Odatda iqtisodiy tizim goʻlar va xizmatlarni ishlab chiqarish hamda iste'mol qilish jarayoni bilan shugʻullanadi, siyosiy iqtisod esa unga tegishli siyosiy asosni beradi. Pul tizimi iqtisodiy tizimning zarur qismi bo'lishi shart emas. Pul ishlab chiqarish va iste'mol jarayonida mollar va xizmatlarning qiymatini o'lchash uchun ishlatiladigan vositadir. Bu o'lchov ishlab chiqaruvchilar va iste'molchilar o'rtasida mahsulot va manfaatlar almashinuvida zarur bo'ladi. Qadimgi xalq guruhlari (qabilalar va ibtidoiy jamiyatlar) hayot kechirish va yashash uchun kerakli barcha mollarni ishlab chiqara olganlar, shuning uchun ularning mollari va xizmatlari qiymatiga standart o'lchov talab qilinmagan. Demak, pul ishlab chiqarish va iste'mol tizimining bir qismi bo'lmagan.

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.

Jamiyatlarning taraqqiyoti va rivojlanishi odamlarni bir jamiyat ichida, shuningdek jamiyatlar o'rtasida mollar va xizmatlar almashishga ehtiyoj tug'dirdi. Dastlab mollar va xizmatlar savdosi ayirboshlash usullari orqali amalga oshirilar edi: mol almashinuvi molga, mol xizmatga yoki xizmat xizmatga almashtirilar edi. Qur'onda keltirilgan shunday misollardan biri shuki, Muso (alayhis-salom) o'zining ish beruvchisi Shuayb (alayhis-salom)ning qizi bilan turmush qurish evaziga sakkiz yil xizmat qilgan.135 Mollar va xizmatlarni pul deb ataladigan muayyan almashinuv birligi evaziga ayirboshlash miloddan avvalgi 600–650 yillarda joriy etildi.136 Pul mollar va xizmatlarda mavjud foydani o'lchashning standart birligiga aylandi. Biroq pul ayirboshlashning barter usullarini almashtirmadi, balki unga yangi usul qo'shdi. Shuning uchun pul mollar va xizmatlar o'lchanadigan vosita sifatida ta'riflanadi. Kapitalistlar mollar va xizmatlarning qiymati pul bilan o'lchanganda uni "narx" deb atadilar. Demak, kapitalizm sharoitida narx mollar va xizmatlarning ayirboshlash qiymatining boshqa nomidir. Islomda pul bilan berilgan narx narsalarning ichki qiymati emas, balki o'sha qiymatning taxminiy bahosidir.

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.

Masalan, tovarning narxi va ishchining ish haqi jamiyatning o‘sha tovarning qiymati va o‘sha ishchining mehnati haqidagi bahosini ifodalaydi. Tovarlar va xizmatlarning qiymatiga bunday baho aniq belgilangan birliklar orqali ifodalanadi. Bu birliklar tovardan olingan foyda va xizmatdan olingan foydani o‘lchaydigan o‘lchov bo‘lib xizmat qiladi. Ushbu birliklar ayirboshlash vositasi vazifasini bajaradi va bu birliklar pul hisoblanadi.

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.

Islom savdo bitimlarini o‘tkazishda almashinuv (bartер) usulini ham, pul orqali to‘lovni ham ma’qullagan. Odamlar o‘zaro kelishuv va savdo tomonlarining eng yaxshi manfaatidan kelib chiqib, tovar va xizmatlarni almashtirishda ulardan istalgan birini tanlashga haqli. Almashinuv qanday bo‘lishidan qat’i nazar, ya’ni barter yoki pul orqali bo‘lishidan qat’i nazar, almashinuv jarayonida tovar yoki xizmatning narxi aniq belgilanishi shart. Masalan, kishi sotuvchining otxonasida kuniga ish soatlari aniq belgilangan holda bir hafta ishlash evaziga otni sotib olishi mumkin, yoki otning narxi sifatida bir unsiya oltin to‘lashi mumkin.

