Kwa kanuni, mfumo wa kiuchumi unahusika na mchakato wa uzalishaji na matumizi ya bidhaa na huduma, wakati uchumi wa kisiasa unauwekea mfumo sahihi wa kisiasa. Mfumo wa fedha si lazima uwe sehemu ya mfumo wa kiuchumi. Fedha ni chombo kinachotumika kupima thamani ya bidhaa na huduma wakati wa michakato ya uzalishaji na matumizi. Kipimo hiki kinahitajika wakati wa kubadilishana bidhaa na manufaa kati ya wazalishaji na watumiaji. Makundi ya kale ya watu (makabila na jamii za kiasili) yaliweza kuzalisha bidhaa zote walizozihitaji ili waishi na kuendelea kuwepo, na kwa sababu hiyo hawakuhitaji kipimo sanifu cha thamani ya bidhaa na huduma zao. Kwa hiyo, fedha haikuwa sehemu ya mfumo wa uzalishaji na matumizi.

In principle, an economic system is concerned with the process of production and consumption of goods and services, while the political economy provides it with the proper political framework. The monetary system is not necessarily a part of the economic system. Money is a tool used to measure the value of goods and services during the production and consumption processes. This measure is required during the exchange of products and benefits between the producers and consumers. Ancient groups of peoples (tribes and primitives societies) were able to produce all the goods they needed to live and survive, and hence did not require a standard measure for the values of their goods and services. Money, therefore, was not part of the system of production and consumption.

Maendeleo na kuendelea kwa jamii kulizaa haja ya watu kubadilishana bidhaa na huduma ndani ya jamii moja pamoja na kati ya jamii mbalimbali. Hapo mwanzo, biashara ya bidhaa na huduma ilifanywa kwa njia ya kubadilishana, yaani bidhaa kwa bidhaa, bidhaa kwa huduma, au huduma kwa huduma. Mfano mmoja uliotajwa katika Qur'an ni pale Nabii Musa (amani iwe juu yake) alipofanya kazi kwa miaka nane badala ya kuolewa na binti wa mwajiri wake, Nabii Shuaib (amani iwe juu yake).135 Kubadilishana kwa bidhaa na huduma kwa kutumia kipimo maalum cha kubadilishana, kinachoitwa fedha, kulianzishwa katika kipindi cha mwaka 600 hadi 650 KK.136 Fedha ikawa kipimo cha kawaida cha manufaa yaliyomo katika bidhaa na huduma. Hata hivyo, fedha haikuondoa njia za kubadilishana bidhaa, bali ilitoa njia mpya. Kwa hiyo, fedha inafafanuliwa kuwa ni kati kupitia ambayo bidhaa na huduma hupimwa. Wanaubepari waliita thamani ya bidhaa na huduma "bei" pale thamani hii inapopimwa kwa fedha. Kwa hiyo bei chini ya ubepari ni jina jingine la thamani ya kubadilishana ya bidhaa na huduma. Chini ya Uislamu, bei inayotolewa kwa fedha si thamani ya asili ya vitu; badala yake ni makadirio ya thamani hiyo.

The progress and advancement of societies created the need for people to exchange goods and services within the same society as well as across societies. Initially, the trade of goods and services was conducted using barter methods through the exchange of goods for goods, goods for services, or services for services. One such example reported in the Quran is when Prophet Moses (PBUH) paid eight years of services in exchange for marrying the daughter of his employer, Prophet Shuaib (PBUH).135 The exchange of goods and services for a specific unit of exchange, called money, was introduced in the period 600-650 BC.136 Money came to be a standard measure for the benefit found in goods and services. However, money did not replace barter exchange methods but provided a new method. Therefore, money is defined as the medium by which goods and services are measured. The capitalists called the value of goods and services “price” when this value is measured by money. So the price under capitalism is another name for the exchange value of goods and services. Under Islam, the price given in money is not an intrinsic value of things; rather it is an estimate of that value.

Bei ya bidhaa na ujira wa mfanyakazi, kwa mfano, kila moja huwakilisha makadirio ya jamii kuhusu thamani ya bidhaa hiyo na juhudi ya mfanyakazi huyo. Makadirio haya ya thamani ya bidhaa na huduma huonyeshwa kwa vipimo vilivyo wazi na maalum. Vipimo hivi huwa kipimo ambacho kwacho manufaa yanayopatikana kutokana na bidhaa na manufaa yanayopatikana kutokana na huduma hupimwa. Vipimo hivi hufanya kazi kama njia ya kubadilishana, na vipimo hivi ni fedha.

