The Sistani reference answers 7 questions related to buying and selling foreign currencies

by **Rocky** Mon 06 Mar 2023, 2:08 pm

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The Sistani reference answers 7 questions related to buying and selling foreign currencies

by Rocky Mon 06 Mar 2023, 2:08 pm

The Sistani reference answers 7 questions related to buying and selling foreign currencies

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Baghdad-Baghdad

The supreme religious authority, Ali al-Sistani, answered a package of questions related to monetary transactions in various and foreign currencies.

The package of questions stated: Does the bank have the right to buy and sell foreign currencies for cash with a financial increase?

The second question: Is it correct to deal with counterfeit (adulterated) paper money?

Answer: It is forbidden and not valid to deal with counterfeit or invalid banknotes - those with which the dealer deceives people - if the person to whom the currency is paid is ignorant that it is adulterated or counterfeit.

The third question: If a Muslim borrows a sum of money from a Muslim, then after a period of time the market value of that currency declines, is he obligated to pay the lender the amount he borrowed himself or what is equal to its market value at the time of fulfillment? Is there any difference if the lender is an infidel?

Answer: He pays the same amount borrowed, without any difference in the lender between a Muslim and an infidel.

Fourth question: Is it permissible to sell banknotes?

Answer: Banknotes, since they are numbered, may be sold to each other differently, regardless of their gender, for cash or credit, so it is permissible to sell five Kuwaiti dinars for ten Iraqi dinars absolutely, and with the union in gender it is permissible to differentiate in selling them for cash, and as for credit, it is necessary to leave it as a precaution.

The fifth question: Is it correct to rent the currency in a currency other than it, such as renting a dollar for a specific period in an Iraqi dinar?

Answer: It is not valid to rent paper currency.

The sixth question: Is it permissible to buy the US dollar against the Australian dollar from exchange shops? Is it permissible to work in exchange shops in Dubai, including the exchange of currencies?

Answer: It is permissible to sell banknotes to each other equally or preferentially with different genders, or with their union if the sale is for cash, as well as on credit with different sex, but with the union, it is not without problems.

There is nothing wrong with working in exchange shops, while avoiding illicit and usurious transactions.

The seventh question: Is it permissible for a person to buy cash and give a specific profit in exchange for it?

Answer: There is nothing wrong with selling foreign currency in the local currency, even if it is for more than the market value (on credit), but it is not permissible to increase the named price in return for extending the period.

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