Ruling on purchasing currency by receiving a bank check for its value

Question:
A person purchased Lebanese pounds with Saudi riyals. He delivered the riyals but did not receive the pounds; instead, he received a check for the amount in exchange. Is this transaction permissible?

Answer:
There is scholarly disagreement among contemporary scholars regarding this:
Some hold that a check serves as a substitute for possession, because it is like currency.
Others do not consider it a substitute for possession. What should be done is to take possession of the currency. If he is given dollars, pounds, Lebanese currency, or anything else, he should take the equivalent in the same meeting, in order to avoid the suspicion of riba (usury or interest). This is because these currencies are treated as gold and silver. It is obligatory for one who exchanges currency for currency to exchange them in the meeting... or at a bank or the like. This is the point of consideration, and there is a suspicion involved: some scholars classified it as currency for currency, because a check is valid and circulates among people. Others did not classify it as such, and said: this check is in the position of a debt document or certificate, and that is not permissible.
This will be presented to the Council of Senior Scholars to exchange opinions on the subject; because it is an important subject, and the need to announce it and its ruling is a matter of importance. It is necessary, if Allah wills, to look into this and announce what is decided regarding it.