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According to majority of scholars, it is allowed to transact with counterfeit money if accepted among the people and its forgery is apparent. Nevertheless, there are detailed explanations on the issue.

 

The Hanafiyyah school of thought allows transaction with counterfeit money if its forgery is predominant and the gold is overwhelmed, either by scale or in number, in accordance with its acceptability among the people as the currency in circulation. Equally if the gold is predominant or equivalent in proportion to the forgery, except that if transacted in this case with its type it is allowed in scale not in number, because the gold is originally weighty and the predominant is judged like its whole.

 

Nevertheless, when they are equal in proportion, its impermissibility is preferred to its permissibility when there is contradiction between impermissibility and permissibility, because it is safer (Badaiu As-Sanai'u vol. 5:197-198).

 

According to the Maalikiyyah school of thought, it is related that if the people adopt a specific currency, whether counterfeit or not, it should not be disallowed, because its impermissibility will result to loss of capital. In contrary, there is also a verdict that permits impermissibility of counterfeit currency (counterfeit to copper mint), and the ornament gold because its forgery is uncontrolled. (Mawahib – al-Jaleel vol. 4:342).

The Shafie'iyyah school opines that it is discouraged to mint counterfeit money in line with the Hadith of the prophet (pbuh) "whoever deceives us is not part of us" Muslim 1:99 and for people not to betray one another. However, if its standard is specified it is allowed, according to the unanimous view, to transact with it whether with specific goods or obligations.

 

However, if its standard is unspecified, it is viewed from four angles:

1: the most authentic is that it is absolutely permitted because the purpose is its acceptability and it is acceptable and considered a medium of exchange.

2: It is absolutely disallowed.

3: If the forgery is overwhelmed it is allowed for transaction not otherwise.

4: It is allowed for specific items and not allowed in obligations. (Mugni-al-Muhtaj vol 1:390).

 

The Hanabillah School are of two opinions; the more apparent is that of its permissibility. Ibn Qudamah reported Imam Ahmad concerning currency that is predominantly copper with some gold as permissible. It is also reported from Imam Ahmad that it is not allowed in buying and selling because of its forgery.

 

Ibn Qudamah said, the preferred of Imam Ahmad's verdicts on counterfeit money, is its permissibility as a medium of exchange so far it is generally accepted and its forgery is apparent. Since it is only produced from two items and there is no risk involved, and selling the two separately is allowed (Al- Mugni vol. 4:57-58)

 

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