Question: What is the ruling on the percentage charged in currency exchange?
Answer: Exchanging the currency of one country for the currency of another and paying a fee for this exchange is permissible. A person can engage in such a business and charge a fee for currency exchange, or someone can exchange their currency and pay a fee for it. For example, people living in Gulf countries send money to their home countries through money exchange services, and the exchange service charges a fee for this. There is no issue with this. However, in money exchange, a separate fee should be charged, not a percentage.
Sheikh Maqbool Ahmed Salafi ❪Jeddah Dawah Center, Hayy Al-Salamah – Saudi Arabia❫
A critical look at Fazail-e-Amaal, highlighting alleged fabrications and superstitions that critics argue deviate from true Islamic teachings Read More
Discover authentic Quranic and Hadith references on Salah for pure, correct Islamic worship Read More
Discover the pivotal roles of Khadijah, Aisha, and other remarkable women who shaped Islamic history through their leadership, intellect, and… Read More
Explore Islam's core beliefs, practices, and views on modern issues through answers to frequently asked questions. Dispel myths and gain… Read More
Discover how modern Muslims can balance faith and contemporary life using the Salaf methodology. Tackle cultural integration, identity, and staying… Read More
Discover how forgiveness in Islam, guided by the Quran and Hadiths, can heal your heart and bring peace to your… Read More