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Advance Agreement On Rate
What is the Shariah ruling in regard to an agreement on the sale and purchase of foreign currency at a rate that is agreed upon in advance, such that the transacting takes place at a later date and the delivery and receipt of cash take place at the same t
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 receipt of cash to take place at the same time. In the event that the promise is linked to anything that is suggestive of a contract of sale, like a down payment, the deal will become like the sale of debt for debt which is prohibited and must be avoided at all costs.

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