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.

Islom pul tizimini aniqlanmagan holda qoldirmadi; aksincha, u oltin va kumushni pul tizimining asosiy birliklari sifatida belgilab berdi. Oltin va kumush qimmatbaho metallarning o‘zida mavjud qiymati tufayli Islomdan oldin ham jamiyatlar va sivilizatsiyalar tomonidan keng qo‘llanilgan. Rim imperiyasi asosiy pul sifatida oltindan foydalangan va aniq shakl hamda vaznga ega bo‘lgan bir nechta oltinga asoslangan birliklarni zarb qilgan; ulardan biri “denarius” yoki dinor bo‘lib, bu respublika va imperiya Rimi tomonidan chiqarilgan asosiy tanga edi. Oltin dinor butun Rim imperiyasida va uning tobe davlatlarida qo‘llanilgan.

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.

Fors imperiyasi asosiy pul birligi sifatida kumushdan foydalangan va shakli hamda og'irligi turlicha bo'lgan, dirham deb ataladigan uch turdagi kumush tanga chiqargan. Payg'ambar Muhammad ﷺ tug'ilgan arab qabilasi Quraysh o'zining pul birligiga ega emas edi; aksincha, Quraysh o'z tovarlarini almashtirish evaziga olgan Rim oltin dinori va Fors kumush dirhamidan foydalangan. Arablar tanga sonini emas, balki oltin va kumush tangalarning og'irligini almashinuv birligi sifatida ishlatganlar.

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.

Islom paydo bo‘lganidan so‘ng, Muhammad ﷺ Makkada arablar foydalanib kelgan oltin dinor va kumush dirhamni qo‘llashni ma’qulladi. U, shuningdek, Makkadagi Quraysh savdogarlari ishlatadigan standart vazn bo‘lgan oltin dinorning vaznini ham ma’qulladi. Rivoyat qilinadiki, Muhammad ﷺ shunday degan: “(Oltin dinorning) vazni Makkada ishlatiladigan vazn bilan bir xil.”137 Oltin va kumushning pul uchun asos sifatida qabul qilinishi quyidagi holatlarda yanada yaqqol namoyon bo‘ladi:

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. Islom pul-boylikni yig'ib qo'yishni taqiqlaganida, u faqat oltin va kumushni yig'ib qo'yishni taqiqlagan, holbuki boylik mulk qilinishi mumkin bo'lgan har qanday narsani o'z ichiga oladi. Boylikka pul (oltin va kumush), yer, chorva mollari, don va yana ko'p narsalar kiradi. Biroq yig'ib qo'yish faqat pul shaklidagi boylikka tegishli; boshqa shakldagi boylikka tegishli emas. Odamlar ba'zi mollar va tovarlar, masalan oziq-ovqat mahsulotlarini yashirib qo'yishlari mumkin, ammo bu harakat yig'ib qo'yish emas, balki tovarlar narxini oshirishga qaratilgan ixtikor (monopoliya) deb ataladi. Ixtikorning taqiqlanishi Qur'oni karimning va Sunnatning boshqa joylarida ham zikr etilgan. Tovar ishlab chiqarish jarayonini aynan pulni yig'ib qo'yish buzadi. Shuning uchun oltin va kumushni yig'ib qo'yishning taqiqlanishi oltin va kumushning Islom davlatida pul birligi bo'lib xizmat qilishiga bilvosita ishora qiladi. Demak, oltin va kumushni yig'ib qo'yishni taqiqlovchi oyat aslida pulni yig'ib qo'yishga, hamda oltin va kumushni pul asosi sifatida belgilashga ishora qiladi.

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] Va oltin va kumushni to‘plab, ularni Alloh yo‘lida sarflamaydigan kimselar, ular uchun dahshatli azob borligini bilib qo‘ysinlar.

