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Promising to Buy or Sell Gold and Silver in the Future A promise to buy or sell gold or silver in the future opens the door to the sale of debt for debt which is prohibited. A contract for the sale of...
	A promise to buy or sell gold or silver in the future opens the door to the sale of debt for debt which is prohibited. A contract for the sale of...

Agency In The Sale Of Gold The Shariah views the money changer as an agent of the depositing bank and the gold in his safekeeping is considered a trust which cannot be...
	The Shariah views the money changer as an agent of the depositing bank and the gold in his safekeeping is considered a trust which cannot be...

Types of Mediums of Exchange There are two types of mediums of exchange: natural mediums of exchange (ie. gold and silver) and legal tender (ie. paper currency). In...
	There are two types of mediums of exchange: natural mediums of exchange (ie. gold and silver) and legal tender (ie. paper currency). In...

Permissibility Of Forward Currency Contracts No, it is not permissible to enter into currency contracts for the future since they involve elements of riba and gharar.
	No, it is not permissible to enter into currency contracts for the future since they involve elements of riba and gharar.

Ruling Regarding Exchange of Similar Currency Yes, in order to avoid the risk of loss due to fluctuating exchange rates, it is permissible for two contracting parties to deal in the same...
	Yes, in order to avoid the risk of loss due to fluctuating exchange rates, it is permissible for two contracting parties to deal in the same...

Actual And Constructive Delivery Of Payment Actual delivery refers to a hand-to-hand exchange of currency between contracting parties. Constructive delivery refers to anything that is given...
	Actual delivery refers to a hand-to-hand exchange of currency between contracting parties. Constructive delivery refers to anything that is given...

Selling Currency At Two Different Rates It is permissible for banks to sell currency at a different rate for transfers than for cash as long as there is no international law to prevent it...
	It is permissible for banks to sell currency at a different rate for transfers than for cash as long as there is no international law to prevent it...

Buying Back Notes Based On Payment In Currency Other Than The One Note Was Originally Issued In The issuer's buying back the note and disregarding the maturity date is the same as his agreeing to exchange the currency of the note for another...
	The issuer's buying back the note and disregarding the maturity date is the same as his agreeing to exchange the currency of the note for another...

Permissibility Of Trading Foreign Exchange At Spot The scholars permit the settlement of spot transactions to take place 2 business days after the actual transaction provided that the buyer does not...
	The scholars permit the settlement of spot transactions to take place 2 business days after the actual transaction provided that the buyer does not...

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