Converting one's funds to a stable currency
Category:
Business Dealings & Money Matters
According to Madhhab:
Hanafi
Reference:
1441-024
Question:
As
in Islam, money can be used as money not as commodity. Is it permissible by
Shariah to convert local currency (unstable) in relatively stable currency to
protect the value of our wealth?
in Islam, money can be used as money not as commodity. Is it permissible by
Shariah to convert local currency (unstable) in relatively stable currency to
protect the value of our wealth?
Answer:
It is permissible to convert local currency in some stable currency on order to protect the value of one’s wealth, provided that one of the currencies is handed over to the other party before the buyer and seller separate. (Aap Ke Masa'il Vol. 6 Pg. 192)
AND ALLAH TA'AALA ALONE IN HIS INFINITE KNOWLEDGE KNOWS BEST
ANSWERED BY: MOHSIN KHAN
CHECKED AND APPROVED BY: Mufti Muhammed Saeed Motara Saheb D.B.
Islamic Date: ١٧ محرم ١٤٤١ D
English Date: 17 September 2019