Is it Halal/Haram? to buy & sell the new iraqi dinar to make a profit on the currency value over a period of time.
Is it Halal or Haram? to buy & sell the new iraqi dinar to make a profit on the currency value over a period of time (whethere long/short) i.e you buy the new dinar for 1000 and you sell when its value has strengthened to make a profit. The new iraqi dinar will be bought with a stable currency such as (australian/US dollar) and then sold when dinar value has strengthened to make profit.
Answer:
You are allowed to purchase the Iraqi Dinaar and later sell it when its value has strengthened, provided the buying and selling take place in cash a transaction. It is not permissible to buy or sell any currency on credit. (Al-Hidayah, Vol. 3, Page 105)
and Allah Ta’ala Knows Best
Mufti Muhammad Ashraf
DARUL IFTA – JAMEAH MAHMOODIYAH, SPRINGS
JOINT PROJECT WITH DARUL IFTA, MADRASAH IN’AAMIYYAH, CAMPERDOWN