Question
Is online buying and selling of currencies permissible? For example, I buy $100 on line for R1500, and sell it online for R1800.
Answer
The manner in which the deal is constructed is haraam. It is classified as riba. When a currency is sold for another currency, it has to be a cash deal in which both parties take possession of their respective currencies the same time. The method you have described is a sort of gambling and is classified as riba by the Shariah.
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- Source
- themajlis.co.za
- Published in
- The Majlis Vol 25 No 11
- PDF page
- 2
Verbatim verified against the source PDF
Appears under HARAAM ‘TABLEEGH’ |. This heading is the nearest headline at or before the page and is approximate. Do not cite it alone.