The ruling on exchanging currency between the riyal and the Sudanese pound
Machine translationRead the Arabic original
Question:
This questioner, Hamid from al-Madinah, says: I have one thousand riyals. If I exchange them at the bank, I get six hundred and twenty-five Sudanese pounds. Another man in Jeddah told me: I will take your one thousand riyals and deliver six hundred and eighty pounds to your family in Sudan. Is there riba (usury or interest) in this?
Answer:
The reality is that this exchange is a sale of currency for currency. This is called sarf (currency exchange). In sarf, the exchange of possession must take place in the meeting place; this is the default ruling. Some scholars issue a fatwa permitting what the questioner mentioned, but the default is that this is not permissible. However, the way out of this is to buy the currency he wants in his own country. He buys it here and sends it to his family or to whoever he wants. Yes.
The presenter:
May Allah reward you with good.
This questioner, Hamid from al-Madinah, says: I have one thousand riyals. If I exchange them at the bank, I get six hundred and twenty-five Sudanese pounds. Another man in Jeddah told me: I will take your one thousand riyals and deliver six hundred and eighty pounds to your family in Sudan. Is there riba (usury or interest) in this?
Answer:
The reality is that this exchange is a sale of currency for currency. This is called sarf (currency exchange). In sarf, the exchange of possession must take place in the meeting place; this is the default ruling. Some scholars issue a fatwa permitting what the questioner mentioned, but the default is that this is not permissible. However, the way out of this is to buy the currency he wants in his own country. He buys it here and sends it to his family or to whoever he wants. Yes.
The presenter:
May Allah reward you with good.
Source
نور على الدرب - الفوزان - 03/214 — archive.org (7:19)
The Arabic text is a machine transcription of the audio recording.