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Foreign Currency Investment Accounts
What is the Shariah ruling in regard to deposits of foreign currency in joint investment accounts such that when withdrawals are made by the clients, they are made from these accounts in the same currency and at the same rate as the one prevailing when they were deposited?
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 be able to retrieve these deposits in the same currencies at the time of withdrawal. The bank possesses the right to invest these deposits in overseas projects or for the purpose of covering letters of credit etc.

The bank must calculate the earnings accrued to the amounts deposited, at the purchase or the average price of the day the deposits were made.

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