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What is the title of the working in the foreign exchange department of banks?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
I work with a Foreign Exchange company where I sell/purchase Foreign Exchange (Foreign Currencies like Dollar, Riyal, Dirhams etc) to the persons who travel abroad, like students, medical patients, families, Hajj and Umrah pilgrims, corporate employees etc. We sell currencies on high rate and purchase currencies on low rates (For Ex. we purchase American Dollar for Rs 60 and when selling we sell at 61 or 62 RS) our profit purely comes from sale and purchase of currencies. Now, I am getting good offers from big Banks to work in their Foreign Exchange department. I will not be dealing with any interest in bank, I will not be connected to any interest involved transactions. Here also I only have to sale and purchase Foreign Currencies from travelers, my profit will be purely from profit earned through sell and purchase of foreign currencies (No Interest). I request you to please guide me (give Fatwa) whether I can work in Banks for Foreign Exchange.

بسم الله الرحمن الرحيم

(Fatwa: 606/599/N=07/1436)

If you have not to deal the interest based dealings in the bank where you want to work for Foreign Exchange and the owner of the bank is Muslim or it is an Islamic country and your salary will not be paid from the interest amount then you may work in the Foreign Exchange department of the bank. As the currency of two different countries are treated as separate kind and it is lawful to exchange them with difference with mutual consent provided one exchange is taken into custody in the meeting of transaction.

Allah knows Best!

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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