Shaykh Muhammad at-Ta’wil’s Fatwa- ‘Zakat with Paper Money’

Please Share on Your Social Media

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Share on whatsapp
By Shaykh Muhammad al-Ta’wil translated by Shaykh Abdullah Ali This is a powerful and well written fatwa by Shaykh Muhammad at-Ta’wil of the Qarawayyin University in Morocco. The following fatwa was issued in 2001. It argues in contradistinction to another view that Zakat is due on paper money as opposed to merely being restricted to gold and silver currency. Before delving into the topic, we should be reminded of some established facts that are considered the basic reference point regarding the topic of Zakat on currency. Those facts are:
  1. “The consensus (ijma’) about the compulsoriness of Zakat on this particular currency (gold & silver) as opposed to other forms of precious jewels, like gems (jawhar) and pearls (lu’lu’).”
  2. The consensus about limiting the obligation to be spent from it to 2.5%
  3. The consensus about limiting the payout threshold (nisab) on silver to 200 legal dirhams (silver currency) and 20 legal dinars (gold currency) other than the irregular departure
These consensuses and the many hadiths that they are founded upon once played a large role with a far-reaching influence, and served as a radiant light in granting clarity to the vision about Zakat on cash―during the pioneer era during the days of the unified legal currency―with respect to the vessel of Zakat, its measure, and the amount of its payout threshold (nisab): a thing known by both specialists and laypersons.

Read Full Article

Support The Lamppost Education Initiative

In order to continue the services in Islamic education and research that the Lamppost Education Initiative has provided for more than 15 years, we need your donations and support. Find out more by clicking the link below:

More Posts

Get The Latest Updates Sign Up For Our Newsletter

stay informed!

Sign up for our email list to receive exclusive content and notifications. Subscribe now and we will send you a special gift.

Subscribe to our email list and Get Your Free download of Dr. Abdullah bin Hamid Ali's acclaimed essay: "Scholarly Consensus: I'jma Between Use and Misuse"