Article: Paper Money

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What will happen to paper and physical money when all commercial transactions and banking services are all digitised and done online?

Assalam.

Thank you bro for the question. We must be steadfast in our belief that the only important thing about a monetary system is *where the money is heading to* Not whether it's Digital or Brick and Mortar. (We are also concerned that the akad for movements of money must be Islamic akads of equity etc. not debt and riba).

Back to the above issue, it irks me no end the Central Bank's concern with money is only it's transactional matter; never where the money is headed. This is where I say they are besotted with Basel and Omputih. It never occurs to them to examine the correctness of the system they are promoting!

Recently we had an International Movement for Monetary Reform (IMMR) AGM and a Delegate from Netherlands asked me what is the status of Monetary Reform in Malaysia? I replied we have been intense in our usage of Socmed to spread our Monetary Reform knowledge that I believe the man on the street in Malaysia understands more of Monetary Reform and the deficiencies of our Monetary System than our Central Bank and our Govt!!

 This is partly due to the mindless grip of our Western worldview education that some of us have been totally zombied by them; won't challenge them and hardly attempt to review our knowledge through the demands of Quran and Sunnah. We always declare we live by the Quran and Sunnah, and that we will answer "Quran is our Imam" when questioned in our graves, but we do absolutely nothing to rewrite knowledge in the worldview of Quran and Sunnah. (This is the subject of another piece I'm going to write on the damage of PhDs to our Islamic line of thoughts. I.e. the Human Science knowledge and less purely Science knowledge). 

Sorry I digress. We must continue to look at the stalwarts and supporters of the current legacy monetary system with derision and little respect, until they wake up from their unending slumber. Yes bro, not relevant whether digital or brick and mortar; not relevant whether its digital or paper. What matters is where the loan/money is pointed to. If digital banks focus their money on the real sector to create employment and economic output- we salute them. But if again they focus on personal loans and similar, then they are nothing more than *Digital Chettiars* not worthy of admiration or respect.

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Dikemaskini [Updated]: Sam Ahmad 20230627