What is the ruling on currency trading via the internet, where the funds are deposited into the client's wallet upon purchase?
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Question:
What is the ruling on trading international currencies?
Answer:
Yes. Trading international currencies, such as buying dollars for euros, riyals, or other currencies, which is done via the internet, and where the funds are deposited into the client's wallet upon purchase, is this riba (usury or interest)? The conditions for exchanging currency for currency are presence in the meeting and immediate exchange. There is no selling an absent item for a present one; what is absent from the meeting is not sold for present currency. This is sarf (currency exchange).
What is the ruling on trading international currencies?
Answer:
Yes. Trading international currencies, such as buying dollars for euros, riyals, or other currencies, which is done via the internet, and where the funds are deposited into the client's wallet upon purchase, is this riba (usury or interest)? The conditions for exchanging currency for currency are presence in the meeting and immediate exchange. There is no selling an absent item for a present one; what is absent from the meeting is not sold for present currency. This is sarf (currency exchange).
Source
قناة «العلامة الدكتور صالح الفوزان»، [1623- 3022] ما حكم المضاربة بالعملات عن طريق الإنترنت وعند الشراء ينزل المال في محفظة العميل؟ — youtube.com
The Arabic text is a machine transcription of the audio recording.