Question Summary:
What is the prevalent opinion among the hanafi jurists about the paper money?

Question Detail:

What is the prevalent opinion among the hanafi jurists about the paper money? Is it halal or haram?

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Paper money is regarded as money in common practice and understanding. Common practice and understanding is called urf in Shariah. Urf is strongly considered in Shariah.
And Allah Ta’āla Knows Best
Mufti Ebrahim Desai.