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Ruling regarding buying and selling foreign currencies at rates below or above the current market exchange rate

Financial Transactions,Buying and Selling,Ruling regarding buying and selling foreign currencies at rates below or above the current market exchange rate

Fatwa No :
95045
| Date :
2026-05-06

Fatwa No : 95045
Ruling regarding buying and selling foreign currencies at rates below or above the current market exchange rate
معاملات / مالی معاوضات / خرید و فروخت

Ruling regarding buying and selling foreign currencies at rates below or above the current market exchange rate

What is the Islamic ruling on the exchange of two different currencies?
Nowadays, Iranian currency is being purchased in the market in exchange for Pakistani currency with the intention of selling it later when its value increases and thereby earning a profit. For example, one hundred million Iranian Riyals are purchased for six thousand Pakistani rupees.
Please provide guidance on this matter in the light of Islamic law (Shariah).

الجوابُ حامِدا ًو مُصلیِّا ً

It should be understood that the currencies of different countries are regarded as different commodities in Islamic law. Therefore, if the currency of one country is exchanged for the currency of another country on a spot basis (hand-to-hand/immediate exchange), then such a transaction is permissible in Shariah even with a difference in value or amount.
However, one should avoid buying or selling at rates that differ from the exchange rate officially fixed by the government of the time.

مأخَذُ الفَتوی

كما في فقه البيوع: النقود الورقيه لا يجوز مبادلتها بالتفاضل أو النسيئة في جنس واحد، فلا يجوز بيع ربية واحدة بربيتين، أو بيع ربية بربية مؤجلة، فانه ربا أما إذا اختلف جنسهما مثل ان تباع الربيات الباكستانية با لريالات السعودية، فيجوز فيها التفاضل، ويجوز فيه النسية بشرط أن يقبض أحد العاقدين ما اشتراه ، وإن كان الاخر مؤجلا ، وبشرط أن يكون التّبادل بسعر يوم العقد۔ (2/1175،1176) ۔

And Allah knows best
عرفان اللہ حبیب عُفی عنه
دار الافتاء جامعه بنوریه عالمیه
Fatwa No 95045 Verify Now
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