The Ruling on Appointing an Agent in Currency Exchange for a Share of the Profit
Machine translationRead the Arabic original
Question: From Abdul Aziz ibn Abdullah ibn Baz, to the honorable brother, the virtuous Shaykh / K. M. M. - Director of the Dawah and Guidance Center in al-Hasa, may Allah keep him safe.
Peace be upon you, and Allah’s mercy and blessings, and after that:
I refer to the inquiry registered with the Department of Scholarly Research and Ifta under number: 424, dated 27/1/1407 AH, which was sent to us by you under number: 27, dated 23/1/1407 AH, containing the following question from one of the citizens:
A man handed 100,000 riyals to Al-Rajhi Company to buy gold and silver for him, knowing that Al-Rajhi does not dispose of the sale except by the owner's order, and he always calls him on the phone according to the market conditions of rising and falling, saying: sell if he sees the currency has risen, or do not sell if he sees the market has fallen, knowing that the company has a share in the profit, and if the owner wants to retrieve his money, it is not returned to him as gold or silver, but Al-Rajhi hands him riyals only. What is the ruling on this matter in our pure Shari'ah? Please issue a ruling, may Allah reward you.
Answer: I inform you: that if the matter is as mentioned, then there is nothing wrong with this transaction; because Al-Rajhi is his agent in selling and buying.
As for if he demands his right, if his right is gold or silver or riyals, his right is handed to him. May Allah guide everyone to what He is pleased with. And peace be upon you and the mercy of Allah and His blessings.
The General President of the Departments of Research
Scientific, Ifta, Da'wah, and Guidance
Peace be upon you, and Allah’s mercy and blessings, and after that:
I refer to the inquiry registered with the Department of Scholarly Research and Ifta under number: 424, dated 27/1/1407 AH, which was sent to us by you under number: 27, dated 23/1/1407 AH, containing the following question from one of the citizens:
A man handed 100,000 riyals to Al-Rajhi Company to buy gold and silver for him, knowing that Al-Rajhi does not dispose of the sale except by the owner's order, and he always calls him on the phone according to the market conditions of rising and falling, saying: sell if he sees the currency has risen, or do not sell if he sees the market has fallen, knowing that the company has a share in the profit, and if the owner wants to retrieve his money, it is not returned to him as gold or silver, but Al-Rajhi hands him riyals only. What is the ruling on this matter in our pure Shari'ah? Please issue a ruling, may Allah reward you.
Answer: I inform you: that if the matter is as mentioned, then there is nothing wrong with this transaction; because Al-Rajhi is his agent in selling and buying.
As for if he demands his right, if his right is gold or silver or riyals, his right is handed to him. May Allah guide everyone to what He is pleased with. And peace be upon you and the mercy of Allah and His blessings.
The General President of the Departments of Research
Scientific, Ifta, Da'wah, and Guidance
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.