What is the ruling on the described financial transactions, especially concerning receiving dollars, then deducting a commission and converting the remaining amount into British Pounds, and how are direct currency exchange operations conducted between cities or countries in the current era, and is there a specific time for قبض (receiving/taking possession)?
Source: FtawySummary from Ftawy's records · added here Sep 2, 2026
It is permissible to work as a currency exchange broker for a known commission, provided that the condition of immediate possession (spot transaction) is met, whether actual or constructive, such as receiving a check or a bank transfer. This work is considered an agency for a fee. It must be observed that different currencies are exchanged hand-to-hand, while currencies of the same type require both equality (in amount) and immediate possession. Deferred sales or lack of immediate possession at the time of the transaction are 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/190823
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 190823
- 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