The difference in currency requires hand-to-hand exchange but not similarity
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His Eminence the Shaykh: What is the ruling on exchanging nine or ten riyals for nine metal coins? Does this fall under the category of riba?
Exchanging ten riyals for ten riyals in iron is permissible, but on the condition of hand-to-hand exchange before parting ways.Because this falls under the generality of the hadith: (If the kinds are different, then trade as you wish, provided it is hand to hand) And because the valuation of this paper at ten riyals is by the government, not an intrinsic valuation. If the government had not valued this paper at these coins, it would be worth nothing.In any case, the answer is: This is permissible on the condition of hand-to-hand exchange before parting ways, and there is no riba in it.
Exchanging ten riyals for ten riyals in iron is permissible, but on the condition of hand-to-hand exchange before parting ways.Because this falls under the generality of the hadith: (If the kinds are different, then trade as you wish, provided it is hand to hand) And because the valuation of this paper at ten riyals is by the government, not an intrinsic valuation. If the government had not valued this paper at these coins, it would be worth nothing.In any case, the answer is: This is permissible on the condition of hand-to-hand exchange before parting ways, and there is no riba in it.