!

For those readers outside of the US who have no clue what the title of this post is talking about: Benjamin Franklin is the US statesman who is featured on the face of the $100 bill and George Washington is on the $1 bill.

Even though I am not an economist there is an issue on this topic that I would like to share with my brothers and sisters. Gold has been recognized as currency for thousands of years. FIAT money (Paper money) is a new invention and is only worth the political and economical strength of its issuers and the trust the world has in this political and economical strength. That is obviously the case with nations that issue paper money without gold backing such as the US.

Because the US economy is the powerhouse of the world and is the greatest economy on the face of the planet its currency enjoys the trust of the world. It has become the most recognized and it is the world’s foremost reserve currency. Today rather than commodities being valued in gold or silver they are valued in dollars. Oil for example is priced in dollars. In fact gold itself is priced in dollars.

The Messenger of Allah says: Allah has destined that whatever goes up must come down. Therefore if the US falls politically or economically the dollar falls with it.

Today America is the home of an interesting assortment of sins that are handpicked from all over the nations that existed before us: the obstinacy of the people of Nuh; the arrogance of the people of Aad; the rejection of Allah’s signs by the people of Thamud; the sodomy of the people of Lut; the financial deviance of the people of Shuayb as America is the biggest dealer and promoter of the interest based economy; the oppression of Abu Jahl et al; the greed, deception, love of the temporal life, and the bogusness of the children of Israel; along with the arrogance of the Pharaoh who had the misled notion that just because he is the leader of the most powerful nation on earth and is at the top the greatest army of his time he can somehow defeat the servants of Allah.

Brothers and Sisters this leads to the belief that the punishment of Allah is hovering over America. When? And how? Allah knows best.

So if you are one of those unfortunate folks who turned out to be living in the wrong place at the wrong time then it is advisable for you to leave. That is obviously if you take heed. Many don’t and are still living the utopia of the American dream. I am not talking about Mo and Mike who are still shaking to the tunes of MTV with their coke and big mac and are only Muslim by name, but I am talking about the practicing Muslims who sadly enough still think that the America of George W is the Abyssinia of the Negus.
Hijra for the sake of Allah will continue until the day of Judgment. If you leave with the intention of forsaking the people of sin and protecting your family from evil you would be rewarded abundantly. But not everyone has the capacity to make hijra just like there were some Muslims who could not make hijra from Makkah at the time of Rasulullah. So for those who cannot they should pray to Allah to make a way out for them and protect them from the people of transgression.

If you are a person whom Allah has bestowed wealth upon then you should avoid owning property in the US and you should diversify out of the dollar into gold and silver. Gold and silver have retained there value over history and there is no reason to think that they would not do the same in the future.

Posted 2 years ago on 21 Aug 2009 1:50 #
AsifK
Members

NNL

Its not me or people of my school of thought who consider/considered loud speaker "HARAM". I believe u know who gave "FATWAS" against loud speakers.

Bahi, Let me put it like this , Did prophet PBUH issued any currency ? or changed the existing system ? Did he leave any instructions ? In my oponion nooo.

So , then it becomes entirely a non-religious issue so what authoity we have to do any addition to ISLAM ?

Posted 2 years ago on 21 Aug 2009 2:02 #
NNL
member

Arey bahi on the same context i m asking you since say Currency wasnt used or foretold in Sunnah and Quran therefore its rather futile to discuss it but to use it its ok ? right ?

So what about a lot of others things which arent mentioned in the Sunnah but are used today would you avoid all of them ?

Posted 2 years ago on 21 Aug 2009 2:05 #
Dervaish
Member

What "Muslims" need most at this point in time is NOT a "common currency" but a COMMON DECENCY!

Posted 2 years ago on 21 Aug 2009 2:06 #
shahzad1924
member

this is not to answer AsifK (as if i care what he thinks), but this is for the benefit of all members of the forum.

Tawus narrated from Ibn ‘Umar who said: The Messenger of
Allah (SWT) said: "The weight is the weight of the people of Makka, and the measure is the measure of the people of Madinah."

Al-Baladhri narrated from Abdullah bin Th’alaba bin Sa’eer who said: "Heraclian Dinars came to the people of Makkah in Jahiliyyah as came Dirhams of al-Furs al- Bughliyya (Persians), and when they traded with them they considered them only as ore. The Mithqal had a well-known weight for them, a weight of 22 carats less a fraction. Ten Dirhams weighed seven Mithqal and the pound was 12 ounces with each ounce being 40 Dirhams. The Messenger of Allah (SWT) consented to this, as did Abu Bakr, ‘Umar, Uthman and Ali."

these are two ahadith that i have copied from the Nuqud (Currency) chapter of "Al-Amwal fi Dowlat Al- Khilafah" (Funds in the Khilafah State). if anyone wants to read more details, drop me an email at shahzad1924 at gmail.com and i will send the whole book.

Posted 2 years ago on 21 Aug 2009 2:07 #
NNL
member

I think the OP was hinting or suggesting something like what the EU have done but you took it in an entirely different context and made it into a haram/halal debate.

Posted 2 years ago on 21 Aug 2009 2:07 #
AsifK
Members

shahzad1924 Bahi

U couldn't find any references from famous hadith books but
your home book ""Al-Amwal fi Dowlat Al- Khilafah". God Bless U.

NNL

My Dear Frined its not matter of haram or halat. When something is related to religon , it necessiates to be seen in religious perspective. If we speak of South Asian Single currency , then obviously that won't be discussed with religous perspetive. The opening sentence ties the currency to religion thats why we have to take a religous view towards that.

In my humble oponion, currency has nothing to do with religon .

Posted 2 years ago on 21 Aug 2009 2:22 #
NNL
member

Hang on a min.

You said that the opening sentence suggested Currency being tied to religion

How ? and where

cos all i see is the topic and it says Should Muslims have a single currency. So how is this a religious topic ?

Posted 2 years ago on 21 Aug 2009 2:32 #
shahzad1924
member

"U couldn't find any references from famous hadith books but
your home book ""Al-Amwal fi Dowlat Al- Khilafah". God Bless U."

Posted 2 years ago on 21 Aug 2009 2:33 #
AsifK
Members

NNL
" Should Muslims have a single "

In my humble oponion , using the word "Muslim" is an effort to tie to religion.

Posted 2 years ago on 21 Aug 2009 2:54 #
NNL
member

Uff Meray Khudaya Agar app apne app ko Muslim nahin kehte hain tou kia kehte hain......

EU kia hai European Union.

OIC bhi ek hi currency adopt kar le tou kia woh sahih nahin

Yaar Asifk Behes barey Behes karni hai tou karte rahiye. Allah app per Apna Rahem farmaye.

Posted 2 years ago on 21 Aug 2009 3:49 #
chechen
Member

http://en.wikipedia.org/wiki/Islamic_gold_dinar

http://www.appropriate-economics.org/materials/dinar.html

Muslims world-wide are being encouraged to convert their paper currencies into a new one hundred percent gold Islamic Dinar. In an internet article about the new coin, Jay Taylor writes: "Pakistan, a Muslim country, recently exploded an atomic bomb. Frightening as the atomic bomb is, another kind of bomb, namely the Islamic Dinar could pose an even greater threat to our existing financial system. Almost nobody has yet caught on to this very recent development.

Taylor reports that the Islamic Dinar is now being privately used in more than 22 countries and is currently being minted in four countries, including South Africa. The State Government of Kelanton, the Northeast Sultanate of Malaysia has officially adopted the Islamic Dinar, so the new gold coin can be expected to circulate "through the hands of hundreds of thousands of people there."

Posted 2 years ago on 21 Aug 2009 3:58 #
AsifK
Members

NNL
European union is a regional agreement . They don't call their currency 'Christian Currency'.

U speak of SAsian Currency , i won't call that anything tied to religion.

Posted 2 years ago on 21 Aug 2009 6:07 #
shahzad1924
member

Insha Allah, the day is not far when the Islamic khilafah will announce the currency backed by Gold and Silver. this will be a final blow to the capitalist economic system that is already near its death.

Posted 2 years ago on 21 Aug 2009 6:12 #
Beenai
Moderator

for combine currency the countries should have :
1.common goals
2.common or some how similar economic conditions
3.common modes of payments

do all Muslim countries has this ?

Posted 2 years ago on 21 Aug 2009 6:16 #
shahzad1924
member

thanks :)

BTW, you should have left the comment for a while so that he could have read it.

anyway.....khair!

Posted 2 years ago on 21 Aug 2009 9:32 #
LetsDoIt
Member

Before uniting with each other, first at least they should start all the oil trade in some other currency. They are still using US dollar.

Only an expert on economics could shed some more light but in my opinion as some of the muslim countries are extremely rich and some are extremely poor so all of them having one currency is something which seems very difficult.

As a first step countries in GULF could economically unite and could have one currency and they should start all the oil trade in that currency.

Posted 2 years ago on 21 Aug 2009 10:03 #
amin1924
member

Good point, only changing currency of petroleum trade & foreign exchange reserves can bring down the whole american financial system.

United currency is more of a political issue, practically viable but dependent on political will of rulers.

Posted 2 years ago on 21 Aug 2009 10:08 #
NNL
member

why were my posts deleted from this thread ?

Posted 2 years ago on 21 Aug 2009 10:12 #
netengr
blocked

this is the bogus idea can never be implemented ,People will naturaly be divided based on territorial and linguistic basis and would run their economy based on common interest .

one currency one currency of muslims is not practical and this concept was given by some scholars who were impressed by capitalism and socialism ,they bring the new concept of islamic socialism ,
all prophets and rasool Allah SAW never asked muslim to make one country and one economy ,they were called "ummah " which was based on faith ,the goal of prophets is to show people how to be close to Allah and how to get his Maarifat and the actual life is after this world .

Posted 2 years ago on 21 Aug 2009 11:15 #
LetsDoIt
Member

But Prophet PBUH also never said that we should divide ourselves into different boundaries. There are some decisions which we could take our self too.

If EU could get united why not ARAB countries, their boundaries are together, they speak one language unlike EU and they are the same race. They have more things common than the countries in EU.

Posted 2 years ago on 21 Aug 2009 11:21 #
amin1924
member

Only resorting to gold/silver standards or currencies backed by gold/silver (like USA dollar used to be until 1970s) can solve many problems.

American dollar is number one foreign reserve currency. China alone has reserves of 2 trillion US dollars. This is because initially America was following gold based currency, but they gradually reduced gold backing and at end just disconnected.

Now US dollar is based on only American might and global influence, no material backing.

Why can't Muslims resort to what they were doing for about 1400 years? Agreed people are divided in different places/regions but what does that have to do with currency backing?

Posted 2 years ago on 21 Aug 2009 11:25 #
netengr
blocked

LetsDoIt
Member

But Prophet PBUH also never said that we should divide ourselves into different boundaries. There are some decisions which we could take our self too.

-----------------------------------

But Prophet PBUH also never said that we should live in one country too .

This is some thing repleted to people's common interests ,Again this debate could become religious and can be deleted .but Sahaba were sent to Habsha where they could do their religious activities freely .no one was told to me new country for muslims that time

Posted 2 years ago on 21 Aug 2009 11:26 #
shikra
Blocked

The best posting by Mr.Asifk:

"Eik doosraey kaay peechey namaz tu phahrtey nahi aur bataain kartaay haain eik currency kii."

Posted 2 years ago on 21 Aug 2009 11:26 #
amin1924
member

shikra,

Going a bit off the topic but what does "chandah war" has to do with international politics? After british colonialists destroyed Aukaf system, these elite institutes became like 'ghettos'. They had to depend on people donations and to get donations they used emotional inflaming to keep their 'subscribers' to same mosque. So let us not generalize "chanda war" into sect/firqa... islam/kufr. They all have more than 95% common understanding.

Posted 2 years ago on 21 Aug 2009 11:31 #
msohail83
Member

"Eik doosraey kaay peechey namaz tu phahrtey nahi aur bataain kartaay haain eik currency kii."

A loser mentality will stay bogged down in negative aspects of everything while an optimist aspires for prosperity.

Posted 2 years ago on 21 Aug 2009 11:33 #
talalkhan
Member

Pakistanis think of common currencies and so on.But Muslims of other countries,especially Arabs care a fig for such things.Open the eyes and see the realities.

Posted 2 years ago on 21 Aug 2009 14:41 #
chechen
Member

Talal, You need to open your eys. It is not Pakistan, the Islamic common currency is already effective in Malaysia. I already posted the link earlier. Arabs too will have it after the tyrants are overthrown. Oil is pegged to dollar and Saudis under US pressure monopolize the oil price. But it will change.

Posted 2 years ago on 21 Aug 2009 14:45 #
amin1924
member

Talal Khan,

I see you are generalizing Arabs, all arab's aren't rich. Only some arab countries are rich due to oil, but that natural resource is in control of tyrant royal families who don't give a dime to their population. Arabs are as much oppressed as Pakistani under foreign imposed puppets, if not less.

Posted 2 years ago on 21 Aug 2009 14:49 #
semirza
Moderator

Nice thread. Muslims states having different economic markers and affiliations may not be ready yet for this.

Posted 2 years ago on 21 Aug 2009 14:54 #
Migel9
Member

Time to get ready.Unity will help muslims ESCAPE the western yoke of dominance on paper currency.

Chechen for you..Mayer Rothschild's Famous Statement of World Manipulation

" Let me issue and control a nation's money, and I care not whowrites its laws."

Meyer Rothschild International Banker RothschildsGain Control of British Finance Via War Loans

"When the conflict with France ended the House of Rothschild was in control of British fiance and was the official banker of the British Government. This odd financial octopus was acknowledged to be in some respects the greatest power on the earth and was acknowledged by some writers as the "Sixth Great Power of Europe" (page 68 The Empire of "The City" , 1946 E. C. Knuth
We need a common currecy period.Little history of evil for my fellow pakistanis.

Posted 2 years ago on 21 Aug 2009 16:32 #
sasherwani
Members

hehe.. commom "muslim" currency.. Currency unification is to remove tarrif and trade barriers (across neighboring countries).. thats why the entire GCC has pegged its currency with the dollar (except for Kuwait) so there can be longer credit facilities without worries of currency fluctuations. Thats why the EU has a common currency so they could have cross-border tranx with less complicated VAT and taxation trends.

Atleast STUDY the causes/reasons of currency unifications before making such "weird" suggestions.

Posted 2 years ago on 21 Aug 2009 18:29 #
sasherwani
Members

I dont understand why ppl like you start calling names and abusing family as soon as someone disagrees with you.

anyway, i didnt ask u to google some quotes of some famous ppl. Anyone can do that. Ppl would find it convincing if you actually prove "my" reasoning wrong.

Posted 2 years ago on 21 Aug 2009 19:38 #