The price of a commodity and the wage of a worker, for instance, each represent the society’s estimate of the value of that commodity and the effort of that worker. This estimation of the value of goods and services is expressed by well-defined units. These units become the measure by which the benefit obtained from a commodity and the benefit obtained from a service is measured. These units would act as a medium of exchange, and these units are money.

Uislamu uliidhinisha njia ya kubadilishana bidhaa kama ya kubadilishana (barter), pamoja na pesa, kwa ajili ya kufanya miamala ya biashara. Watu wana ruhusa ya kuchagua njia yoyote kati ya hizo mbili kwa ajili ya kubadilishana bidhaa na huduma, kwa msingi wa makubaliano ya pande zote na kwa maslahi bora ya wafanyabiashara. Kwa njia yoyote, iwe ni kubadilishana au pesa, bei ya bidhaa au huduma lazima ifafanuliwe waziwazi wakati wa kubadilishana. Kwa mfano, mtu anaweza kununua farasi kwa kufanya kazi kwa wiki moja katika zizi la farasi la muuzaji, mradi idadi ya saa za kazi kwa siku imefafanuliwa vizuri, au anaweza kulipa wakia moja ya dhahabu kwa farasi huyo.

Islam approved barterlike method as well as money for conducting trade transactions. People are allowed to choose either method for the exchange of goods and services based on mutual agreement and the best interest of the trading parties. Either way, using barter or money, the price of the goods or services has to be explicitly defined in the process of exchange. For example, a person can purchase a horse in exchange for working a week in the horse stable of the seller, given that the number of hours of work per day is well defined, or he can pay an ounce of gold for the horse.

Uislamu haukuacha mfumo wa fedha bila maelekezo; badala yake ulibainisha dhahabu na fedha kuwa msingi wa mfumo wa fedha. Dhahabu na fedha zilitumiwa sana na jamii na ustaarabu kabla ya Uislamu kutokana na thamani ya asili ya metali hizi za thamani. Dola ya Roma ilitumia dhahabu kama sarafu kuu, na ilitengeneza vitengo kadhaa vya dhahabu vyenye umbo na uzito maalum; mojawapo ya vitengo hivyo lilikuwa "denarius" au dinari, ambayo ndiyo sarafu kuu iliyotolewa na Roma ya kijamhuri na ya kifalme. Dinari ya dhahabu ilitumika katika Dola yote ya Roma na nchi zake washirika.

Islam did not leave the monetary system undefined; rather it specified the gold and silver as the base units for the monetary system. Both gold and silver were extensively used by societies and civilizations before Islam due to the intrinsic value of these precious metals. The Roman Empire used gold as the main currency and struck several gold-based units at a well-defined shape and weight; one of these units was the “denarius” or the dinar, which was the main coin issued by republican and imperial Rome. The gold dinar was used throughout the Roman Empire and its satellite states.

Dola ya Uajemi ilitumia fedha kama sarafu yake kuu, na ilitoa aina tatu za sarafu za fedha, zilizoitwa dirham, zenye maumbo na uzito tofauti. Kabila la Kiarabu la Quraish, mahali alipozaliwa Muhammad ﷺ Nabii, halikuwa na sarafu yake yenyewe; badala yake Quraish walitumia dinari ya dhahabu ya Kirumi na dirham ya fedha ya Kiajemi, ambazo walizipokea kwa kubadilishana na bidhaa zao. Waarabu walitumia uzito wa sarafu za dhahabu na fedha kama vipimo vya kubadilishana badala ya idadi ya sarafu.

The Persian empire used silver as its main currency and issued three types of silver coins, called dirham, with different shapes and weights. The Arab tribe of Quraish, where Mohammad the Prophet was born, did not have a currency of its own; rather Quraish used the Roman gold dinar and Persian silver dirham, which they received in exchange of their merchandise. The Arabs used the weight of the gold and silver coins as units of exchange instead of the number of coins.

Baada ya kuja kwa Uislamu, Muhammad ﷺ aliidhinisha matumizi ya dinari ya dhahabu na dirhamu ya fedha kama zilivyotumiwa na Waarabu huko Makka. Pia aliidhinisha uzito wa dinari ya dhahabu ambao ulikuwa uzito wa kawaida uliotumiwa na wafanyabiashara wa Kikuraishi huko Makka. Imesimuliwa kwamba Muhammad ﷺ alisema: “Uzito (wa dinari ya dhahabu) ni sawa na uzito uliotumiwa huko Makka.”137 Uzingatiaji wa Kiislamu wa dhahabu na fedha kama msingi wa sarafu unadhihirika zaidi katika mifano ifuatayo:

