What is the ruling on exchanging hard currency in the black market to obtain local currency, given that the rate is better and faster than banks and constantly changing?
Source: FtawySummary from Ftawy's records · added here Sep 2, 2026
There is no harm in selling currencies in the black market if the transactions are legitimate, meaning the exchange is hand-to-hand, based on the Prophet Muhammad's (peace be upon him) saying: "Gold for gold, silver for silver... hand-to-hand," and his saying regarding currency exchange: "If it is hand-to-hand, then there is no harm; but if it is deferred, then it is not permissible."
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
Read the full answer on Ftawyhttps://ftawy.com/en/questions/48645
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 48645
- 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