Currency Transformations in Morocco in the Late 19th Century: Presentation and Analysis of Al-‘Arabi Al-Musharafi’s Treatise "Waraqat fi Ruwaj As-Sikka bil-Maghrib"

Abstract

Currency transformations were one of the manifestations of the economic crisis that Morocco experienced during the 19th century. The changes in currency led to widespread disputes among traders, artisans, and the public. This situation prompted many scholars and intellectuals to engage in a legal and intellectual debate to address the conflicts arising among economic actors in Moroccan society. Al-Arabi Al-Musharafi was among the scholars who made significant contributions to this topic through his treatise, which contains valuable historical and jurisprudential insights related to commercial transactions and currency exchange fluctuations. In his work, he relied on the conservative nature of Moroccan society to invoke moral reasoning in an attempt to resolve these emerging issues and outline new foundations for the monetary exchange system.

Through this paper, we aim to explore the topic of currency and the fluctuation of Moroccan money’s value during the last quarter of the 19th century by presenting and analyzing Al-Arabi Al-Musharafi’s treatise, which he authored on November 1, 1896, under the title "Waraqat fi Ruwaj As-Sikka bil-Maghrib" (Pages on the Circulation of Currency in Morocco).