After the rise of Islam, Mohammad (PBUH) approved the use of gold dinar and silver dirham as was used by the Arabs in Mecca. He also approved the weight of the gold dinar which was the standard weight used by the Quraish merchants in Mecca. It is narrated that Mohammad (PBUH) said, “The weight (of the gold Dinar) is the same as the weight used in Mecca.”137 The Islamic consideration of gold and silver as a base for currency is further evident in the following cases:

1. Wakati Uislamu ulipokataza ulimbikishaji wa mali, ulikataza tu ulimbikishaji wa dhahabu na fedha, ingawa mali inajumuisha kila kitu kinachoweza kumilikiwa. Mali inajumuisha fedha (dhahabu na fedha), ardhi, mifugo, nafaka, na mengi zaidi. Hata hivyo, ulimbikishaji unatumika tu kwa utajiri wa fedha; hautumiki kwa aina nyingine za mali. Inawezekana kwa watu kuhifadhi bidhaa fulani na vitu vya biashara, kama vile vyakula, lakini kitendo hicho huangukia chini ya neno ukiritimba (monopoly) badala ya ulimbikishaji, ambao lengo lake ni kupandisha bei za bidhaa. Katazo la ukiritimba limetajwa katika sehemu nyingine za Qur'ani na Sunnah. Ni ulimbikishaji wa fedha pekee ndio unaovuruga mzunguko wa uzalishaji wa bidhaa. Kwa hiyo, kukataza ulimbikishaji wa dhahabu na fedha ni rejeo lisilo la moja kwa moja kwamba dhahabu na fedha ndizo sarafu ya fedha katika dola ya Kiislamu. Hivyo aya inayokataza ulimbikishaji wa dhahabu na fedha, kwa kweli, inarejelea ulimbikishaji wa fedha na kuanzishwa kwa dhahabu na fedha kama msingi wa sarafu.

1. When Islam prohibited the hoarding of wealth, it only prohibited the hoarding of gold and silver despite the fact that wealth includes any property that can be owned. Wealth includes money (gold and silver), land, cattle, grains, and much more. However, hoarding applies only to monetary wealth; it does not apply to other forms of wealth. It is possible for people to stash away certain goods and commodities such as food items, but this act falls under the term monopoly rather than hoarding, which aims at raising the prices of goods. The prohibition of monopoly is referenced in other places in the Quran and Sunnah. It is the hoarding of money alone which interrupts the production cycle of goods. Therefore, prohibiting the hoarding of gold and silver is an indirect reference to the fact that gold and silver constitute the monetary currency in the Islamic state. Hence the verse which prohibits the hoarding of gold and silver in fact refers to the hoarding of money and established gold and silver as the money base.

[9:34] Na wale wanaokusanya dhahabu na fedha na wasizitoe katika njia ya Allah, basi wajue kwamba adhabu kali inawangojea.

[9:34] And those who hoard gold and silver and do not spend them in the way of Allah, let them know that a severe punishment is awaiting them.

2. Uislamu umeunganisha dhahabu na fedha na seti ya kanuni zinazohusu miamala ya kifedha. Kwa mfano, Uislamu umetaja kiasi maalum cha dhahabu kama faini ya kulipwa badala ya mauaji ya kosa (yanayojulikana kama Diyyah au fidia ya damu). Mjumbe wa Allah ﷺ ameripotiwa kusema: "Fidia ya damu ya nafsi moja itakuwa ngamia 100 ... na kwa wale wanaofanya biashara ya dhahabu ni Dinari 1000." Faini nyingine pia zilikadiriwa kwa dhahabu na/au fedha. Kiasi cha chini kabisa cha mali iliyoibiwa kinachosababisha adhabu ya kukatwa mkono pia kimekadiriwa kwa dhahabu. Al-Bukhari ameripoti kwa mamlaka ya Aisha kwamba Mjumbe wa Allah ﷺ alisema: "Mkono unakatwa kwa wizi wa robo ya dinari (ya dhahabu) na kuendelea." Kuambatanisha kanuni fulani za kifedha na dinari na dirham hufanya dinari yenye uzito wake wa dhahabu, na dirham yenye uzito wake wa fedha, kuwa kipimo cha fedha ambacho kwacho thamani ya bidhaa na huduma hupimwa. Kipimo hiki cha fedha ndicho msingi wa sarafu katika dola ya Kiislamu.

