The Ruling on Currency Exchange Without Immediate Possession
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Regarding the transfer of debt (hawalah), if a man gives another man an amount to be collected by a third man in another town in the currency of that town, and it is difficult for him—O Shaykh—due to the difference in the currency in riyals, does this fall under usury of excess (riba al-fadl), or is there no harm in it?
This falls under usury of deferment (riba al-nasi'ah); because with a difference in currency, there is no usury of excess; but usury of deferment is involved in it.Therefore, the valid transfer of debt (hawalah) is on one of two ways: Either he transfers it in dirhams to the other place, and then the exchange takes place there at the current rate.
Or he buys the currency of the second country in the first country, and transfers it to the second country in the currency of the second country.
As for what you mentioned, this is currency exchange without immediate possession, and currency exchange without immediate possession is not permissible.
This falls under usury of deferment (riba al-nasi'ah); because with a difference in currency, there is no usury of excess; but usury of deferment is involved in it.Therefore, the valid transfer of debt (hawalah) is on one of two ways: Either he transfers it in dirhams to the other place, and then the exchange takes place there at the current rate.
Or he buys the currency of the second country in the first country, and transfers it to the second country in the currency of the second country.
As for what you mentioned, this is currency exchange without immediate possession, and currency exchange without immediate possession is not permissible.