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Shafi'i Fiqh

Ruling on Delaying Making Payment on the Spot in Exchange Contracts

The Ministry of Awqaf and Islamic Affairs conducts a request for proposal from Islamic banks to determine the Saudi Riyal exchange rate against the Jordanian Dinar for each season of Haj and for a period that could extend to ten months. This is in pursuit of the following ends: 1-Determining one rate throughout the season to cover all expenses in the Saudi Riyal or  the corresponding Jordanian Dinar. 2-Paying for housing prices and services in the Kingdom of Saudi Arabia in Saudi Riyal at the exchange rate to avoid price differences that could lead to losses, in the event of exchange rate appreciation. 3-Stabilizing the exchange rate of the Saudi Riyal against the Jordanian Dinar upon determining costs due on the Haj performers over the period of  the Haj season to avoid price differences for the same services provided to them. What is the ruling of Sharia on the previous procedure?

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