2. Islam has linked gold and silver to a set of rules which involve monetary transactions. For example, Islam named a specific amount of gold as a fine to be paid in lieu of a killing by mistake (known as Diyyah or blood money). Messenger of Allah was reported to have said, “The blood money for one soul would be 100 camels . . . and for those who deal in gold is 1000 Dinars.”138 Other fines were estimated in terms of gold and/or silver as well. The minimum amount of stolen wealth which invokes the punitive rule of hand amputation is also estimated in gold. Al-Bukhari reported on the authority of Aisha that the Messenger of Allah said, “The hand is cut for the theft of one-quarter (gold) dinar and up The attachment of certain financial rules with the dinar and the dirham makes the dinar with its weight in gold, and the dirham with its weight in silver, the monetary unit by which the values of goods and services are measured. This monetary unit constitutes the base for the money currency in the Islamic state.

3. Rasuli wa Allah ameamua kwamba dhahabu na fedha zitumike kama pesa, na akazifanya peke yake kuwa kipimo cha fedha cha kutathmini bidhaa na huduma, pia akahakikisha kwamba miamala yote ifanywe kwa kuzitumia kama msingi wake. Pia alianzisha vipimo vya pesa hii, ambavyo vilikuwa vinajulikana na vimeenea wakati wa uhai wa Mtume ﷺ, na vilitumiwa sana na watu wote. Imethibitishwa pia kwamba Mtume ﷺ aliviidhinisha. Miamala yote ya biashara na ndoa ilifanywa kwa dhahabu na fedha, kwa sifa yake kama pesa, na hili limeandikwa katika Hadithi nyingi za Mtume ﷺ. Rasuli wa Allah ﷺ ameamua uzito wa dhahabu na fedha kwa uzito maalum, ambao ulikuwa uzito wa watu wa Makka. Abu Dawud na An-Nasai wameripoti kwa mapokezi ya Ibn Umar kwamba Rasuli wa Allah ﷺ alisema: "Uzito unapaswa kuwa ule wa watu wa Makka." 4. Zaka ya pesa ilipowekwa kuwa wajibu, Uislamu ulibainisha kiwango cha chini cha pesa kinachostahili Zaka kwa kipimo cha dhahabu na fedha. Hii ni dalili nyingine kwamba pesa ni dhahabu na fedha.

3. The messenger of Allah has determined that gold and silver be used as money, and exclusively made them the monetary measure to evaluate goods and services, and ensured that all transactions be conducted with them as their basis. He also established the units of this money, which were well-known and widespread during the lifetime of the messenger of Allah and they were widely used by all people. It has also been established that the messenger of Allah approved of them. All trade and marriage transactions were conducted in gold and silver, in their quality as money, and this has been documented in numerous Hadeeths of the Prophet. The Messenger of Allah has determined the weight of gold and silver with a specific weight, which was the weight of the people of Mecca. Abu Dawud and An-Nisai reported on the authority of Ibn Umar that the Messenger of Allah said, “The weight should be that of the people of Mecca.” 4. When the Zakah dues on money was decreed, Islam determined the minimum amount of money which qualifies for Zakah in terms of gold and silver. This is another reference to money as being the gold and silver.

5. Kanuni za kubadilisha sarafu zilibainisha kanuni za ubadilishanaji kati ya sarafu za dhahabu na fedha pekee; hili ni ushahidi wazi kwamba fedha inapaswa kuwa msingi wa dhahabu na fedha pekee. Tirmidhi amepokea kutoka kwa Mtume wa Allah ﷺ kwamba alisema: “Badilisheni dhahabu kwa fedha mpendavyo, lakini kwa mkono kwa mkono (bila kuchelewa).” Bukhari pia amepokea kwamba Mtume wa Allah ﷺ alisema: “Dhahabu kwa fedha ni Riba, isipokuwa ikiwa ni mkono kwa mkono (bila kuchelewa).” Msingi imara wa fedha ni jambo la lazima kwa utulivu wa mifumo ya kifedha na kiuchumi, na hivyo Uislamu umeweka kanuni za msingi wa fedha, wala haukuacha zisizo wazi au zikiwa chini ya mabadiliko ya hali za kiuchumi. Sheria za Shari'ah daima zimerejelea dhahabu na fedha kila mahali ambapo jambo lilihusu muamala wa kifedha. Kwa hiyo, sarafu ndani ya uchumi wa kisiasa wa Kiislamu itakuwa dhahabu na fedha, au itategemea dhahabu na fedha. Kuja kwa dola ijayo ya Kiislamu kunatarajiwa kushuhudia kurudi kwa uamuzi kwenye kiwango cha dhahabu na fedha, chenye uimara na utulivu zaidi, kama msingi wa mfumo wa kifedha.

