Writes Omar Hossino: “You are right when you say that Islam blesses gold currency. In fact, many early Islamic writers did not even consider fiat as truly ‘money.; Ibn Khaldun, an Islamic theologian and historian, writes that the beginning of the downfall of civilization is when the government transgresses against the property rights of others, which is unjust. Fiat currency does this by being continually debased. As Ron Paul says, no nation survives the debasement of its currency.

“Gold is thus considered blessed as true currency. The Prime Minister of Malaysia tried to encourage the implementation of an Islamic gold-based currency throughout the Islamic world as a common monetary base. The other states did not accept the idea. To their peril…”