If a promise is made to enter into exchange operations at a specified price, a delayed delivery and no advance payment, the exchange must be...
A Promise To Purchase Different Currencies
In the event that the promise is considered binding on both parties it will fall under the general prohibition against the sale of debt for debt...
In the event that the promise is considered binding on both parties it will fall under the general prohibition against the sale of debt for debt...
Mutual Promises In Exchange
It is not permissible for a mutual promise in the exchange of currencies to be binding. If the promise is not binding on both parties, the exchange...
It is not permissible for a mutual promise in the exchange of currencies to be binding. If the promise is not binding on both parties, the exchange...
Bearing Costs Of Exchange
The one to whom the cheque is written bears the cost of the exchange since he is the one carrying out the exchange.
The one to whom the cheque is written bears the cost of the exchange since he is the one carrying out the exchange.
Foreign Currency Investment Accounts
It is permissible for clients to make deposits of foreign currency in joint investment accounts in order to share in the resulting profits and to...
It is permissible for clients to make deposits of foreign currency in joint investment accounts in order to share in the resulting profits and to...
Purchasing Currency For Cash
In the event that a definite price for the currencies has not been set by a responsible authority, legal consideration may be given to what the two...
In the event that a definite price for the currencies has not been set by a responsible authority, legal consideration may be given to what the two...
Buying Foreign Currency From Local Client
As long as the contract for the sale of goods remains separate from and independent of the contract for the purchase of currency from the client,...
As long as the contract for the sale of goods remains separate from and independent of the contract for the purchase of currency from the client,...
Promise To Purchase Currency
It is not permissible to make a promise to purchase currency. The only sale of currency allowed is a straightforward sale that is accompanied by a...
It is not permissible to make a promise to purchase currency. The only sale of currency allowed is a straightforward sale that is accompanied by a...
Purchasing Currency On Credit
It is lawful to purchase currencies in such a manner from mercantile banks since it is akin to paying something they owe as a debt, either in full...
It is lawful to purchase currencies in such a manner from mercantile banks since it is akin to paying something they owe as a debt, either in full...
Disclaimer: Although care has been taken in preparing the information contained in this Q&A database, Ethica Institute of Islamic Finance cannot guarantee the accuracy thereof. Anyone using the information does so at their own risk and shall be deemed to indemnify Ethica Institute of Islamic Finance from any and all injury or damage arising from such use. One should double check with a qualified scholar to see whether the Q&A applies to one's particular situation.
ASK AN ISLAMIC FINANCE QUESTION
Each question is reviewed by an Islamic finance expert and approved by a scholar.