5. The rules of currency exchange specified the rules of exchange between gold and silver currencies only; this serves clear evidence that money should be based on gold and silver only. Tirmidhi reported that the Messenger of Allah said, “Trade gold for silver as you wish, but hand to hand (without delay).” Bukhari also reported that the Messenger of Allah said, “Gold for silver would be Riba, unless it was hand to hand (without delay).” A solid base for monetary foundation is essential for the stability of both the financial and economic systems, and thus Islam has laid down the rules for the monetary foundation and did not leave them undefined or subject to the fluctuation of the economic conditions. The Shari’ah laws have always referred to gold and silver whenever the subject matter involved monetary transaction. Consequently, the currency within the Islamic political economy would be gold and silver, or based on gold and silver. The rise of the next Islamic state is expected to witness a decisive return to a more solid and stable gold and silver standard as a base for the financial system.

Kiwango cha dhahabu na fedha hakizuii aina nyingine za kubadilishana. Bidhaa zinaweza kubadilishwa kwa bidhaa na huduma kwa njia inayofanana na biashara ya kubadilishana bidhaa (barter). Thamani ya bidhaa na huduma itaendelea kukadiriwa kwa kuzingatia manufaa yaliyomo katika bidhaa hizo. Kiwango cha dhahabu na fedha kinatumika tu kwa fedha na ubadilishanaji wa fedha.

The gold and silver standard does not exclude other forms of exchange. Products could be exchanged for products and services in a barterlike method. The value of products and services will continue to be estimated based on the benefits inherent in these goods. The gold and silver standard only applies to money and monetary exchange.

Mwanzo wa Uislamu ulitumia dhahabu na fedha kama msingi wa kubadilishana fedha. Katika siku za mwanzo za Uislamu, dola ya Kiislamu chini ya uongozi wa Mtume Muhammad ﷺ ilitumia sarafu za dhahabu na fedha zilizotengenezwa na Warumi, Waajemi na nasaba za Yemen. Waislamu, kama Waarabu kabla ya Uislamu, walitumia sarafu hizi kwa kuzingatia uzito wake badala ya idadi yake. Ukweli kwamba Mtume ﷺ aliidhinisha matumizi yake kwa namna hiyo unafanya matumizi ya sarafu za dhahabu na fedha kuwa hukumu ya Kiislamu, ingawa zilikuwa zikitumika kabla ya Uislamu. Matumizi ya sarafu za Kirumi, Kiajemi na Kiyemen yaliendelea kwa miaka sabini na mitano ya kwanza ya kuinuka kwa dola ya Kiislamu, hadi Khalifa Abdul Malik bin Marwan140 alipotengeneza sarafu mpya za dhahabu na fedha za Kiislamu. Alitengeneza dinari kwa dhahabu na dirham kwa fedha, na alitumia maandishi ya Kiarabu ya Kiislamu ili kuzitofautisha sarafu za Kiislamu na nyingine. Uzito wa dinari ulikuwa gramu 4.25 za dhahabu, na uzito wa dirham ulikuwa gramu 2.98 za fedha. Uzito huu ulilingana na uzito wa sarafu zilizotengenezwa na Warumi na Waajemi na uliotumiwa na Waarabu wa Makka kabla ya Uislamu. Kiwango cha dhahabu na fedha kiliendelea katika kipindi chote cha kuwepo kwa dola ya Kiislamu, hadi kilipofutwa mwaka 1924 huko Istanbul.

The first rise of Islam utilized the use of gold and silver as a base for monetary exchange. During the early days of Islam, the Islamic state under the leadership of Prophet Mohammad (PBUH) used the gold and silver coins produced by the Romans, Persians, and Yemeni dynasties. The Muslims, like the Arabs before Islam, used these coins in terms of their weights rather than numbers. The fact that the Prophet approved their use as such makes the use of gold and silver coins an Islamic rule, although they were in use before Islam. The use of Roman, Persian, and Yemeni coins continued for the first seventy-five years of the rise of the Islamic state, until Caliph Abdul Malik Bin Marwan140 struck new Islamic gold and silver coins. He minted the dinar in gold and the dirham in silver and he used Islamic Arabic script to distinguish the Islamic coins from others. The weight of the dinar was 4.25 grams of gold and the weight of the dirham was 2.98 silver grams. These weights were consistent with the weights of the coins struck by the Romans and Persians and used by the Arabs in Mecca before Islam. The gold and silver standard continued throughout the existence of the Islamic state until it was abolished in 1924 in Istanbul.

