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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...
 
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...
 
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...
 
Transferring Deposits
Is the legal maxim that “all loans which bring on profit are riba” applicable to the exchange of deposits in the event that if the two parties...
 
Guaranteeing Gold
Such a deal is permissible because it includes the loan of gold and trading in it while it is the property of the seller-borrower and then a...
 
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...
 
Currency Exchange
It is permissible to exchange different currencies at spot according to an agreed upon rate of exchange.
 
Setting Exchange Rates For Currency Deposited Without The Client's Or Bank's Information
In the event that an exchange is completed in a foreign currency and there are no instructions regarding the exchange to a local currency of the...
 
Setting Rates For Currency Exchange Made By Client Through Correspondent Bank
When a client expects an exchange to be made in his favor through a correspondent bank, the exchange takes place at the rate on the day the...
 
Advance Agreement On Rate
It is permissible to make a promise to sell by agreeing upon a rate in advance for a transaction to take place at a later date and the delivery and...
 


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