Is the return to gold based currencies old fashioned?

Answer: Around the time of Napoleon Bonaparte who created the ‘Banque de France’ and through it, inspired the rest fiat/paper currency that’s ubiquitous throughout our commerce today, people considered gold and silver coins (dinar & dirham) as the only trusted means of exchange.

You might call this ‘old fashioned’, We prefer to call it ‘common sense’. While fiat currencies are great for governments and banks because they allow money to be created from virtually ‘thin air’ and to collect interest on basically nothing, gold and silver currencies are the antithesis to fiat/crypto currencies precisely for the fact that they cannot be created from ‘thin air’ and do not carry interest/riba.

Contrary to fiat currencies, bi-metallic currencies have an intrinsic value which is derived from their rarity as a precious metal coupled with the arduous labour it takes to extract them from out of the earth, purify them and then mint them into coins.

This intrinsic value does not depend on a promissory note by somebody else to pay the value of as is the case with fiat or crypto currencies.

Ihyaa – us -Sunnah | Revival of Sunnah