Mbali na matumizi ya dhahabu na fedha, dola ya Kiislamu pia ilitumia sarafu za shaba kwa ajili ya kununua na kuuza bidhaa ndogo zisizo na thamani kubwa. Hata hivyo, sarafu hizo za shaba daima zilikuwa zikibadilishwa kuwa dinari za dhahabu au dirhamu za fedha. Jambo la msingi ni kwamba Uislamu unaruhusu matumizi ya sarafu iliyotengenezwa kwa umbo lolote (dhahabu, fedha, shaba, karatasi, au alama za kidijitali) mradi sarafu hiyo inaweza kubadilishwa kuwa dhahabu, yaani inaungwa mkono na dhahabu. Kwa kuwa kiwango cha dhahabu na fedha ni sheria ya Kiislamu ya Shari'ah, itakuwa haramu kwa dola ya Kiislamu kutoa noti za karatasi ambazo hazijaungwa mkono kikamilifu na dhahabu au fedha, na itakuwa haramu kwa dola kupunguza thamani ya noti za karatasi dhidi ya usawa wa dhahabu na fedha uliowekwa awali. Uadilifu wa sarafu ya Kiislamu, na hivyo imani kwa sarafu hiyo, unapaswa kutumika kama nguvu ya kuleta utulivu katika uchumi wa kisiasa wa Kiislamu. Hili pia linapaswa kudumisha na kuongeza uaminifu wa mfumo wa kifedha wa Kiislamu, hasa kwa kuzingatia kwamba dunia imeteseka sana kutokana na mabadiliko ya thamani ya sarafu chini ya utawala wa uchumi wa kibepari.

Besides the use of gold and silver, the Islamic state also used copper coins for buying and selling negligible low-cost items. However, the copper coins were always convertible to gold dinars or silver dirhams. The point is that Islam allows the use of currency printed in any form (gold, silver, copper, paper, digital tokens) as long as that currency is convertible to gold, i.e., backed by gold. Because the gold and silver standard is a Shari’ah Islamic law, it would be prohibited for the Islamic state to issue paper money which is not completely backed by gold or silver, and it would be prohibited for the state to devalue the paper money against the pre-established gold and silver equivalence. The integrity of the Islamic currency, and hence the confidence in such currency, should serve as a stabilizing force in the Islamic political economy. This should also sustain and increase the trustworthiness of the Islamic financial system, especially since the world had suffered a great deal from currency fluctuations under the dominance of capitalist economy.

Chini ya ubepari, kiwango cha dhahabu kilipata pigo kadhaa hata pale jumuiya ya dunia ilipokubaliana juu ya kiwango cha dhahabu mwishoni mwa Vita vya Kwanza na vya Pili vya Dunia. Uislamu unaona kwamba matumizi ya dhahabu na fedha ndiyo msingi wa sarafu, kanuni ya Kiislamu ambayo haiwezi kukiukwa na viongozi wa dola, wala haitegemei hali za soko au mambo ya kimataifa.

Under capitalism, the gold standard had suffered several setbacks even when the world community had agreed on the gold standard at the end of the first and second world wars. Islam considers the use of gold and silver a base for currency, an Islamic rule which cannot be violated by the executives of the state and is not subject for the conditions of the market or the international affairs.

Mbali na ukweli kwamba kiwango cha dhahabu ni kanuni inayoruhusiwa kisheria katika Uislamu, kina faida kadhaa ambazo, zikizingatiwa, zingeifanya kiwango cha dhahabu kuwa kiwango cha kimataifa kinachowezekana kwa jumuiya ya dunia kwa ujumla. Katika historia yote ya fedha, na hadi Vita vya Kwanza vya Dunia, dunia nzima ilifanya kazi kwa viwango vya dhahabu na fedha. Hakuna viwango vingine vilivyojulikana kwa dunia hadi wakati huo. Gharama kubwa ya vita hivyo na mambo ya kikoloni ya kifalme duniani yaliyoendelea baada ya vita yalisababisha kuanguka kwa kiwango cha dhahabu na kuanzishwa kwa fedha ya karatasi isiyo na akiba ya dhahabu au fedha. Wakitambua umuhimu wa kiwango cha dhahabu kwa utulivu wa kifedha na kiuchumi, nchi kadhaa za Ulaya na Marekani zilijaribu mwaka 1933 kurejesha kiwango cha dhahabu lakini zilishindwa chini ya shinikizo kubwa la mdororo wa uchumi. Mwishoni mwa Vita vya Pili vya Dunia, Marekani, Ulaya na mataifa mengine kadhaa walikubaliana kwamba kiwango cha dhahabu ni muhimu kwa utulivu wa uchumi wa dunia na hivyo kwa amani ya dunia, na baadaye wakatia saini Mkataba wa Bretton Woods.141

