Question ID: 24657
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Assalaam ‘alaikum Mufti Saab, I have come accross the below Q&A from the website – question no. 5691 dated 2010/08/04 – I did not fully understand the answer; therefore as an example to clarify, if the spot exchange rate of the Rand to USD $ today is R 7.00/ 1 USD$ – and I wish to book a forward rate with my bank today, to be settled in 120days time, they quote me R 7.25/ USD$ – if I go ahead with this transaction, will it be permissible?
Wassalaam,
Nashad Dada.
As salaamu alaykum Mufti Saab
Please advise if using exchange rate forward cover in relation to
importing goods from overseas is permissible in Islam.
Jazakallah
wslm
QUESTION NO: 5691
2010/08/04
DISPLAY ANSWER
Permissible if the exchange rate is fixed and pegged.
And Allah Knows Best Mufti Elias (May Allah Protect him)

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Asked on October 23, 2010 12:00 am
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Private answer
Yes
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Answered on October 23, 2010 12:00 am