Currency Exchange
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The second question of Fatwa No. ( 3864 )
Q2: What is the Islamic ruling on currency exchange (in the black market), for example, 3000 DZD for 3000 French Francs, i.e., at a rate of 300%, given that the exchange via the legitimate channel is, for example, 300 DZD for 340 French Francs? .
A2 : If the exchange is between two currencies of the same type, equality between them is obligatory, and immediate exchange in the meeting is obligatory, and it is forbidden to prefer one over the other, and it is forbidden to delay the exchange of either of them, or of one of them, in the Shari'ah. And if they are of two different types,
it is permissible in the Shari'ah to prefer one over the other, whether that is in the black market or elsewhere, and it is forbidden to delay the exchange of one of them or the other. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q2: What is the Islamic ruling on currency exchange (in the black market), for example, 3000 DZD for 3000 French Francs, i.e., at a rate of 300%, given that the exchange via the legitimate channel is, for example, 300 DZD for 340 French Francs? .
A2 : If the exchange is between two currencies of the same type, equality between them is obligatory, and immediate exchange in the meeting is obligatory, and it is forbidden to prefer one over the other, and it is forbidden to delay the exchange of either of them, or of one of them, in the Shari'ah. And if they are of two different types,
it is permissible in the Shari'ah to prefer one over the other, whether that is in the black market or elsewhere, and it is forbidden to delay the exchange of one of them or the other. 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.