The rulings on exchange of currencies ((أحکام الصرف are distinctly different from the rulings on exchange of commodities. These two sets of rulings are different because currencies (even if they are commodities) are considered different from commodities. So, the rulings of exchange (drawn from the Prophetic traditions) primarily focus on money ‘as a medium of exchange,’ and not because currencies (or moneys) have intrinsic values.  Thus, any phenomena (e.g., inflation) do not have any bearing on the prohibition of Riba. Therefore, it is only fair to demand an equal amount (and not equal value) in purely monetary exchanges, irrespective of an inflationary or deflationary environment.  This is wrong to assume or claim that the commodity-based currencies will not give rise to inflation, as there is clear evidence that prices of goods and services would fluctuate even in barter economies. Even if a major part of inflation can be attributed to fiscal excesses as per a government’s economic policies or performance, it cannot be used as justification for charging interest.