The Majlis Archive

Finance - Banking - Business The Majlis Vol 23 No 12, p.5

Currently in Zimbabwe there is a cash crisis.

Question

Currently in Zimbabwe there is a cash crisis. The banks are limiting daily withdrawals to $50. People who have cash are taking advantage of the situation and selling cash for a profit. Example: Zaid has considerable cash in the bank, but is unable to withdraw. Since he cannot access his cash, a person with cash sells him for example $1000 for $1,100. Zaid then makes payment of $1,100 by bank transfer. Is this permissible?

Answer

Selling money in the manner explained by you is haraam. The extra or the gain is haraam riba.

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Published in
The Majlis Vol 23 No 12
PDF page
5

Appears under BEVERAGES AND THE HADHRATS (approximate).

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