Trading in different currencies

Submitted by user2 on Mon, 2023-08-07 08:32

Q: Zaid sent a parcel of GBP in cash to Bakr, with the intention of selling it to him for ZAR. Bakr inspected the notes, because some of them were old, and they both agreed on an exchange rate.

After a few days, Zaid subsequently sent his agent to collect ZAR notes from Bakr. Bakr did not give the entire amount. After a week, Bakr made an EFT of the remaining amount in ZAR.

(1) What is the status of the ZAR notes received from Bakr? If the money is haraam, what should be done with the money?

(2) What is the status of the money received via EFT from Bakr? If the money is haraam, what should be done with the money?

A: The transaction is valid and the money is halaal in both cases.

Note: Since both currencies are different, they both will be treated as two different sale commodities and the laws of bayus sarf will not apply.

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

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

Category:

Business and Dealings›Trade›Gold, Silver and Money

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