Tuesday, April 06, 2021 / 09.00AM / Bukola
Akinyele-Yisau for WebTV /Header Image Credit: Coded Wap
Recently Professor Abdulrazaq Alaro, Head Department
of Islamic Law, University of Ilorin, Kwara State, gave a presentation on “Cryptocurrency: An Islamic Law Perspective” at a webinar organized by
Forerunner Welfare Foundation in conjunction with Muslims Students Society of
Nigeria (MSSN) Somolu Area Council.
Professor Alaro is a Member of, Financial
Regulation Advisory Council of Experts, Central Bank of Nigeria and
Member, Takaful Advisory Council, National Insurance Commission.
He started his presentation from the evolution of
money. According to him, in the primitive era, there was no money but trade by
barter which means people exchanged commodities with one another in the market.
But that could not sustain a high volume of business or commercial
transactions. This according to him brought the invention of money as a medium
of exchange. In early human society, human beings exchanged commodity money in
the form of gold and silver. Also, gold and silver were used as currencies
during the time of Prophet Mohammad (SAW).
The scholar noted that another type of money
evolution was “Fiat Money”. He viewed fiat money as a currency that has
no intrinsic value. The currency gains acceptance based on the full faith and
credit of the issuing authority.
“The money we have today is mere paper but it is
of value due to the…