Definition and Context
Base Money in Islamic Jurisprudence
In Islamic law, the concept of Base Money refers to currency that does not meet the standard quality required by the state treasury but is still functional in daily transactions among merchants. Specifically, the transaction of one pure dirham (a unit of currency) and two base dirhams in exchange for two pure dirhams and one base dirham is considered lawful according to classical Islamic jurisprudence.
Etymology
The term “base” (غَلَط - ghalat) in this context refers to money that is debased or does not meet a prescribed quality or standard. The Arabic term used implies imperfection or defect, making it inferior to the “pure” dirham that meets these criteria. This differentiation was crucial during times when currency regulation was stringent.
Arabic and Turkish Translations
- Arabic: المال القائم (al-māl al-qā’im)
- Turkish: Temel Para (base money)
Legal Rulings
Classical References
- Hidāyah: Asserts the legal permissibility of the transaction described above. This authoritative text on Hanafi jurisprudence addresses numerous complex issues and provides a guideline for lawful transactions involving varying qualities of currency (Hidāyah, vol. ii. 560).
Application in Trade
The transaction between pure and base dirhams is common among traders who must abide by both market practices and religious guidelines. The lawfulness assures that the exchange is fair and permissible, avoiding any form of riba (usury), which is strictly prohibited in Islam.
Books for Further Studies
- “Islamic Law of Business Organization: Partnerships” by Imran Ahsan Khan Nyazee:
- Provides extensive detail on Islamic commercial law.
- “The Dinar and the Dirham: An Islamic Monetary History” by Murat Çizakça:
- Explores the historical context and significance of Islamic currency.
- “An Introduction to Islamic Finance: Theory and Practice” by Zamir Iqbal and Abbas Mirakhor:
- A comprehensive study on Islamic financial principles.
Takeaways and Conclusion
Key Takeaways:
- Base Money: Currency not fit for the public treasury but used in trade.
- Permissibility: The transaction involving uneven exchange of dirhams is lawful.
- Etymology: “Ghalat” denotes a defective or substandard currency.
- Legal Texts: Key references like the Hidāyah provide classical jurisprudence backing.
Conclusion: Understanding the concept of base money in Islamic jurisprudence helps clarify several commercial practices in historical and modern contexts. It emphasizes the need for integrity and fairness in monetary exchanges, which are crucial principles in Islamic ethics.
For a more detailed understanding, readers are encouraged to refer to the suggested literature, which provides both historical insights and contemporary applications of these principles.
