وجهة نظر في تغير قيمة النقود

Abstract EN

As a matter of principle, financial obligations should be settled on a parity basis (in terms of the money units in which they were done).

But the change in the value of paper currency makes numerical parity deviate from financial parity.

A number of solutions are examined for this problem a the best one being to have a money whose value is fixed.

Till such time as this is made possible, we prefer trying to compensate for the effect of change in money on financial obligations.

As a matter of fact changes in the purchasing power of money affect loans very much so that a recourse to value (rather than number of money units) becomes necessary.

This view draws support from the views of the Hanafis, later day Hanbalis and some Malikis.

These call for change in value in case of copper coins (floos) so the same must apply to paper currency.

This is our choice since it is a precondition for fair transaction and its absence will lead to injustice.

Also, without it transactions involving the future would not be possible.

Their cost would rise.

And good loans (i.e.

loans without interest) will dry up.

The mechanism of doing so is indexing the loans, despite the accounting difficulties involved.

However, settlement should be made in a currency different from the one on which the contract was based, to avoid suspicion of riba.