Exchanges have persistently functioned as significant economic activity throughout human history. Historically, materials such as salt, seashells, gold, and silver have been used as currency. As economic activity expanded, more pragmatic payment methods emerged, leading to the emergence of the fiat money system. Fiat money is a currency devoid of intrinsic worth; nevertheless, it is exchanged based on trust in the authority and economic stability of the government. Before the advent of fiat currency, banknotes were exchanged for a specified quantity of gold or silver. Nonetheless, under the Bretton Woods arrangement, the dollar became the worldwide reserve currency, decoupled from gold standards. This resulted in the expanded proliferation of the fiat currency system in the global economy. The fiat currency system relies on government and central bank trustworthiness. This approach, however, has concerns including susceptibility to speculation, potential inflationary effects, and the facilitation of interest-bearing credit transactions. The Islamic world’s monetary system has historically relied on gold and silver. Islamic scholars acknowledge that anything that achieves social consensus can serve as currency. Many Islamic scholars have highlighted the perils of the fiat money system, asserting that it poses significant risks to Muslim nations.