Besides the fact that the gold standard is an Islamically lawful rule, it has several benefits, which if considered, would make the gold standard a viable global standard for the world community at large. Throughout the history of money and up until the First World War, the whole world operated the gold and silver standards. No other standards were known to the world until then. The heavy cost of the war and the imperial colonial world affairs which persisted after the war led to the collapse of the gold standard and the introduction of paper money with no gold or silver backup. Realizing the importance of the gold standard for the financial and economic stability, several European countries and the United States tried in 1933 to restore the gold standard but failed under the heavy pressure of depression. At the end of the Second World War, the United States and Europe and several other nations concurred that a gold standard is essential to the stability of the global economy and hence to world peace and subsequently signed the Bretton Woods Agreement.141

Mnamo mwaka wa 1971, Marekani ilifuta kwa upande wake mmoja kiwango cha dhahabu (gold standard) na ililazimisha karibu mataifa mengine yote kuweka akiba ya dola za Marekani badala ya akiba ya dhahabu. Tangu miaka ya sabini, kumekuwepo na miito mingi ya kuundwa upya kwa mfumo wa kimataifa wa kushughulikia tatizo la mtiririko usiodhibitiwa wa mitaji. Hata hivyo, ilikuwa hadi mwishoni mwa mwaka 2008 ndipo wazo hili lilipoanza kupata uungwaji mkono mkubwa kutoka kwa viongozi wakuu wa kisiasa. Tarehe 26 Septemba 2008, Rais wa Ufaransa Nicolas Sarkozy alisema, "Tunapaswa kufikiria upya mfumo wa fedha tangu mwanzo, kama ilivyofanyika Bretton Woods."142 Tarehe 13 Oktoba 2008, Waziri Mkuu wa Uingereza Gordon Brown alisema viongozi wa dunia wanapaswa kukutana ili kukubaliana juu ya mfumo mpya wa kiuchumi: "Tunapaswa kuwa na Bretton Woods mpya, tukijenga muundo mpya wa kimataifa wa fedha kwa miaka ijayo."143 Bila shaka, kiwango cha dhahabu kina faida nyingi kwa jumuiya ya kimataifa. Faida hizo ni pamoja na zifuatazo:

Katika mfumo wa kiuchumi wa Kiislamu, bei inafafanuliwa kama makadirio ya jamii ya thamani ya bidhaa, na ujira unafafanuliwa kama makadirio ya jamii ya thamani ya huduma. Fedha, kwa upande mwingine, ni njia ambayo makadirio haya yanaonyeshwa. Ni njia inayowawezesha watu kupima bidhaa na huduma mbalimbali na kuzirejesha kwenye msingi mmoja wa pamoja, hivyo kurahisisha mchakato wa kulinganisha bidhaa mbalimbali na huduma mbalimbali kwa kuzirejesha kwenye kipimo kimoja cha jumla kinachotumika kama kiwango cha jumla. Bei hulipwa kwa bidhaa na ujira hulipwa kwa wafanyakazi kwa kuzingatia kipimo hiki, ambacho ni fedha.

In the Islamic economic framework, the price is defined as the society’s estimate of the value of goods, and the wage is defined as the society’s estimate of the value of services. Money, on the other hand, is the medium by which this estimate is expressed. It is the medium which enables people to measure various goods and services and refers them to one common base, thus facilitating the process of making a comparison between various goods and between various services by referring them to one general unit which serves as the general standard. Prices are paid for goods and wages are paid for workers on the basis of this unit, which is money.

Thamani ya pesa hukadiriwa kwa uwezo wake wa kununua, yaani, kwa idadi ya bidhaa na huduma ambazo mtu anaweza kunununua kwa kitengo kimoja cha pesa hiyo. Kwa hiyo, kifaa ambacho jamii hutumia kukadiria thamani ya bidhaa na huduma lazima kiwe na uwezo wa kununua ili kustahili kuitwa pesa, yaani, uwezo ambao kwa huo mtu yeyote angeweza kupata bidhaa na huduma.

The value of money is estimated by its purchasing power, i.e., by how many goods and services a person could buy with one unit of the money. Therefore, the medium by which the society estimates the value of goods and services must have a purchasing power in order to qualify as money, i.e., a power with which any person could acquire goods and services.

