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Currency Exchange
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Tim the plumber View Drop Down
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    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.
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Noor-e-hidayat View Drop Down
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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
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SusanaP View Drop Down
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I use to Alpari Exchange is a good broker
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ambreen View Drop Down
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Points: 2 		Post Options Post Options   Thanks (0) Thanks(0)   Quote ambreen Quote  Post ReplyReply Direct Link To This Post 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? 
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