Using shyft by Standard Bank

Submitted by user2 on Thu, 2020-10-22 06:41

Q: Forex trading currency through mobile app from standard bank. Money is transferred to shyft in rands, which can be used to purchase at any time through a physical card or virtual card. Rands can also be traded for four specific currencies. These currencies, if in possession can also be used for purchasing through a virtual card. From what I read, no interest is involved and no hidden costs. Only fees for trading between currencies and amount is agreed before confirming transaction. This is called shyft from standard bank.

Is it permissible to use?

A: If you are only purchasing foreign currency then it is permissible.

And Allah Ta'ala (الله تعالى) knows best.

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)

Category:

Business and Dealings›Trade›Valid & Invalid transactions

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