Ruling on Currency Exchange Through the Bank
Machine translationRead the Arabic original
Question:
This questioner, Hamid from Madinah, says: I have one thousand riyals. If I exchange them at the bank, I get sixty-two and a half Sudanese pounds. There is a man in Jeddah who says: "We will receive one thousand riyals from you and send to your family in Sudan sixty-two and eighty pounds." Is there riba (usury or interest) in this?
Answer:
Yes, this is currency exchange, and currency exchange is not permissible except with immediate exchange of possession in the meeting place. So you must buy the currency you wish to send; you must buy it here and transfer it through the bank to the person you want in Sudan or elsewhere. You must not hand over Saudi riyals here and have Sudanese pounds received in their place in Sudan. This is currency exchange and is not acceptable. It is not acceptable to separate from the meeting place until each party has received his full right from the other. Yes.
The presenter:
May Allah reward you with good,
This questioner, Hamid from Madinah, says: I have one thousand riyals. If I exchange them at the bank, I get sixty-two and a half Sudanese pounds. There is a man in Jeddah who says: "We will receive one thousand riyals from you and send to your family in Sudan sixty-two and eighty pounds." Is there riba (usury or interest) in this?
Answer:
Yes, this is currency exchange, and currency exchange is not permissible except with immediate exchange of possession in the meeting place. So you must buy the currency you wish to send; you must buy it here and transfer it through the bank to the person you want in Sudan or elsewhere. You must not hand over Saudi riyals here and have Sudanese pounds received in their place in Sudan. This is currency exchange and is not acceptable. It is not acceptable to separate from the meeting place until each party has received his full right from the other. Yes.
The presenter:
May Allah reward you with good,
Source
نور على الدرب - الفوزان - 02/268 — archive.org (3:48)
The Arabic text is a machine transcription of the audio recording.