What is the ruling on engaging in transactions for buying and selling international currencies through online exchanges, by authorizing a foreign company to buy and sell on my behalf with an amount of 2.5 million dollars on the basis of a loan, in exchange for the company taking 60 dollars for each buying and selling operation, whether the operation results in a profit or a loss?

It is permissible to buy and sell currencies on the stock exchange if it adheres to the Shariah conditions, which are: mutual possession (qabd) and equality (tamathul) when selling a currency for another of the same type, and mutual possession without equality when selling one currency for another of a different type.

Appointing a company on the stock exchange to trade currencies for a known fee (commission or brokerage) is permissible, provided the aforementioned Shariah conditions are met.

It is not permissible for a bank to give a loan on the condition that it be invested with the bank in buying and selling currencies, due to the Prophet’s (peace be upon him) saying: "A loan combined with a sale is not permissible," and because it leads to usury (riba), as selling or leasing then becomes a means to increase the loan. This is considered a condition within a contract, which is invalid.

It is permissible for the loan and investment to be in two separate contracts, such that the loan contract does not stipulate authorizing the company to invest. However, lending companies usually do not accept this.

If repaying the loan with more than its original amount is stipulated, then this is precisely usury.