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Purpose This paper aims to discuss the opinions of currentShariah scholars on the concept of debt money in the present-day fiat money system. Design/methodology/approach Research design of this paper is a quantitative investigation ofShariah experts by distributing a questionnaire to them. As majority ofShariah scholars are alsoShariah advisory of the current banking system, it is important to find out their level of knowledge on the issue of debt money created by the commercial banking system through the fractional-reserve banking (FRB) system. Findings Based on this investigation, mostShariah scholars are unaware of and confused about the mechanics underpinning the creation of money, especially with respect to FRB as it is practiced by the conventional and Islamic banking systems. Originality/value Based on this research, it is recommended that these scholars should improve their understanding of the operation of the fiat money system and its consequences. It is recommended that, in future,Shariah scholars should think \"outside of the box\" by creating Islamic financial instruments that do not resemble those of the conventional system.