So what is “Sunnah Money”, you might be asking. Well Sunnah Money is money with intrinsic value that isn’t debt-based (isn’t created out of debt) and is inflation proof (can’t be debased) and is often referred to as ‘Real Money’ or ‘Sound Money’. The only thing that can achieve this is gold and silver currency (which have been used as money for 5 to 6 thousand years) or abundant tradable commodities, which at the time of Prophet Muhammad (SAW) included wheat, barley, dates, and salt. The problem with paper money is that since it came into existence, private and central banks have inflated their value to maximize profits and as a result many paper currencies have experienced hyperinflation, resulting in the paper currencies returning to their true intrinsic value of zero. Atleast when paper money was backed by gold or silver there was a limit that governments could inflate it and could be considered partially Islamically acceptable. But since 1971, all currencies of the world are backed by nothing (aka fiat money) after the US took the world off the gold exchange standard, which was adopted at Bretton Woods after World War II (1945). Since then, all the major currencies of the world are traded daily on the foreign exchange (forex) to decide their value (though their central banks can always intervene in the value) and have continuously been inflating, resulting in the lost of 30% (JPY, CHF) or 80% (USD, CAD, GBP, AUD) of their value in the last 40 years. So I will use this blog primarily to publishing information I gather and write about economics, as it has now become a hobby.
I had been contemplating a similar website to this since 2009/2010, which I initially envisioned would be titled “Debt Free Dubai”, due to the major real estate bubble that popped in Dubai (where I presently live) and my naive assumption that people had just been carelessly racking up credit card, auto loan and mortgage debt that they now found quite difficult to repay. But after many hours of reading and watching (never thought I would actually find a good use for youtube), I finally have a better grasp on the corruption and evil plaguing our financial/monetary system.
My financial education took me on the path to learn from people who saw and warned about the 2008 financial collapse, including my favourites Peter Schiff (CEO, Euro Pacific Capital), Max Keiser (Economic TV Presenter on RT and Press TV), and Robert Kiyosaki (CEO, Rich Dad), all of whom believe in sound money. Other individuals and organizations that I highly appreciate include Ron Paul, Jim Rogers, Marc Faber, James Turk, Bob Chapman, Mike Maloney, David Morgan, Gerald Celente, Alex Jones, David Icke, Elizabeth Warren, G. Edward Griffin, Sprott Asset Management (Eric Sprott, John Embry), GATA, the Funding Father (US Constitution), and the Ludwig von Mises Institue (Austrian Economics). And last but not least, the many great youtube channels – HyperReport, SGTbull07, stellaconcepts, visionvictory, and inflationUS.
After writing a few lengthy emails to my family and close friends (including ‘The State of US and the World Economy’ and ‘Why I Buy Gold and Silver’) about the present economical state of the world, I felt it would be better to put this information in an easily accessible area, which would also allow the readers to comment and discuss. Someone suggested doing it on twitter, but I ended going with a blog as I didn’t like the character limitations and format. I must thank the brothers and sisters who attended the 2nd International Islamic Retreat in South Africa, for giving me the final push I needed to setup this website, as the knowledge that I have accumulated, I would like to share with them and anyone else who can benefit from it. I must also thank Sheikh Imran N. Hosein for opening my eyes to economics from an Islamic perspective and also coining the phrase “Sunnah Money”, which of course this website is named after.
Yousuf Philips ( info [at] sunnahmoney.com )
After purchasing the domain and setting up the blog, I found out that the domain was previously used by Salman Ul Haq sometime in 2008/2009 entitled “Islam and Modern Economic System – A repository of analysis on the devilish nature of Modern Economic ‘Slavery’ and the solution that Islam provides”. He seemed to be on a similar path as me, learning about the current financial system and islam’s alternative, when he setup his blog and I hope to continue the spirit of his initiative.