Selling dollars for riyals in separate installments over different periods
Machine translationRead the Arabic original
Q2: Thatthe currency exchange dealer sells US dollars to one of his clients outsidethe Kingdom,in exchange for Saudiriyals,on the condition that the client pays the Saudiriyalsto the dealer in separate installments,over different periods, not in a single lump sum, given that the understanding between
the parties is conducted via telex. Please inform us—may Allah preserve you and grant you success—about this: are these transactions permissible, valid, and in accordance with the teachings of the Shari'ah, or are they contrary to the Shari'ah, and not permissible for a Muslim to engage in?
A2 : This transaction is not permissible because of the riba al-nasi'ah (usury of deferment) involved in it, due to their agreement to pay the Saudi riyals in separate installments over different periods. Riba al-nasi'ah is forbidden by explicit text and scholarly consensus. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
the parties is conducted via telex. Please inform us—may Allah preserve you and grant you success—about this: are these transactions permissible, valid, and in accordance with the teachings of the Shari'ah, or are they contrary to the Shari'ah, and not permissible for a Muslim to engage in?
A2 : This transaction is not permissible because of the riba al-nasi'ah (usury of deferment) involved in it, due to their agreement to pay the Saudi riyals in separate installments over different periods. Riba al-nasi'ah is forbidden by explicit text and scholarly consensus. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.