Abstract
This article goes into details of the fundamentals of the current monetary system and the fiqhi opinions of major Islamic scholarships regarding the permissibility of fiat money.The research finds that the Islamic scholarship has predominately focused on only one matter that whether money is limited to gold and silver only or can it be extended to include other things; whilst the Islamic scholarship has clearly not analysed deep into the working of the current monetary system and its unjust nature.The article goes on to conclude that a pure Islamic financial system based on the principles of Shari'ah cannot exist within the current monetary system and to create a true Islamic financial system based on zero interest and just distribution of wealth, it is imperative to move towards commodity money or at least to a currency backed by an objective standard such as gold.
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