Njia hii ya malipo lazima iwe na nguvu yake ya asili, au itegemee nguvu ya asili, yaani, ni lazima iwe na thamani inayotambuliwa na umma, ili iweze kuchukuliwa kuwa pesa. Hii ndiyo hasa inayoipa dhahabu na fedha uwezo wa kutumika kama msingi wa pesa; dhahabu na fedha vina thamani ya asili ambayo imetambuliwa na jamii kwa historia yote ya binadamu. Vimetumika kama madini ya thamani, kama vito vya kujitia kwa wanaume na wanawake, kama dhamana na hakikisho la mikopo, na kama vipimo vya kubadilishana. Hata hivyo, utaratibu wa kutoa pesa (vipimo vyenye nguvu ya kununua) hautofautiani kwa nchi zote duniani. Baadhi ya nchi zinaweza kupitisha pesa yenye nguvu ya asili (dhahabu na fedha) au inayotegemea nguvu ya asili. Nchi nyingine zinaweza kupitisha pesa ya kawaida (isiyobadilishwa kuwa dhahabu), yaani, zinakubaliana juu ya njia fulani kuchukuliwa kuwa pesa na kuipa nguvu ya kununua kwa njia ya sheria au amri ya serikali; katika hali hii, pesa hiyo haina thamani halisi yenyewe.

Ubadilishaji wa sarafu ni mchakato wa kubadilisha sarafu moja kwa nyingine. Hii inaweza kuwa ni kubadilishana sarafu moja kwa nyingine ya aina hiyo hiyo, kama vile kubadilishana dhahabu kwa dhahabu, na fedha kwa fedha, au kubadilishana aina moja ya sarafu kwa nyingine ya aina tofauti, kama vile kubadilishana dhahabu kwa fedha au kinyume chake.

Currency exchange is the process of converting one currency for another. This would be either exchanging one currency for another of the same type, such as the exchange of gold for gold, and silver for silver, or the exchange of one currency type for another one of a different type, such as the exchange of gold for silver or vice versa.

Ubadilishanaji wa sarafu za aina moja unaruhusiwa katika Uislamu kwa masharti mawili. Kwanza, ubadilishanaji lazima uwe wa kiasi kilichokaa sawa kabisa, na pili, ubadilishanaji lazima ufanyike kwa wakati mmoja. Mtume ﷺ amepokewa akisema: "Ubadilishanaji wa dhahabu kwa dhahabu lazima ufanyike kwa uzito sawa na kiasi sawa; vinginevyo tofauti hiyo ni Riba (riba)."144 Kanuni hiyo hiyo inatumika kwa ubadilishanaji wa sarafu za fedha kwa sarafu za fedha. Kwa mfano, dhani kwamba mtu fulani ana kipande cha dhahabu cha gramu mia moja na anataka kukibadilisha kwa vipande vidogo vitano vya dhahabu. Muamala huu unaruhusiwa tu ikiwa vipande hivyo vidogo vitano vina jumla ya uzito wa gramu mia moja. Pia, ubadilishanaji lazima ufanyike kwa wakati mmoja, yaani, mtu mwenye kipande cha gramu mia moja anapaswa kukabidhi kipande chake wakati huo huo anapopokea vile vipande vidogo vitano. Kwa maneno mengine, hairuhusiwi kutoa kipande kikubwa na kupokea vipande vitano kwa awamu katika nyakati tofauti. Uislamu unaona muamala huu kuwa haramu na kuuchukulia kama aina ya Riba. Kanuni hii inaenea kwa aina zote za sarafu. Kwa hiyo, mtu akitaka kununua dola kwa dola au euro kwa euro, basi kiasi cha ubadilishanaji lazima kiwe sawa, na fedha hizo zipokelewe kikamilifu wakati wa kutekeleza muamala.

The exchange of currencies which belong to the same type is allowed in Islam under two conditions. First, the exchange has to be for the exact same amount, and second, the exchange has to take place at the same time. The Prophet (PBUH) is reported to have said, “The exchange of gold for gold must be done with equal weight and exact amount; otherwise the difference is Riba (usury).”144 The same rule applies to the exchange of silver coins for silver coins. For example, assume that some person has a one-hundred-gram piece of gold and wants to exchange it for five smaller pieces of gold. This transaction is permitted only if the five smaller pieces of gold have a total weight of one hundred grams. Also, the exchange has to take place at the same time, i.e., the person with the one-hundred-gram piece should hand in his piece at the same time when he receives the five smaller pieces. In other words, it is not allowed to give the large piece and receive the five pieces in installments at different times. Islam considers this transaction illegal and treats it as a form of Riba. This rule is extended to all types of currencies. So, if someone wants to buy dollars with dollars or euros with euros, then the amount of exchange must be the same and the money should be received in full at the time of executing the transaction.