this post was submitted on 18 Nov 2025
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A Boring Dystopia
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Basically the borrowers are using gold-to-gold loans instead of cash loans to buy gold to avoid problems like price fluctuations.
They're using the gold for jewelry making or industrial processes, and then returning different gold with interest paid back in gold.
So the lenders are lending out gold, and getting back more gold as interest with no money changing hands.
my unpopular opinion was that this is very near sound money in islam (gold or silver) until I saw the interest part which is forbidden in islam.