Ruling on buying currencies with a bank note without physical exchange
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Question:
What is the ruling on buying currencies, where the buyer pays an amount in Saudi riyals, but does not take possession of these currencies, and instead only takes possession of a note from the bank, and the taking of possession may be via telephone?
Answer:
The evidence that has come in the Book and the Sunnah indicates that physical exchange is necessary. Allah (Mighty and Majestic) said: [Surat al-Nur: 54], [Surat al-Hashr: 7]. And the Prophet (peace and blessings be upon him) directed his ummah (the Muslim community) that physical exchange hand-to-hand is necessary. Then he mentioned gold, silver, wheat, barley, dates, and salt. He said regarding the sale of some of them for others: Mishkat al-Masabih 2808.
Therefore, physical exchange is necessary when the types differ: Saudi riyals for Greek drachmas, or US dollars, or dinars, or Egyptian pounds. Physical exchange is necessary. As for a paper: he gives him a check, that is not sufficient. This is the relied-upon position that the evidence indicates; because a check resembles a document, and what may affect a document may affect it.
So the conclusion is that it is necessary for him to take possession of the liras or pounds or dollars, and give what is in his hand, and then after that, if he wishes, he converts them or deposits them; he is free to do so.
What is the ruling on buying currencies, where the buyer pays an amount in Saudi riyals, but does not take possession of these currencies, and instead only takes possession of a note from the bank, and the taking of possession may be via telephone?
Answer:
The evidence that has come in the Book and the Sunnah indicates that physical exchange is necessary. Allah (Mighty and Majestic) said:
Say, "Obey Allah and obey the Messenger
قُلْ أَطِيعُوا اللَّهَ وَأَطِيعُوا الرَّسُولَAnd whatever the Messenger has given you - take; and what he has forbidden you - refrain from
وَمَا آتَاكُمُ الرَّسُولُ فَخُذُوهُ وَمَا نَهَاكُمْ عَنْهُ فَانْتَهُواlike for like and equal for equal, payment being made on the spot. If these classes differ, sell as you wish if payment is made on the spot.
مِثْلًا بمثلٍ، يدًا بيدٍ، سواء بسواء، فإذا اختلفت هذه الأصناف فبيعوا كيفما شئتُم إذا كان يدًا بيدٍTherefore, physical exchange is necessary when the types differ: Saudi riyals for Greek drachmas, or US dollars, or dinars, or Egyptian pounds. Physical exchange is necessary. As for a paper: he gives him a check, that is not sufficient. This is the relied-upon position that the evidence indicates; because a check resembles a document, and what may affect a document may affect it.
So the conclusion is that it is necessary for him to take possession of the liras or pounds or dollars, and give what is in his hand, and then after that, if he wishes, he converts them or deposits them; he is free to do so.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.