Category: Business Matters
Fatwa#: 39315
Asked Country: United States

Answered Date: Nov 03,2017

Title: Currency exchange

Question

Assalamu'alaikum Shaikh, it is my Dua that you and your entire team and families are rewarded for the good that you do. My question is: If Someone is willing to sell me 2000 riyals, which is worth $500+ in my currency with today's value, for only $75, would it be counted as Riba if I I bought this from him? Is it allowed to buy money for less or more value in another  currency? Jazak'Allahu khair for your awaited reply.

Answer

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

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

Currency exchange may be divided in two categories;

1)    Cash transaction i.e. the dollars and riyals are exchanged immediately.

The currency can be sold at any price with mutual agreement. The price does not have to be according to the spot price or market price.[1]

2)    One side credit transaction i.e. the dollars or riyals are given now. The other currency is given later. In this case, the currencies must be transacted based on the market value.[2]

For example, A will give the riyals in cash and B will give the dollars one week later. In this scenario, the riyals must be exchanged for the dollars based on the market value.

However, two sided credit transaction is not permissible.[3]

For example, A will give the riyals next week and B will give the dollars in two weeks.  

In the enquired situation, you may exchange 2,000 SAR for 75 USD if the transaction is taking place in cash.

And Allah Ta’āla Knows Best

Saad Haque

Student Darul Iftaa
New Jersey, USA

Checked and Approved by,
Mufti Ebrahim Desai

 



[1] بحوث في قضايا فقهية معاصرة (١/١٦٦)

فيجوز إذن ان يباع الريال السعودى مثلا بعدد اكثر من الروبيات الباكستانية...

ولا خلاف في جواز التفاضل عند اختلاف الجنسين

[2] Ibid (١/١٦٨)

فصار البيع حينئذ بيعا بثمن مؤجل وذلك جائز في الأجناس المختلفة

ولكن جواز النسيئة في تبادل العملات المختلفة يمكن أن يتخذ حيلة لأكل الربا، فمثلا إذا أراد المقرض أن يطالب بعشر ربيات على المئة المقرضة، فإنه يبيع مئة ربية نسيئة بمقدار من الدولارات التي تساوي مئة وعشر ربيات. وسدا لهذا الباب، فإنه ينبغي أن يقيد جواز النسيئة في بيع العملات أن يقع على سعر السوق السائد عند العقد

فتاوى هندية (٣/٢٢٤)

لو باع الفلوس بالفلوس ثم افترقا قبل التقابض بطل البيع ولو قبض أحدهما ولم يقبض الآخر أو تقابضا ثم استحق ما في يدي أحدهما بعد الافتراق فالعقد صحيح على حاله كذا في الحاوي

 

(Contemporary Fatawa, Mufti Taqi Uthmani Pg.141, Idara)

[3] بحوث في قضايا فقهية معاصرة (١/١٦٧)

يشترط قبض احد البدلين عند الامام ابي حنيفة واصحابه لان الفلوس عندهم لا تتعين بالتعيين، فلو افترقا دون ان يقبض احد البدلين لزم الافتراق عن دين بدين

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