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Doing hundi business in the currencies of different countries

Financial Transactions,Buying and Selling,Doing hundi business in the currencies of different countries

Fatwa No :
82567
| Date :
0000-00-00

Fatwa No : 82567
Doing hundi business in the currencies of different countries
معاملات / مالی معاوضات / خرید و فروخت

Doing hundi business in the currencies of different countries

Assalamu Alaikum, Mufti Sahib! I wanted to ask about the business of hawala, commonly known as hundi. For example, when someone sends money from one country to their home country, the person through whom the money is sent keeps some profit for instance, if the amount is 5,000, he delivers only 4,800 on the other end. Since there is both profit and loss involved in this work, does this type of business fall under the category of interest (riba)?

الجوابُ حامِدا ًو مُصلیِّا ً

The hundi business in different countries' currencies is permissible with two conditions: First, that it is legally permissible according to the law; and second, that at the time of the contract, possession (qabzah) is made from at least one side. Otherwise, it will not remain permissible

مأخَذُ الفَتوی

کمافی الدرالمختار: طاعۃ الامام فیما لیس بمعصیۃ فرض اھ(4/264)۔

And Allah knows best
Darulifta Jamia Binoria Aalamia

Fatwa No 82567 Verify Now
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