Assalam Alaykum
If one gathered some money up and then sent it to another country for example Dubai. Now the currency rate has changed and he decides to get the money back for the benefit because the currency rate has changed and he will get more . will this be classed as riba?
Answer:
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
According to our understanding of the query, one has his money in Dubai while he is in another country. The currency in Dubai has strengthened. The local currency has weakened. The person wishes to take advantage of his strong currency in Dubai and exchange it locally, thereby getting more in local currency. If our understanding is correct the procedure is permissible[1].
And Allah Ta’āla Knows Best
Hafizurrahman Fatehmahomed
Student Darul Iftaa
Netherlands
Checked and Approved by,
Mufti Ebrahim Desai
پہلی صورت میں چونکہ ڈالر و غیرہ کے عوض روپے ملتے ہیں اور دو ملکوں کی کرنسی مختلف جنس کے حکم میں ہے اس لیے کمی بیشی کے ساتہ بیع کرنا جائز ہے نیز چونکہ یہ ثمن عرفی ہے ثمن حقیقی نہیں اس لیے اس مجلس میں تقابض بہی ضروری نہیں، ہاں ایک جانب سے قبضہ ضروری ہے تاکہ بیع الکالی بالکالی سے بچ جاۓ (فتاوی دار العلوم زکریا، ج5، ص333 )
If the currencies are of the same country, they cannot be sold at a rate different from their face value. However, if the currencies are of different countries, they can be sold on spot at whatever rate agreed upon between the parties which can be different from the market rate. However, if the payment is deferred on either side, it must be in accordance with the market rate. This condition is put to restrict the use of this transaction to the genuine needs, otherwise it may be taken as a device to effect riba transactions. (Contemporary Fatawaa, Mufti Taqi Usmani, pg141)