What is the ruling on working for money transfer companies that also deal with traveler's checks and currency exchange?
Working for money transfer companies is permissible in principle. Money transfers are of two types: internal (agency for a fee) and external (agency and exchange). As for traveler's checks, they are a permissible banking service if they adhere to guidelines, and they include agency and exchange. The bank is allowed to take a known commission for them. A company selling traveler's checks is permissible if the check is certified and sold in the same currency without disparity, or in two different currencies with permissible disparity. It is permissible to authorize the company to collect the value of the check for a known fee, provided that Sharia guidelines are observed.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Ftawy
- Original fatwa ID
- 94906
- Added here
- . This is when the answer was added to El Fatwa, not the fatwa's date.
- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy