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Fatwa #1331211 August 2005Canada

Is it Halal/Haram? to buy & sell the new iraqi dinar to make a profit on the currency value over a period of time.

Question

Is it Halal/Haram? to buy & sell the new iraqi dinar to make a profit on the currency value over a period of time.

Is it Halal or Haram? to buy & sell the new iraqi dinar to make a profit on the currency value over a period of time (whethere long/short) i.e you buy the new dinar for 1000 and you sell when its value has strengthened to make a profit. The new iraqi dinar will be bought with a stable currency such as (australian/US dollar) and then sold when dinar value has strengthened to make profit.

Answer

You are allowed to purchase the Iraqi Dinaar and later sell it when its value has strengthened, provided the buying and selling take place in cash a transaction. It is not permissible to buy or sell any currency on credit. (Al-Hidayah, Vol. 3, Page 105)

and Allah Ta'ala Knows Best

Mufti Muhammad Ashraf
DARUL IFTA – JAMEAH MAHMOODIYAH, SPRINGS

JOINT PROJECT WITH DARUL IFTA, MADRASAH IN’AAMIYYAH, CAMPERDOWN

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