Sale of different currencies
Q: I am a collector and I collect banknotes from various countries. A few days ago, I bought a few foreign banknotes online from a website, I paid the amount and a few days later, the banknotes were delivered to me. Was this transaction haram as the purchase was not done hand to hand? And if it was haram, what am I required to do?
A: The principle of Shari'ah is that if both exchanges are of the same currency, then it will be compulsory that both exchanges take place at the same time. If one exchange is given on the spot and the other exchange is deferred for a later date, it will not be permissible.
However, if both exchanges are of different currencies, then the condition for the validity of the transaction is that at least one of the two exchanges should take place on the spot, even though the other exchange is deferred.
Hence, in this case, since both exchanges are of different currencies, it will be permissible for you to pay immediately and to take possession of the foreign notes after a few days.
And Allah Ta'ala (الله تعالى) knows best.
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