Exchanging local currency for foreign currency
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Fatwa number ( 9236 )
Q: I have a sum of money in Saudi Riyal in the bank, and I want to convert it into dollars or any foreign currency, but the bank does not transfer it
to my account in the same requested currency in cash, nor does it open a special account for it; rather, it gives me a check on its account for the value of the requested currency, which is acceptable for sale to them or to other banks at the same price as today in the market. Is this permissible? If a traveler wants to go to any foreign country, is it permissible for him to take checks from his account in Riyal converted into the currency of the country he is traveling to?
A : First: If you want to buy foreign currency with local cash, there is no harm, provided that the exchange takes place in the meeting, and receiving the check serves as taking possession of the cash that the certified check contains. Second: It is permissible for the traveler to exchange local cash for foreign currency under the previous condition, that is: hand to hand.
Q: I have a sum of money in Saudi Riyal in the bank, and I want to convert it into dollars or any foreign currency, but the bank does not transfer it
to my account in the same requested currency in cash, nor does it open a special account for it; rather, it gives me a check on its account for the value of the requested currency, which is acceptable for sale to them or to other banks at the same price as today in the market. Is this permissible? If a traveler wants to go to any foreign country, is it permissible for him to take checks from his account in Riyal converted into the currency of the country he is traveling to?
A : First: If you want to buy foreign currency with local cash, there is no harm, provided that the exchange takes place in the meeting, and receiving the check serves as taking possession of the cash that the certified check contains. Second: It is permissible for the traveler to exchange local cash for foreign currency under the previous condition, that is: hand to hand.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.