Doing Business in Currencies

Question :

Is it permissible for the Muslim to do business in currencies and is this in agreement with Islam? What is the view of the religion (i.e., Islam) concerning this?

Answer:

There is no harm in doing business in currencies, which is selling money for money, but under the condition that the money is handed over before the two parties separate. It makes no difference if the person gives the money itself and receives something that takes of the place of it, such as verified, dependable checks, and it makes no difference whether the two exchangers are the owners of the currencies or representatives. If the custom is not performed like this description, then it is not permissible and the person who does it is disobedient in his action and deficient in faith. However, this does not expel the person (from Islam) into disbelief.

إقرأ المزيد :

The ruling on Debt

Question : A man wanted to get married, but he did not have a sufficient amount ...

The ruling on selling dead Animals

Question : Is it permissible for a person to sell a dead animal to someone else ...

The ruling on whoever buys Merchandise and sells it while it is still in its Place

Question : Some merchants buy merchandise, then they do not receive it nor do th...

The ruling on dealing with Checks in selling Gold

Question : What is the ruling on dealing with checks in selling gold if they are...