The sale by banks and financial institutions of what is called a traveler's check
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Q4: Banks and financial institutions sell what is called a traveler's check, whereby the customer hands over a certain amount of riyals, and the bank gives him in exchange traveler's checks that are accepted in all countries of the world, and there is no specific time limit for their use; rather, they may remain with the purchaser for years while retaining their value, except for any increase or decrease in the currency. Is this transaction permissible? And if the customer does not spend them, may he sell them back to the same bank from which he took them?
A4 : That is permissible if the mutual exchange takes place in the session of the contract; because those checks are in the ruling of the dollars or the like for which they were issued, but it is not permissible for him to take less or more of the currency that is in the check if what is taken is of the same type as it
A4 : That is permissible if the mutual exchange takes place in the session of the contract; because those checks are in the ruling of the dollars or the like for which they were issued, but it is not permissible for him to take less or more of the currency that is in the check if what is taken is of the same type as it
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.