What is the ruling of Islamic law concerning the Murabaha transaction conducted in this manner: the lender buys a commodity, then sells it to the borrower at a significant profit, and then the lender himself or a third party buys it back from the borrower at a lower price to provide the borrower with liquidity? And does the lender have the right to demand the currency exchange difference when repaying the debt in the event of its devaluation, whether it was an interest-based loan or a benevolent loan?

The transaction mentioned is a permissible form of Murabaha (cost-plus financing) provided it is free from collusion and circumvention of usury (riba). However, for its validity, it is stipulated that the transaction genuinely takes place between the ordering party and the party being ordered, and that the commodity comes into the possession of the buyer before it is disposed of. There is no harm in selling the commodity to the person from whom it was purchased, unless this is a trick to conceal usury through prior collusion. If the practice of merchants in the manner described is merely a valid Murabaha sale, then there is no issue. But if it involves collusion and circumvention of usury through a fictitious sale, then it is impermissible. Regarding the currency exchange difference, the creditor has no right to it as long as the currency in which the transaction took place is still in use. It is permissible to agree to repayment in another currency at the exchange rate on the day of repayment, provided there is immediate mutual possession (qabd) of the exchange.