because they generally deal in these notes. I once read a treatise entitled, Persuading Souls to Treat Banknote Currency as Equivalent to Base-Metal Coinage.

Anwāṭ means paper notes.

But I do not think any scholar could firmly maintain this view, because of its untenable implication: that there would be no usury among people today, since most of their dealings are conducted in paper currency; and that no zakah would be due from one who possessed millions of these notes unless he had designated them for trade.

The second view is that they are equivalent to currency with respect to the obligation of zakah, since they fall under the general purport of Allah’s saying: “Take from their wealth a charity” [al-Tawbah 9:103]. The wealth relied upon today is this wealth.

The Prophet ﷺ said to Mu'adh ibn Jabal, “Inform them that Allah has made charity obligatory upon them from their wealth” (1). Thus, it is wealth, and people treat it as currency. Zakah is therefore obligatory on it, with no difficulty in this regard. Its niṣāb (minimum taxable threshold) is assessed according to the silver niṣāb, because it replaced Saudi silver riyals. This applies with respect to Saudi riyals; each country has its own ruling.

The second issue: Does usury apply to it?

Those who hold that it is merchandise maintain that usury does not apply to it—neither usury of excess nor usury of delay. Just as there is no harm in exchanging one garment for two or three, or one camel for two camels, whether possession is taken immediately or deferred, the same applies to these dirhams: exchanging some of them