Shaykh Muaawiyah Tucker highlights that the defining feature of money is fungibility , the quality where each unit is interchangeable with another of the same kind. This is a key characteristic for something to be used as money, and he suggests that this property applies to both traditional forms of money (like gold and silver) and modern forms (like fiat & Bitcoin) that function as mediums of exchange. He challenges the restrictive view that only things sold by weight or volume (like metals) can be classified as ribawi . Instead, he argues that any commodity with value and fungibility, including fiat and digital currencies, could be considered as having the same function as traditional money, hence subject to the same rulings on riba. Ultimately, Shaykh Tucker proposes that both the more traditional view (focusing on weight/volume) and the broader view (focusing on value/fungibility) are valid and complementary. This inclusive approach helps reconcile various scholarly opinions and apply Islamic principles to contemporary issues like fiat & bitcoin. Shaykh Tucker’s approach to qiyas and riba recognises the evolving nature of currency and commerce. By focusing on fungibility and value, he offers a framework that accommodates both traditional and modern economic systems. This is particularly relevant in today’s digital age, where new forms of money (like Bitcoin) are increasingly used for transactions. His argument encourages a deeper exploration of why certain commodities are treated the way they are in Islamic law, rather than merely relying on historical precedents. This emphasis on reasoning aligns with a dynamic, responsive approach to Islamic finance, allowing for adaptation while preserving core principles. In sum, Shaykh Muaawiyah Tucker presents a nuanced understanding of Islamic jurisprudence that honors traditional interpretations while also engaging with modern developments in finance and technology. This holistic perspective helps bridge the gap between classical Islamic rulings and contemporary financial practices.
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