Question

No harm in changing rupees to dollars for saving

468

Question

Assalaamu alaykum. I have some savings in PKR and want to convert it into USD, also for saving. Please guide me and let me know whether it is halal or haram. What is the sharia ruling on this act?

Related Fatwa

Selling banknote with special numbers for more than its value

Exchanging currency in one country and receiving it in another

Paying fees to transfer money from one e-wallet to another

Ruling on payment through PayPal

Currency trade is valid with physical or constructive receipt at time of contract

He received 200 riyals in change for 500 riyals and left remaining 300 riyals as a debt

Not dealing in foreign currency is rewarded when there is good intention

Accepted Answer

All perfect praise be to Allaah, The Lord of the worlds. I testify that there is none worthy of worship except Allaah and that Muhammad is His slave and Messenger.

There is no harm in buying US dollars in exchange for Pakistan rupees (PKR) for the purpose of saving. Please refer to fatwa 15672 about the conditions for dealing in hard currencies.

Allaah knows best.

Fatwa

No harm in changing rupees to dollars for saving

Question

Answer

Related Fatwa

Selling banknote with special numbers for more than its value

Exchanging currency in one country and receiving it in another

Paying fees to transfer money from one e-wallet to another

Ruling on payment through PayPal

Currency trade is valid with physical or constructive receipt at time of contract

He received 200 riyals in change for 500 riyals and left remaining 300 riyals as a debt

Not dealing in foreign currency is rewarded when there is good intention

Search Fatwa

Fatwa Subject

Categories

Multimedia

Special Folders

Services