[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. Islom oltin va kumushni pul muomalasiga oid bir qator qoidalar bilan bog'lagan. Masalan, Islom xato bilan qotillik uchun to'lanadigan jarimani (diya yoki qon puli deb ataladi) oltinning aniq miqdori bilan belgilagan. Allohning Elchisi ﷺ shunday degan deb rivoyat qilingan: “Bir jon uchun qon puli 100 tuya... oltin bilan savdo qiluvchilar uchun esa 1000 dinordir.” Boshqa jarimalar ham oltin va/yoki kumush bilan baholangan. O'g'irlangan mol-mulkning qo'l kesish jazosini qo'llash uchun zarur bo'lgan eng kam miqdori ham oltin bilan belgilangan. Al-Buxoriy Oisha roziyallohu anhodan rivoyat qilishicha, Allohning Elchisi ﷺ shunday degan: “Chorak (oltin) dinor yoki undan ortiq o'g'irlik uchun qo'l kesiladi.” Dinor va dirhamga ma'lum moliyaviy qoidalarning bog'lanishi dinorni uning og'irligidagi oltin bilan, dirhamni esa og'irligidagi kumush bilan tenglashtiradi hamda mollar va xizmatlar qiymati o'lchanadigan pul birligiga aylantiradi. Ushbu pul birligi Islom davlatidagi pul muomalasining asosini tashkil etadi.

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. Elchi Allohning oltin va kumushni pul sifatida ishlatishni belgilagani, ularni mahsulot va xizmatlarni baholash uchun yagona pul o'lchovi qilgani hamda barcha savdo-sotiq ularga asoslanib amalga oshirilishini ta'minlagani ma'lum. U shuningdek, bu pulning birliklarini ham belgilagan; ular Allohning elchisi ﷺ zamonida keng tarqalgan va hamma odamlar tomonidan keng qo'llanilgan. Shuningdek, Allohning elchisi ﷺ ularni ma'qullagani ham isbotlangan. Barcha savdo va nikoh bitimlari oltin va kumush bilan, ularning pul sifatidagi mavqeida amalga oshirilgan, bu esa Payg'ambar ﷺning ko'plab hadislarida qayd etilgan. Allohning elchisi ﷺ oltin va kumushning og'irligini aniq vazn bilan belgilagan, bu Makka aholisining vazni edi. Abu Dovud va An-Nasoiy Ibn Umar roziyallohu anhudan rivoyat qilishicha, Allohning elchisi ﷺ shunday degan: "Vazn Makka aholisining vazni bo'lishi kerak." 4. Pul zakotining farz qilinishi bilan Islom oltin va kumush jihatidan zakot tushadigan pulning eng kam miqdorini belgilagan. Bu ham pulning oltin va kumush ekanligiga yana bir ishoradir.

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. Valyuta almashinuvi qoidalari faqat oltin va kumush pullar o‘rtasidagi almashinuv qoidalarini belgilagan; bu pulning oltin va kumushga asoslanishi kerakligining aniq dalilidir. Termiziy Allohning Elchisi ﷺ shunday degani haqida rivoyat qilgan: “Oltinni kumushga xohlaganingizcha sotinglar, lekin qo‘lma-qo‘l (darhol) bo‘lsin.” Buxoriy ham Allohning Elchisi ﷺ shunday degani haqida rivoyat qilgan: “Oltinni kumushga qo‘lma-qo‘l (darhol) bo‘lmasa, bu riboдир.” Moliya va iqtisodiy tizimlarning barqarorligi uchun pul asosining mustahkam bo‘lishi zarur; shu sababli Islom pul asosi qoidalarini belgilab qo‘ygan va ularni noaniq qoldirmagan hamda iqtisodiy sharoitlarning o‘zgarishiga topshirmagan. Shariat qonunlari pul muomalasi bilan bog‘liq masalalarda doimo oltin va kumushga murojaat qilgan. Demak, Islom siyosiy iqtisodiyotida valyuta oltin va kumush yoki oltin va kumushga asoslangan bo‘lishi kerak. Kelajakdagi Islom davlatining paydo bo‘lishi moliya tizimining asosi sifatida yanada mustahkam va barqaror oltin va kumush standartiga qat’iy qaytishga guvoh bo‘lishi kutilmoqda.

