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Mutual Promises To Buy Or Sell
What is the Shariah ruling in regard to a mutual promise for the sale of various currencies at the rate of exchange on the day of the agreement on the condition that delivery of both counter values will be delayed so that the exchange may take place hand to hand in the future?

Will it make a difference if the promise is binding or non- binding?
A mutual promise such as this if binding on both parties is subject to the general prohibition against the sale of debt for debt and is therefore unlawful. In the event that the mutual promise is not binding on both parties, it is considered lawful.




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