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Fatwa CenterExchanging currencies via one’s two bank accounts
Question
Assalamu Aleikoum
I have 2 bank accounts (in the same bank) the first is local currency (Riyals) and the second is in Euro.
I use to transfert mony to the account in Euro (buy Euro) and after hours or days transfert from the Euro to account in Riyal (sell Euro).
Please tell me what is the position of Shari3a from such operations
Jazakoum ALLAH Kheiran
Answer
All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad, sallallaahu ‘alayhi wa sallam, is His Slave and Messenger.
There is no harm to transfer the money from one currency to another, provided that the operation of delivering and receiving should be done immediately, i.e. on the spot, since this kind of exchange is permissible under Sharee‘ah. For further information, see Fataawa 87385 and 83372.
Just as receiving might be actually, i.e. from hand to hand, it might also be potentially, therewith the exchange is held valid too. One form of potential exchange is the bank account that the purchased currencies enter into the buyer's account, and their price into the seller's account, directly after completing the transaction. Thus, the exchange is held valid in case the receiving is actual or potential. In this case, there is no harm to buy the Euro and then sell it hours or days later.
Allaah Knows best.
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