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.

Oltin-kumush standarti boshqa turdagi almashuvni istisno qilmaydi. Mahsulotlar va xizmatlar mahsulot va xizmatlarga barterga o'xshash usulda almashtirilishi mumkin edi. Mahsulot va xizmatlarning qiymati ushbu tovarlarda mavjud bo'lgan foydalarga asoslangan holda baholanishda davom etadi. Oltin-kumush standarti faqat pul va pul bilan bog'liq almashuvga nisbatan qo'llaniladi.

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.

Islomning dastlabki davrida pul almashinuvining asosi sifatida oltin va kumush ishlatilgan. Islom davlatining ilk kunlarida Payg'ambar Muhammad (ﷺ) rahbarligidagi davlat rimliklar, forslar va yaman sulolalari tomonidan zarb etilgan oltin va kumush tangalardan foydalangan. Musulmonlar, islomgacha bo'lgan arablar kabi, bu tangalardan ularning sonidan emas, balki og'irligidan kelib chiqib foydalanganlar. Payg'ambarning ularni shu tarzda ishlatishga ruxsat bergani oltin va kumush tangalardan foydalanishni islomiy qoidaga aylantiradi, garchi ular islomdan oldin ham ishlatilgan bo'lsa-da. Rimliklar, forslar va yaman tangalaridan foydalanish Islom davlatining yuzaga kelganidan keyingi dastlabki yetmish besh yil davomida davom etdi, to Xalifa Abdulmalik ibn Marvon140 yangi islomiy oltin va kumush tangalarni zarb etgunicha. U oltindan dinor, kumushdan dirham zarb qildirdi va islomiy tangalarni boshqalaridan ajratish uchun islomiy arab yozuvidan foydalandi. Dinorning og'irligi 4,25 gramm oltin, dirhamning og'irligi esa 2,98 gramm kumush edi. Bu og'irliklar rimliklar va forslar zarb etgan, islomgacha Makkadagi arablar foydalangan tangalarning og'irliklariga mos edi. Oltin va kumush standarti Islom davlati mavjud bo'lgan butun davr davomida saqlanib qoldi, to u 1924-yilda Istanbulda bekor qilinguncha.

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.

Gold va kumushdan tashqari, Islom davlati oz qiymatli arzon narsalarni sotib olish va sotish uchun mis tangalardan ham foydalangan. Biroq mis tangalar doim oltin dinorga yoki kumush dirhamga almashtirilishi mumkin bo'lgan holda bo'lgan. Gap shundaki, Islom oltin, kumush, mis, qog'oz yoki raqamli belgilar (tokenlar) shaklida chiqarilgan har qanday pul birligidan foydalanishga ruxsat beradi, agar o'sha pul birligi oltinga almashtirilishi, ya'ni oltin bilan ta'minlangan bo'lsa. Oltin va kumush standarti Shari'at hukmi bo'lganligi sababli, Islom davlati oltin yoki kumush bilan to'liq ta'minlanmagan qog'oz pul chiqarishi taqiqlanadi, shuningdek, davlatning oldindan belgilangan oltin va kumush ekvivalentiga nisbatan qog'oz pulning qadrini tushirishi ham taqiqlanadi. Islom valyutasining yaxlitligi va shunga bog'liq ravishda ushbu valyutaga bo'lgan ishonch Islom siyosiy iqtisodiyotida barqarorlashtiruvchi kuch bo'lib xizmat qilishi kerak. Bu, shuningdek, Islom moliya tizimining ishonchliligini saqlab qolishi va oshirishi kerak, ayniqsa dunyo kapitalistik iqtisodiyot hukmronligi ostida valyuta tebranishlaridan ko'p azob chekkan bo'lsa.

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.

