Currency Exchange
Printed From: IslamiCity.org
Category: Religion - Islam
Forum Name: Islamic Finance
Forum Description: Islamic Finance
URL: https://www.islamicity.org/forum/forum_posts.asp?TID=43856
Printed Date: 26 April 2024 at 3:10am
Software Version: Web Wiz Forums 12.03 - http://www.webwizforums.com
Topic: Currency Exchange
Posted By: ambreen
Subject: Currency Exchange
Date Posted: 25 December 2018 at 5:44am
| According to Islamic Finance, we cannot exchange currency if its not at spot rate. That is, I cannot sell euros today, and come after one month and buy dollars against it as the rates have changed. However, I would like to know if I can have a contract with someone that after one month, he will sell me dollars at the same spot rate as of today? Is that permissible? |
Replies:
Posted By: SusanaP
Date Posted: 30 June 2019 at 4:09pm
| I use to Alpari Exchange is a good broker |
Posted By: Noor-e-hidayat
Date Posted: 14 October 2019 at 3:12am
| it's depends on the rate of currency, whether it change or not if changed then you can't, if not then you can sell or buy |
Posted By: Tim the plumber
Date Posted: 15 October 2019 at 1:43am
The mechanism is that if you want to buy, say a holiday, a booking in a hotel, but want to pay when you get there and have actually checked that the hotel is as described etc, you can agree to buy x amount of Rubles (or whatever) at a future date. This takes the speculation out of the deal. You will know in advance how much it will cost you and the hotel will know what they will be paid.
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Noor-e-hidayat wrote: