Sheikh Sajid Umar

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Archives for February 2023

 إِنَّا ِلِلَّٰهِ وَإِنَّا إِلَيْهِ رَاجِعُونَ

February 27, 2023 by Sajid Umar Leave a Comment

We belong to Allah and to him we will return.

Subhanallah, my Father’s brother has returned to Allah.

I was fortunate to visit him moments before his departure to the Hereafter.

As I stood at his bedside, I noticed that the work of the Angel of death had begun as he looked strangely towards different places in the room, which were perfectly normal to us. He’s crossing of the divide was in full motion, his full departure imminent, and the world of the unseen became ultimately seen to him, in stages, as we are taught in the hadeeths of Baraa’ bin ‘Aazib and Abdullah bin Abbaas (May Allah be pleased with them both).

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How does the Shariah Identify Money?

February 2, 2023 by Sajid Umar Leave a Comment

Coin - Dinar, Caliph Hisham, Umayyad Caliphate, 110 AH (728-729 AD)

The following is an an extract from a transcript of an interview completed in September 2021 with Sh. Dr. Sajid Umar by the Islamic Finance Advisory on Crypto-currencies. The full transcript and video link can be found here.

Key answers to the following questions are answered in this piece and are as follows:

  1. Is the concept of money in Islam something revealed?
  2. What was the difference between the dinār and the dirham in terms of weight?
  3. Who, after Islam, was the first to mint a coin in a metal other than Gold and Silver, and what was this coin known as?
  4. Who was the first person to mint the very first Islamic Gold Coin?
  5. What impact did the minting of the first Islamic Gold Coin have on the idea of money in Islam within Islamic Scholarship?
  6. What are the characteristics of wealth and money, and what is defining characteristic of money from the perspective of Islamic Scholarship?
  7. Is Fiat currency a form of money from the perspective of Islamic scholarship? Why?

The Idea of Money from an Islamic Perspective

When Muhammed ﷺ became a Prophet and was sent as a Messenger, the people of the region would conduct trade using the Roman gold coin known as the dinār, and the Persian silver coin known as the dirham. And at that time, these metals were used for exchange in accordance with their weight. Some sources highlight that for this period, seven gold coins were equal to ten silver coins in terms of value. This exchange rule was based on the amounts of each respected metal in weight that was present in those coins.

And accordingly, the Messenger ﷺ tacitly approved peoples’ trade based on the currency of the time, and things remained like this. This was with the exception of a few framing rules in relation to the exchange of gold and silver, when ribā became prohibited.

In terms of currency use, however, this practice continued until the time of ʿUmar رضي الله عنه. For at his time, he minted a coin upon the style of the Roman dinār, but with a metal other than gold and silver. This was called the fals. Sometimes he wrote on these coins his name, and on others phrases like (Alḥamdulillāh), (Bismillāh), and (Allāh Rabbī).

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Filed Under: Articles, Islamic Finance

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