Summary of answer
Trading in currencies is halal so long as the exchange takes place in the same sitting as the contract is made. If the deal is in the same type of currency, this is not permissible because it is a type of riba.

Praise be to Allah.

Is trading in currencies halal?
Dealing in currencies is permissible so long as the exchange takes place in the same sitting as the contract is made. It is permissible to sell Euros for Dollars so long as the exchange takes place in the same sitting as the contract is made. But when the deal is concerning the same type of currency, such as selling one dollar for two dollars, that is not permissible because it is a type of riba.[/color

[color=#990000]In that case they should be of equal amounts and the exchange must take place in the same sitting as the contract if the exchange is concerning one type of currency.

The evidence for that is the report narrated by ‘Ubadah ibn al-Samit (may Allah be pleased with him) who said: The Messenger of Allah (peace and blessings of Allah be upon him) said: “Gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, salt for salt, like for like, same for same, hand to hand. If the types are different then sell however you like, so long as it is hand to hand.” (Narrated by Muslim, 1587)

It says in Majmu’ Fatawa Ibn Baz (19/171-174):
“Dealing in currency , buying and selling, is permissible, but that is subject to the condition that the exchange be hand-to-hand if the currencies are different. If a person sells Libyan currency for American or Egyptian or whatever currency hand to hand, there is nothing wrong with that, such as if he buys dollars for Libyan currency hand to hand, exchanging it in one sitting, or he buys Egyptian or English currency etc for the Libyan or whatever currency hand to hand, there is nothing wrong with that. But if there is a delay, then it is not permissible, and if the exchange is not done in the same sitting, it is not permissible, because in that case it is regarded as a kind of riba-based transaction. So the exchange must take place in the same sitting, hand to hand, if the currencies are different. But if they are of the same kind, two conditions must be met: they should be of equal amounts and the exchange should take place in the same sitting, because the Prophet (peace and blessings of Allaah be upon him) said: “Gold for gold, silver for silver…”

The ruling on currency is as mentioned above; if they are different then it is permissible for the amounts exchanged to be different, so long as the exchange takes place in the same sitting. If they are of the same kind, such as dollars for dollars, or dinars for dinars, then the exchange must take place in the same sitting and they should be of the same amount. And Allah is the source of strength.”

And Allah knows best.

https://islamqa.info/en/answers/72210/is-currency-trading-halal

AntiChristian:
In essence it is haram to sell new note for old notes since they are the same!

Islam is ease!

Aamin to the du'a!

AntiChristian:
In essence it is haram to sell new note for old notes since they are the same!

Islam is ease!

Aamin to the du'a!

Slmgirldippussy:



Sapa never hold u

ogify1:
Hunger never wire your brain

Bintabisiriyu2:
Mumu muhammad the rapist, who raped aisha buhari at age 9 and the mumu mod.
meanwhile Muhammed is also a pedophile cos he married aisha 9 years when he was 40 snd the fuulish aboki use to bend down to piss like woman he and his dirty abokis.
islam is a religion of the foolish and the brainwashed.
Bleep Muhammed! Bleep Aisha Bleep islam Bleep this Muslim mods

Truetalkisreal:
that means all POS operators are sinners 😅 funny people

truthCoder:
lol

I deposit 50k into my Nigerian bank account, they charge me different charges. At the end of the day, i am able to only access 49,800.

This happens in islamic banks too as bank charges in the grouse of sms alerts, stamp duties, maintenance charges, atm withdrawal charges etc are all general.

Also on the concept of 'hand-to-hand', permit to explain if the MD of the banks must be the person to hand over the cash to all customers or the ATM machine (which was not existing when your assumptions were made)?

How do you plan on handing over BTC and USDT 'hand-to-hand'? I am sure your founders never imagined a day would come when money would become virtual.

Cheers

Watinani:


In Islam we do everything with reason, and let me tell you Islam is the only religion that works with any generation be it now or the future era

ogify1:
Hunger never wire your brain

Rashduct4luv:


We ask Allah to guide our leaders and us aright!
We ask Allah to give us the best of the incoming ones who would benefit us most in this world and in the next!

beardedboy:

So the next thing after hunger has wired your brain is to cause difficulty for others.

Just know that any ease you find through causing difficulty for others is only temporary. The difficulty will come back to you in manifolds.

beardedboy:

So the next thing after hunger has wired your brain is to cause difficulty for others.

Just know that any ease you find through causing difficulty for others is only temporary. The difficulty will come back to you in manifolds.

truthCoder:


Pray thee explain this scenario in light of this, then.

AntiChristian:
In essence it is haram to sell new note for old notes since they are the same!

Islam is ease!

Aamin to the du'a!

Sterope:
Do you mean greed?

Dybala11:

So all POS operators are going to hell right??

Dybala11:

What of POS agents??

izaq:


Wait, do they sell new naira notes for old naira notes? Is that even legal according to the Nigerian constitution?

Sterope:
Cost of business is different from selling money.