Create an account
Login
Q&A Home Ask Question
Q&A Home » Transactions

Third party money exchange is it haram

Last updated: 11th April 2023
Question ID: #8435
Short URL:
Printer Friendly Version Email this page


 
Salam alaikum. I do money exchange where If a client needs naira, i would look for someone in nigeria that needs pounds and aid the exchange while collecting the difference in rate. For example if pounds to naira is 920 to £1 and naira to pounds is 935 to £1 i would get the 15naira difference. Is this haram earning or halal


بسم الله الرحمن الرحيم

الجواب حامداومصليا

It is permissible to have a third party as an agent to purchase foreign currency. It is permissible for the agent to charge a fee for the transaction and fix an exchange rate that both parties agree.

Also, the exchange rate should not go against the rate determined by government as this will be going against the law of the land.

الجواب أننا لما اعتبرنا العملة الأجنبية جنسا آخر فالأصل أن التفاضل في مثله جائز شرعا بالغا ما بلغ فلا تكون المبادلة علي خلاف سعر هاالحكمي ربا ولكن يمنع من ذالك لكونه مخالفة لأولي الأمر إذا كانت الحكومة إسلامية ولكونه عرضا للنفس لعقوبات قانونية إذا كانت الحكومة غير إسلامية
(تكملة فتح الملهم ١/٥٩٠)

احسن الفتاوي ٧/١٠٤)

And Allah knows best

19 Shawwal 1444/ 10 May 2023
Mufti
Answer last updated on:
10th May 2023
Answered by:
Ulamaa ID 04
Website
Location: London
Mufti Qamruzzaman

London, UK