Question
Is exchange of currency notes permissible? If yes, how is the rate of exchange to be determined?
Answer
Exchange of currency notes is permissible. Any amount of one currency notes may be exchanged for any amount of another currency. But the deal must be cash. It is riba to sell currency notes on credit in view of the fact that currency notes come within the scope of Thaman. The rules pertaining to the exchange of gold and silver apply to currency notes. Trading on credit with currency notes is not permissible.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 22 No 06
- PDF page
- 4
Appears under Questions and Answers (approximate).