What is the Shari'ah-compliant method for transferring money from one country to another?
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Question:
He asks: What is the correct Shari'ah-compliant method for transferring money from one country to another in order to avoid the doubts of riba (usury or interest)?
Answer:
The correct method for transfer is to buy the currency you wish to transfer; you buy the currency you want to send, and then you send it via the bank or the banks to the country after you have bought it. As for you paying them money and then they paying you its equivalent in another country, this involves delaying the possession of the consideration. The Prophet (peace and blessings be upon him) said: hand to handSahih Muslim 1584e hand to hand, equal in kind. So if these categories differ, such as selling gold for silver, or selling one currency for another currency, one country's currency for another country's currency, and the type differs, then excess is permissible, but mutual possession in the meeting is necessary. So if these types differ, sell as you wish if it is hand to hand. So you buy the currency you want and then transfer it via the bank or the bank. Or you send it with a person.
This is the correct way. Some scholars say that if you hand over the currency to them and then they hand you a certified check, a certified check in the other currency, then the certified check takes the place of possession. Some scholars issued a ruling to that effect. But there is no doubt that the precaution, and the correct way in which there is no doubt, is to buy the currency you want and then send it. The rest of the question asks: What is the original standard for money? The original standard for money is gold and silver. The original standard for money is gold and silver.
Paper currency is a substitute for them and takes their ruling, because the substitute takes the ruling of the thing substituted. The paper currency that is used now is a substitute for gold and silver, so it takes their ruling, and riba (usury or interest) applies to it just as it applies to gold and silver. Yes.
He asks: What is the correct Shari'ah-compliant method for transferring money from one country to another in order to avoid the doubts of riba (usury or interest)?
Answer:
The correct method for transfer is to buy the currency you wish to transfer; you buy the currency you want to send, and then you send it via the bank or the banks to the country after you have bought it. As for you paying them money and then they paying you its equivalent in another country, this involves delaying the possession of the consideration. The Prophet (peace and blessings be upon him) said: hand to hand
Gold is to be paid for by gold, silver by silver
الذهب بالذهب والفضه بالفضهThis is the correct way. Some scholars say that if you hand over the currency to them and then they hand you a certified check, a certified check in the other currency, then the certified check takes the place of possession. Some scholars issued a ruling to that effect. But there is no doubt that the precaution, and the correct way in which there is no doubt, is to buy the currency you want and then send it. The rest of the question asks: What is the original standard for money? The original standard for money is gold and silver. The original standard for money is gold and silver.
Paper currency is a substitute for them and takes their ruling, because the substitute takes the ruling of the thing substituted. The paper currency that is used now is a substitute for gold and silver, so it takes their ruling, and riba (usury or interest) applies to it just as it applies to gold and silver. Yes.
Source
قناة «العلامة الدكتور صالح الفوزان»، ما الطريقة الشرعية لتحويل الأموال من بلد إلى آخر؟ للشيخ الفوزان — youtube.com
The Arabic text is a machine transcription of the audio recording.