Currency Exchange with the Exchange
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Fatwa No. ( 20292 )
Q: I live on my mother’s pension, which she receives from France,
because my father worked there. The currency is exchanged as follows: a person gives us money here in Algeria in dinars and goes to France to the bank to take out francs after a period of time through an agency, or the reverse: he is in France and takes francs from the bank through an agency, and when he returns to Algeria he gives us the dinars, such that the exchange rate is (1 franc = 14 Algerian dinars). I asked some of the brothers, and they said this is riba al-nasi'ah (usury of deferment). The house was built with this money, and the food and drink and everything else comes from it. Even I study from it and buy books and clothes from it. I used to give charity and fast voluntarily. When I learned that this is riba, I stopped working, because Allah does not accept anything but what is pure. Despair overtook me; when I think about it, I find that everything in my life is from what is forbidden. I say, how will Allah the Mighty and Majestic accept from me when my food is forbidden, my drink is forbidden, and my dwelling is forbidden? Even my determination to seek medical knowledge has weakened. And this degree I am obtaining did not come to me through lawful means. What should I do?
A: If the agent gives you the Algerian dinars before he travels to France as a loan, and then after receiving your mother’s pension from the bank in French francs, he settles the account with you according to the rate of the dinars and francs in Algeria at the time of settlement, and does not take an increase over the rate, then there is no harm in that; for what is established is . However, if he gives you the dinars before his travel as an exchange for the French currency that he will receive after his travel, then that is not permissible; because the exchange did not take place in the meeting of the contract. And what you did previously, contrary to what is prescribed, out of ignorance, there is no blame on you for it, and it does not harm your prayers or anything else, by the saying of Allah the Mighty and Majestic: [Al-Baqarah 2:275] the verse. It is obligatory for the Muslim to repent to Allah for his shortcoming, to have good opinion of Allah, and not to have a bad opinion; because sincere repentance is sufficient, with the praise of Allah, to erase sins for one who is truthful in that and sincere in his work for Allah alone. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q: I live on my mother’s pension, which she receives from France,
because my father worked there. The currency is exchanged as follows: a person gives us money here in Algeria in dinars and goes to France to the bank to take out francs after a period of time through an agency, or the reverse: he is in France and takes francs from the bank through an agency, and when he returns to Algeria he gives us the dinars, such that the exchange rate is (1 franc = 14 Algerian dinars). I asked some of the brothers, and they said this is riba al-nasi'ah (usury of deferment). The house was built with this money, and the food and drink and everything else comes from it. Even I study from it and buy books and clothes from it. I used to give charity and fast voluntarily. When I learned that this is riba, I stopped working, because Allah does not accept anything but what is pure. Despair overtook me; when I think about it, I find that everything in my life is from what is forbidden. I say, how will Allah the Mighty and Majestic accept from me when my food is forbidden, my drink is forbidden, and my dwelling is forbidden? Even my determination to seek medical knowledge has weakened. And this degree I am obtaining did not come to me through lawful means. What should I do?
A: If the agent gives you the Algerian dinars before he travels to France as a loan, and then after receiving your mother’s pension from the bank in French francs, he settles the account with you according to the rate of the dinars and francs in Algeria at the time of settlement, and does not take an increase over the rate, then there is no harm in that; for what is established is
It was narrated from Ibn 'Umar (may Allah be pleased with them both) that he said: O Messenger of Allah, we sell for dinars and take dirhams, and we sell for dirhams and take dinars. The Prophet (peace and blessings be upon him) said: There is no harm in taking them at the price of the day, as long as you do not separate while anything remains between you.
عن ابن عمر رضي الله عنهما أنه قال: يا رسول الله: إنا نبيع بالدنانير ونأخذ الدراهم ونبيع بالدراهم ونأخذ الدنانير، فقال النبي صلى الله عليه وسلم: لا بأس أن تأخذها بسعر يومها ما لم تفترقا وبينكما شيءSo whoever has received an admonition from his Lord and desists may have what is past, and his affair rests with Allah
فَمَنْ جَاءَهُ مَوْعِظَةٌ مِنْ رَبِّهِ فَانْتَهَى فَلَهُ مَا سَلَفَ وَأَمْرُهُ إِلَى اللَّهِ
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.