What is lawful money?

[riyaale]

Only gold and silver can be money. Do u agree?

 

[The alchemist]

It's perception. If we all agree that one thing is valuable, then it is. It's not restricted to gold and silver.

Livestock is the first and oldest form of money.

 

[Waaqo of Punt]

It's perception. If we all agree that one thing is valuable, then it is. It's not restricted to gold and silver.

Livestock is the first and oldest form of money.

Trade*

 

[The alchemist]

Trade*

Livestock was the currency because it was valued, and people used to trade with it.

 

[riyaale]

Yes, people can agree anything as money but, livestock cannot store value and it's perishable. Also it's quality, size and weight can't be standardized.

 

[The alchemist]

Yes, people can agree anything as money but, livestock cannot store value and it's perishable. Also it's quality, size and weight can't be standardized.

Maybe not today, but 'was.' The cattle were a unit of value before the introduction of coinage.

 

[Ibrahim hassan]

It doesnt really matter, as long as everyone agrees money is worth it then its fine, dollar now is backed by world wide confidance

 

[Ras]

Always had this question about money in Islam.

Since we can't use interests then what do we do about inflation?

The main reason most people seek out interests payments is to offset the value lost through inflation.

Is Riba halal if it's just used to control for inflation?

I.e. you only make just as much as you lose in value?

 

[Tukraq]

crypto

 

[Tukraq]

Only gold and silver can be money. Do u agree?

nope I dont agree

 

[riyaale]

Only gold and silver shall be the money to do transactions. All the paper currencies in Somalia shall be banned. Do u agree