Home » Hanafi Fiqh » Jamia Binoria » Can I convert my money to USD?

Can I convert my money to USD?

Answered as per Hanafi Fiqh by Jamia Binoria

My question is about converting currency. Can I convert my money to USD (i.e. American dollars) and put it in the bank and convert it back to rupees when the value of USD increases? Please tell me through the Quran and Hadith whether this is Halal or Haram.

الجواب حامدا و مصلیا

The method inquired about in the question (i.e. converting rupees into dollars and putting it in the bank, then converting it back from dollars to rupees when taking it out) is permissible as per Shari’ah.

This Q&A was indexed from the official english fatwa portal of Jamia Binoria. It is an Islamic educational institute in Karachi, Pakistan.

Read answers with similar topics: