Receiving a check in place of cash
Machine translationRead the Arabic original
The first, fourth, and fifth questions of Fatwa No. ( 4556 )
Q1: I have Saudi riyals that I want to convert to Egypt in Egyptian pounds. The bank takes the riyals and then gives me a receipt for currency in Egypt , delivering Egyptian pounds to me. I have not received the Egyptian currency from the bank nor have I seen it; I only received papers and notes. It is possible that when I requested this transaction, the bank did not have Egyptian currency in its vault.
Is this transaction permissible?
A1 : There is no harm in that; because receiving the check is equivalent to receiving the Egyptian pounds. It is most similar to a transfer of debt (hawalah). If it is possible for you to receive the pounds in the currency being exchanged and then transfer them afterwards, that is more complete and more cautious.
Q1: I have Saudi riyals that I want to convert to Egypt in Egyptian pounds. The bank takes the riyals and then gives me a receipt for currency in Egypt , delivering Egyptian pounds to me. I have not received the Egyptian currency from the bank nor have I seen it; I only received papers and notes. It is possible that when I requested this transaction, the bank did not have Egyptian currency in its vault.
Is this transaction permissible?
A1 : There is no harm in that; because receiving the check is equivalent to receiving the Egyptian pounds. It is most similar to a transfer of debt (hawalah). If it is possible for you to receive the pounds in the currency being exchanged and then transfer them afterwards, that is more complete and more cautious.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.