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.
Source:
Ash-Shaykh Ibn Jibreen
Fatawa Islamiyah, Vol. 4 Page 415
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