Kapitalizm sharoitida, Birinchi va Ikkinchi jahon urushlari oxirida jahon hamjamiyati oltin standart bo'yicha kelishib olganiga qaramay, oltin standart bir necha bor orqaga tashlandi. Islom oltin va kumushdan pul birligining asosi sifatida foydalanishni belgilaydi. Bu islomiy hukm davlat rahbarlari tomonidan buzilishi mumkin emas va bozor sharoitlari yoki xalqaro munosabatlarga bog'liq emas.

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.

Oltin standarti islomiy jihatdan joiz qoida ekanligidan tashqari, uning bir qancha foydalari bor, ularni hisobga olinsa, oltin standarti jahon hamjamiyati uchun amaliy global standart bo'lishi mumkin. Pul tarixi davomida va Birinchi jahon urushigacha butun dunyo oltin va kumush standartlarida ish yuritgan. O'shagacha dunyo boshqa standartlarni bilmagan. Urushning og'ir xarajatlari va urushdan keyin ham davom etgan imperik mustamlakachilik jahon ishlari oltin standartining qulashiga va zaxirasiz qog'oz pulning joriy etilishiga olib keldi. Moliyaviy va iqtisodiy barqarorlik uchun oltin standartining ahamiyatini anglagan bir qancha Yevropa davlatlari va Amerika Qo'shma Shtatlari 1933 yilda oltin standartini qayta tiklashga urinib ko'rdi, ammo iqtisodiy inqiroz og'ir bosimi ostida muvaffaqiyatsizlikka uchradi. Ikkinchi jahon urushi oxirida Amerika Qo'shma Shtatlari, Yevropa va boshqa bir qancha davlatlar oltin standartining global iqtisodiyot barqarorligi, shuningdek, jahon tinchligi uchun zarurligiga kelishib, keyinchalik Bretton-Vuds kelishuvini imzoladilar.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

1971-yilda Qo'shma Shtatlar bir tomonlama tarzda oltin standartini bekor qildi va deyarli barcha boshqa davlatlarni oltin zaxiralari o'rniga AQSh dollarini to'plashga majbur qildi. Yetmishinchi yillardan boshlab nazoratsiz kapital oqimlari muammosini hal etish uchun xalqaro tizimni qayta ko'rib chiqish haqida ko'plab chaqiriqlar yangradi. Biroq bu g'oya faqat 2008-yil oxiriga kelib yetakchi siyosatchilar tomonidan jiddiy qo'llab-quvvatlana boshladi. 2008-yil 26-sentyabrda Frantsiya prezidenti Nikolya Sarkozi shunday dedi: "Biz moliya tizimini Bretton-Vuds kelishuvidagidek, butunlay noldan qayta ko'rib chiqishimiz kerak".142 2008-yil 13-oktyabrda Buyuk Britaniya bosh vaziri Gordon Braun dunyo yetakchilari yangi iqtisodiy tizim to'g'risida kelishib olish uchun uchrashishi zarurligini aytdi: "Bizga yangi Bretton-Vuds kerak, kelgusi yillar uchun yangi xalqaro moliyaviy arxitektura qurishimiz lozim".143 Shubhasiz, oltin standarti global hamjamiyat uchun ko'plab foydalarga ega. Bu foydalar quyidagilardan iborat:

Islom iqtisodiy tizimida narx jamiyatning tovarlar qiymatiga oid bahosi, ish haqi esa jamiyatning xizmatlar qiymatiga oid bahosi sifatida belgilanadi. Pul esa, aksincha, ushbu bahoni ifodalash vositasidir. U odamlarga turli tovar va xizmatlarni o‘lchash hamda ularni bir umumiy asosga keltirish imkonini beradi, shu tariqa turli tovarlar va turli xizmatlarni umumiy standart sifatida xizmat qiladigan yagona birlikka solishtirish jarayonini osonlashtiradi. Tovarlar uchun narx, ishchilar uchun esa ish haqi ana shu birlik, ya'ni pul asosida to‘lanadi.

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.

