Category: Business Matters
Fatwa#: 37849
Asked Country: Bangladesh

Answered Date: Mar 08,2017

Title: Paying in forex

Question

A person wants to buy some products from online shops and have to pay dollar or other foreign currency it is noted that he will not have to pay local currency because he will buy product from abroad. But he have no way to transaction dollar or foreign currency in this mean another company (as a broker) offered him, they will pay the amount (dollar or other foreign currency) with some condition (first) the person has to register as clients on this company with some amount of fees and (second) when the person buy some products from online or aboard, he will have to pay some commission that registered company, i.e. if the person buys $100 products he have to pay $105 (8400 BDT Taka) in local currency on this registered company. My question is that in this way transaction(first and second condition) is legal for this company?

Answer

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

Kindly forward the terms and condition and relevant documents on procedure of transaction and payment. We would like to examine the role between the client and company which will pay the money. Email: admin@daruliftaa.net

And Allah Ta’āla Knows Best

Safwaan Ibn Ml Ahmed Ibn Ibrahim

Student Darul Iftaa
Limbe, Malawi 

Checked and Approved by,
Mufti Ebrahim Desai.

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