Transferring money from one currency to another
Dear Brothers & Sisters,As-Salaamu-Alaikum wa Rahmatullahi wa Barakatuh. (May Allah's Peace, Mercy and Blessings be upon all of you)
One of our brothers/sisters has asked this question:
What is the ruling on money which is transferred from one currency to another? For example, I am paid in Saudi riyals, and I transfer it to Sudanese riyals. One Saudi riyal is equal to three Sudanese riyals. Is this riba?
(There may be some grammatical and spelling errors in the above statement. The forum does not change anything from questions, comments and statements received from our readers for circulation in confidentiality.)
Check below answers in case you are looking for other related questions:
Answer:
Praise be to Allaah.
It is permissible to change notes of one currency into notes of another currency, even if there is a difference in value, because they are of different types, such as the examples mentioned in the question. But this is subject to the condition that the exchange be completed in one sitting. Checks and money orders are counted as exchanges done in one sitting.
And Allaah is the Source of strength. May Allaah bless our Prophet Muhammad and grant him peace.
Whatever written of Truth and benefit is only due to Allah's Assistance and Guidance, and whatever of error is of me. Allah Alone Knows Best and He is the Only Source of Strength.
Related Answers:
Recommended answers for you:
Wister