Pulning qiymati uning xarid qobiliyati bilan baholanadi, ya'ni bir birlik pul bilan inson qancha mol va xizmat sotib olishi mumkinligi bilan. Shuning uchun jamiyat mol va xizmatlarning qiymatini baholaydigan vosita pul sifatida hisoblanishi uchun xarid qobiliyatiga ega bo'lishi kerak, ya'ni har qanday shaxs unga mol va xizmatlarni sotib olishi mumkin bo'lgan kuchga ega bo'lishi kerak.

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.

Bu vosita o'zida ichki kuchga ega bo'lishi yoki ichki kuchga bog'liq bo'lishi kerak, ya'ni jamoatchilik tomonidan tan olingan qiymatga ega bo'lishi kerakki, pul sifatida qaralsin. Aynan shu narsa oltin va kumushga pul uchun asos bo'lish kuchini beradi; oltin va kumush insoniyat tarixi davomida jamiyatlar tomonidan tan olingan ichki qiymatga ega. Ular qimmatbaho metall sifatida, erkaklar va ayollar uchun zeb-ziynat sifatida, garov va kredit kafolati buyumlari sifatida hamda ayirboshlash birligi sifatida ishlatilgan. Biroq, pul (xarid qobiliyatiga ega birliklar) chiqarish jarayoni dunyodagi barcha davlatlarda bir xil emas. Ba'zi davlatlar ichki kuchga ega bo'lgan (oltin va kumush) yoki ichki kuchga bog'liq pulni qabul qilishi mumkin. Boshqa davlatlar esa an'anaviy (almashtirilmaydigan) pulni qabul qilishi mumkin, ya'ni ular pul sifatida qaraladigan vositada kelishib oladilar va qonun hujjatlari yoki hukumat farmoni orqali unga xarid qobiliyati beradilar; bunday holda pul o'z-o'zicha haqiqiy qiymatga ega emas.

Valyutani ayirboshlash — bir valyutani boshqasiga almashtirish jarayonidir. Bu bir xil turdagi valyutani boshqasiga almashtirish bo‘lishi mumkin, masalan, oltinni oltinga va kumushni kumushga almashtirish, yoki turli turdagi valyutani boshqasiga almashtirish, masalan, oltinni kumushga yoki aksincha.

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.

Islomda bir xil turdagi valyutalarni almashtirish ikki shart bilan ruxsat etilgan. Birinchidan, almashinuv aynan bir xil miqdorda bo'lishi kerak, ikkinchidan, almashinuv bir vaqtda amalga oshirilishi kerak. Payg'ambar ﷺ shunday degan deb rivoyat qilinadi: "Oltinni oltinga almashtirish teng vaznda va aniq miqdorda bo'lishi kerak; aks holda farq ribodir (foizli qarz)."144 Xuddi shu qoida kumush tangalarni kumush tangalarga almashtirishga ham tegishli. Masalan, faraz qilaylik, biror kishida bir yuz grammlik oltin bo'lagi bor va uni beshta kichik oltin bo'lagiga almashtirmoqchi. Bu bitim faqat beshta kichik oltin bo'lagining umumiy vazni bir yuz gramm bo'lgandagina ruxsat etiladi. Shuningdek, almashinuv bir vaqtda bo'lishi kerak, ya'ni bir yuz grammlik bo'lagini egasi beshta bo'lakni olayotgan paytda topshirishi lozim. Boshqacha aytganda, katta bo'lakni berib, beshta bo'lakni turli vaqtda bo'lib-bo'lib olish mumkin emas. Islom bunday bitimni noqonuniy deb hisoblaydi va uni riboning bir shakli sifatida ko'radi. Bu qoida barcha turdagi valyutalarga ham kengaytiriladi. Shunday ekan, agar kimdir dollarni dollarga yoki yevroni yevroga almashtirmoqchi bo'lsa, almashinuv miqdori bir xil bo'lishi va pul bitim amalga oshirilayotgan paytda to'liq olinishi kerak.

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.