The Ruling on Currency Exchange and Selling Goods Purchased from Abroad Before They Arrive at the Location
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What is the ruling in the Shari'ah, in your opinion, regarding currency exchange and selling goods purchased from abroad before they arrive at the location?
These are two questions in one question: The first question: What is the ruling on currency exchange?And its form is that he says: I sold you this merchandise, so whatever you dispose of is on the basis of that sale, and whatever you do not dispose of, you return to me. This transaction is forbidden; because it inevitably leads to ignorance, as neither the seller nor the buyer knows what will be disposed of from this merchandise, so the matter reverts to ignorance. It is established from the Messenger of Allah (peace and blessings be upon him) that he: (forbade the sale of gharar) and this is undoubtedly a case of gharar.
But if it is necessary for both parties to engage in this transaction, let the one who has the merchandise say: Take this and sell it as my agent, and let him set a fee for his agency. This achieves the objective for both parties, so the second becomes an agent for the first for a fee, and there is no harm in that.
As for selling goods before they arrive: This is also not permissible; because the Prophet (peace and blessings be upon him) forbade selling goods where they are bought until the merchants take possession of them in their homes. Therefore, one must first take possession of them, and then sell them. As for selling them while they are in another country, and it is unknown whether they will arrive intact or not, this is not permissible.
If someone were to say: The buyer is satisfied with whatever condition the goods are in, whether they are diminished or not.
We said: Even if he is satisfied with that; because he may agree to this at the time of the contract in hope of profit, but when regret and remorse occur, there may be a dispute between him and the seller. The Shari'ah—praise be to Allah—has blocked every door that leads to regret, dispute, and litigation.
And likewise: If they are destroyed, a dispute may arise between the two parties.
The important point is that this is not permissible—selling goods—until they arrive at their location with the seller, and then he disposes of them.
These are two questions in one question: The first question: What is the ruling on currency exchange?And its form is that he says: I sold you this merchandise, so whatever you dispose of is on the basis of that sale, and whatever you do not dispose of, you return to me. This transaction is forbidden; because it inevitably leads to ignorance, as neither the seller nor the buyer knows what will be disposed of from this merchandise, so the matter reverts to ignorance. It is established from the Messenger of Allah (peace and blessings be upon him) that he: (forbade the sale of gharar) and this is undoubtedly a case of gharar.
But if it is necessary for both parties to engage in this transaction, let the one who has the merchandise say: Take this and sell it as my agent, and let him set a fee for his agency. This achieves the objective for both parties, so the second becomes an agent for the first for a fee, and there is no harm in that.
As for selling goods before they arrive: This is also not permissible; because the Prophet (peace and blessings be upon him) forbade selling goods where they are bought until the merchants take possession of them in their homes. Therefore, one must first take possession of them, and then sell them. As for selling them while they are in another country, and it is unknown whether they will arrive intact or not, this is not permissible.
If someone were to say: The buyer is satisfied with whatever condition the goods are in, whether they are diminished or not.
We said: Even if he is satisfied with that; because he may agree to this at the time of the contract in hope of profit, but when regret and remorse occur, there may be a dispute between him and the seller. The Shari'ah—praise be to Allah—has blocked every door that leads to regret, dispute, and litigation.
And likewise: If they are destroyed, a dispute may arise between the two parties.
The important point is that this is not permissible—selling goods—until they arrive at their location with the seller, and then he disposes of them.