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This ebook contains answers to the following questions:
- What is currency exchange and forex?
- What is the Islamic ruling of currency exchange?
- Can I delay taking possession of the currency I have exchanged?
- Can I exchange different amounts of the same currency?
- Can the delivery of one of the currencies be deferred to a later date?
- Is it allowed for Islamic Financial Institutions (IFI) or brokers to have a monopoly on exchange rates?
- Are currency transactions in the futures market permitted?
- Are currency transactions in the forwards market permitted?
- Is it permissible to hedge against the future devaluation of a currency?
- Can an importer delay the payment of goods in anticipation of the currency depreciating?
- Can £100 (GB pounds) be exchanged for $200 US dollars?
- Can a loan be repaid in a currency that is different to the loaned currency?
- How are debts discharged if there are two separate loans in differing currencies?
- What is the ruling on combining currency exchange and transfer of money (Ḥawāla)?
- Can a fee be charged for transferring or trading currencies?
- Is it permitted for a money transfer to be made wherein the money is received immediately but the payment is delayed?
- Is it permitted to pay back a loan in a different currency according to the exchange rate at the time when the loan is due?
- Is it Ḥalāl to pay back a loan in instalments at the rate of exchange on the day of the loan or on the day each instalment is due?
- Is it Ḥalāl for a lender to charge an extra fee to cover for any losses due to currency fluctuation?
- Can money be exchanged in instalments?
- What is the ruling on forex currency trading?
- What is the ruling of a person who borrows money from a financial institution to trade in currencies?
- Is it permissible for a financial institution to lend money to a customer on the condition that currency dealing must be effected with that institution and not any other?
- Can I enter into a contract with another party to buy or sell currency at a future date?
- Is parallel purchase and sale of currencies permissible?
