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The question

Is it permissible to instantly convert money between different currencies (such as the dollar and the euro) within the same banking application?

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Source: FtawySummary from Ftawy's records · added here Sep 2, 20261 min readAlso available in العربية
The answer

The majority of contemporary scholars hold that a current bank account is a loan. The account holder is the lender, and the bank is the borrower. The bank's solvency does not affect the ruling on the loan. It is permissible to withdraw the deposited amount in the same currency or another currency, provided two conditions are met: that the exchange rate on the day of withdrawal is applied, and that the exchange takes place immediately in the same session. Transferring an amount from a dollar account to another account in a different currency is treated as if the account holder has received the amount he exchanged.

Summary from Ftawy's records · added here

Reviewed by El Fatwa's sharia committee.

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Where this answer came from
Source platform
Ftawy
Original fatwa ID
17908
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.
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Read the full answer on Ftawy