MONEY
The subject is not simply about the depiction of banknotes, but rather how printed reproduction serves to certify value in reproduction. My specialist interest within this topic concerns the graphic vocabulary that has ostensibly developed to secure printed money against counterfeit. This has itself been imitated to produce value on other forms of printed securities and debased for use in vernacular promotion such as advertising. The perspective of this research is unique in that it treats monetary ornament as a mechanism that is primarily promotional, rather than protective (or proscriptive).
 
The topic is treated more extensively in my doctoral thesis, of which parts may be (eventually) be downloaded as PDFs. A short illustrated summary can be viewed or downloaded here (3.2MB PDF)
 

 
FATWA (excerpt)
 
Concerning the Islamic Prohibition of Using Paper-Money as a Medium of Exchange
 
The proof of this prohibition of usury comes from the book of Allah :
"Allah has permitted trade and forbidden usury"
(Quran, 2, 275)
 
...
 
After examining the nature of paper money in all possible forms: as a debt (a promise to pay a merchandise or representing a merchandise) and as a merchandise, we have seen its use makes the transaction usurious.
 
Paper money cannot be accepted as a medium of exchange even if it represents a merchandise gold or silver, on a nominal and one to one basis. Even if that were the case it could not be used outside the closed circuit of depositor and receiver. Only on a private scale it can be transferred but may not circulate.
 
But if we consider that nowadays paper-money has become nothing but a pure symbol with no reality attached except the imposition of the law, then it is clear that the use of paper money is usury because:
- Its 'legal value' is an imposition by the state on the people and
- Its production is a limited monopoly by the same state that imposes it.
Without these two elements which are usurious conditions the value of the paper-money would be nothing.
 
Therefore we declare a Fatwa in Granada, for all the Muslims, by which:
After examining all the aspects of paper-money, in the Light of the Qur'an and the Sunna, we declare that the use of paper-money in any form of exchange is usury and is therefore haram. It is not permitted for the Muslim to accept or to give paper-money in a commercial transaction. It is an obligation on the Muslims to abandon usury and to introduce new media of exchange, or money, and the best way is to follow the sunna of the Messenger of Allah, salallau alaihi wa salaam, by using gold and silver, or any other merchandise commonly accepted as a medium of exchange.
 
GRANADA, 18th of August of 1991.