What is the ruling on exchanging currency for paper money with a difference in value?
Machine translationRead the Arabic original
The questioner : It has become common among us now to exchange currency for paper money. For example, for ten, they give you nine in metal. A fatwa or more than one has been issued permitting this, so what is the ruling on this?
The Shaykh : What is the basis for it? What is the basis for that or those fatwas?
The questioner : I mean, they give you ... .
The Shaykh : Do not repeat the scenario. I am asking you what is the basis for that fatwa.
The questioner : I mean, in terms of evidence.
The Shaykh : What is its basis? What is its evidence? The riyal is either paper or paper, and the customary government value is the same.
The questioner : Unless there is a change, I mean, if they differ.
The Shaykh : There is no change. This is a riyal and this is a riyal. Have you seen, if there were a Saudi gold pound and an English gold pound, is it permissible to exchange them with a difference?
The questioner : It is not permissible. If their weight is the same and their value is the same, if their weight is the same, their value is the same.
The Shaykh : This is the case here. I assumed a scenario even stranger than that.
The questioner : Even further.
The Shaykh : Yes, a Saudi gold pound and an English gold pound, is it permissible to exchange them with a difference? The answer is no, except hand-to-hand and like for like. So what has permitted the difference here between the Saudi riyal in paper and the Saudi riyal in paper? This Saudi riyal that is in paper is, in reality, valueless, and the reality of this paper Saudi riyal is...
The questioner : It is not paper, it is metal, I mean...
The Shaykh : Whatever it is...
The questioner : Whatever it is, right.
The Shaykh : Metal. I have not seen this Saudi riyal, but I am judging by what we knew in the past, from what was called in the Ottoman era... in the time of the Turks, it was a piece of silver like this, and then this was divided into sections, a section called "Abu al-Ma'ah" like this, and a section they call "Barghuth," very small, all silver. Then I came to know the Syrian lira in silver, like this. I mean, I have not seen this Saudi riyal; is it silver or a mixture of metal with silver? Is this new or old?
The questioner : It is old, but perhaps I have not dealt with it before, I mean.
The Shaykh : Yes.
The questioner : There are coins of it, two and a quarter, and half a riyal.
The Shaykh : So what is the basis for this fatwa?
The questioner : I have not actually heard it, but a brother perhaps...
The Shaykh : Sami.
The questioner : Sami heard a fatwa and recorded it, you see.
Another questioner : ... .
The Shaykh : Why would one take nine?
The questioner : ... .
The Shaykh : That is not your question. I have ten in paper and nine in metal. What do I want with the metal? I take the difference of a lira. For what do I take metal?
The questioner : No, it is so he can talk on the phone, that is all. The most common thing is that people work, especially those who have no work, who have no job. What do I do? He takes this fatwa, puts it in his pocket, and starts working with this money. You hear it like the exchange at the phone booths. You go to exchange for him, and he says to you, "It is riba." You show him the fatwa, a fatwa photographed from a newspaper or a fatwa that was issued. I mean, now most of the booths and phones here are like this. I mean, it is clear riba.
The Shaykh : What is this? It is not like that here.
The questioner : I am surprised, O Shaykh, by Allah...
Another questioner : ... .
The Shaykh : We have a qirsh, we have five qirsh, we have ten qirsh, we have a quarter dinar, and we have a half dinar in metal. So, with that, there is no difference, and the matter is settled.
The questioner : There is no power nor strength except with Allah!
The Shaykh : Anyone else?
The Shaykh : What is the basis for it? What is the basis for that or those fatwas?
The questioner : I mean, they give you ... .
The Shaykh : Do not repeat the scenario. I am asking you what is the basis for that fatwa.
The questioner : I mean, in terms of evidence.
The Shaykh : What is its basis? What is its evidence? The riyal is either paper or paper, and the customary government value is the same.
The questioner : Unless there is a change, I mean, if they differ.
The Shaykh : There is no change. This is a riyal and this is a riyal. Have you seen, if there were a Saudi gold pound and an English gold pound, is it permissible to exchange them with a difference?
The questioner : It is not permissible. If their weight is the same and their value is the same, if their weight is the same, their value is the same.
The Shaykh : This is the case here. I assumed a scenario even stranger than that.
The questioner : Even further.
The Shaykh : Yes, a Saudi gold pound and an English gold pound, is it permissible to exchange them with a difference? The answer is no, except hand-to-hand and like for like. So what has permitted the difference here between the Saudi riyal in paper and the Saudi riyal in paper? This Saudi riyal that is in paper is, in reality, valueless, and the reality of this paper Saudi riyal is...
The questioner : It is not paper, it is metal, I mean...
The Shaykh : Whatever it is...
The questioner : Whatever it is, right.
The Shaykh : Metal. I have not seen this Saudi riyal, but I am judging by what we knew in the past, from what was called in the Ottoman era... in the time of the Turks, it was a piece of silver like this, and then this was divided into sections, a section called "Abu al-Ma'ah" like this, and a section they call "Barghuth," very small, all silver. Then I came to know the Syrian lira in silver, like this. I mean, I have not seen this Saudi riyal; is it silver or a mixture of metal with silver? Is this new or old?
The questioner : It is old, but perhaps I have not dealt with it before, I mean.
The Shaykh : Yes.
The questioner : There are coins of it, two and a quarter, and half a riyal.
The Shaykh : So what is the basis for this fatwa?
The questioner : I have not actually heard it, but a brother perhaps...
The Shaykh : Sami.
The questioner : Sami heard a fatwa and recorded it, you see.
Another questioner : ... .
The Shaykh : Why would one take nine?
The questioner : ... .
The Shaykh : That is not your question. I have ten in paper and nine in metal. What do I want with the metal? I take the difference of a lira. For what do I take metal?
The questioner : No, it is so he can talk on the phone, that is all. The most common thing is that people work, especially those who have no work, who have no job. What do I do? He takes this fatwa, puts it in his pocket, and starts working with this money. You hear it like the exchange at the phone booths. You go to exchange for him, and he says to you, "It is riba." You show him the fatwa, a fatwa photographed from a newspaper or a fatwa that was issued. I mean, now most of the booths and phones here are like this. I mean, it is clear riba.
The Shaykh : What is this? It is not like that here.
The questioner : I am surprised, O Shaykh, by Allah...
Another questioner : ... .
The Shaykh : We have a qirsh, we have five qirsh, we have ten qirsh, we have a quarter dinar, and we have a half dinar in metal. So, with that, there is no difference, and the matter is settled.
The questioner : There is no power nor strength except with Allah!
The Shaykh : Anyone else?
Source
www.al-albany.com
The Arabic text is copied verbatim from the original source, without any edits.