Selling currencies on credit
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Q2: And by analogy to the permissibility of selling on credit, where the value of the item sold exceeds the price in a spot sale, we ask: A- Is it permissible for us to purchase from a certain party (a bank or otherwise) a sum of 1,000 dollars, for example, for a period of one year, on the condition that we pay its value in riyals when the term arrives, based on a rate of four riyals per dollar, noting that the value of the dollar at the time of purchase was only three and a half riyals.
B- And is it permissible for us to purchase from a certain party (a bank or otherwise) 1,000 gold pounds for a period of one year, on the condition that we pay its value in riyals when the term arrives, based on a rate of 600 riyals per gold pound, noting that the value of the gold pound at the time of purchase was only 500 riyals? Please inform us, may Allah reward you with good, and thank you for your noble and blessed efforts.
A2 : A, B: It is not permissible; due to the evidence presented in the answer to the first question regarding the condition that the exchange between gold and silver and their equivalents, such as banknotes, must be hand-to-hand. Delaying one of them is riba al-nasi'ah (usury of deferment), which is absolutely forbidden, whether the value of the credit exchange differs from its spot value or not. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
B- And is it permissible for us to purchase from a certain party (a bank or otherwise) 1,000 gold pounds for a period of one year, on the condition that we pay its value in riyals when the term arrives, based on a rate of 600 riyals per gold pound, noting that the value of the gold pound at the time of purchase was only 500 riyals? Please inform us, may Allah reward you with good, and thank you for your noble and blessed efforts.
A2 : A, B: It is not permissible; due to the evidence presented in the answer to the first question regarding the condition that the exchange between gold and silver and their equivalents, such as banknotes, must be hand-to-hand. Delaying one of them is riba al-nasi'ah (usury of deferment), which is absolutely forbidden, whether the value of the credit exchange differs from its spot value or not. 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.