IslamiCity.org Homepage
Forum Home Forum Home > Religion - Islam > Islamic Finance
  New Posts New Posts RSS Feed - Currency Exchange  What is Islam What is Islam  Donate Donate
  FAQ FAQ  Quran Search Quran Search  Forum Search   Events   Register Register  Login Login

Currency Exchange
 Post Reply Post Reply
Author
Message
  Topic Search Topic Search  Topic Options Topic Options
ambreen View Drop Down
Starter.
Starter.
Avatar
Female
Joined: 25 December 2018
Location: Dubai
Status: Offline
Points: 2 		Post Options Post Options   Thanks (0) Thanks(0)   Quote ambreen Quote  Post ReplyReply Direct Link To This Post Topic: Currency Exchange
    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? 
Back to Top
SusanaP View Drop Down
Starter.
Starter.
Avatar
Female
Joined: 20 March 2019
Location: Las Vegas
Status: Offline
Points: 2 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SusanaP Quote  Post ReplyReply Direct Link To This Post Posted: 30 June 2019 at 4:09pm
I use to Alpari Exchange is a good broker
Back to Top
Noor-e-hidayat View Drop Down
Newbie
Newbie
Avatar
Male Islam
Joined: 07 October 2019
Location: Islamabad Pakistan
Status: Offline
Points: 29 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Noor-e-hidayat Quote  Post ReplyReply Direct Link To This Post 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
Back to Top
Tim the plumber View Drop Down
Senior Member
Senior Member
Avatar
Male
Joined: 30 September 2014
Location: United Kingdom
Status: Offline
Points: 944 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Tim the plumber Quote  Post ReplyReply Direct Link To This Post Posted: 15 October 2019 at 1:43am
Originally posted by Noor-e-hidayat Noor-e-hidayat wrote:

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


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.
Back to Top
 Post Reply Post Reply
  Share Topic   

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.03
Copyright ©2001-2019 Web Wiz Ltd.