ﷺ who replied: “There is no harm in taking it at the price of the day, so long as you do not part while anything remains outstanding between you.” [Musnad Aḥmad (5959)]. This differs from what the Hanbali authorities have forbidden with respect to a salam debt.
- Resolution of the Islamic Fiqh Council on the Forms of Taking Possession
The Council of the Islamic Fiqh Council of the Muslim World League, in its eleventh session held in Mecca from Sunday 13 Rajab 1409 AH to Sunday 20 Rajab 1409 AH, examined the following:
-
In currency exchange carried out through banks, may the act of taking possession be dispensed with by means of the cheque received by the person requesting the transfer?
-
Is the entry in the bank’s ledgers sufficient, in lieu of physical possession, for someone who wishes to exchange one currency for another already deposited with the bank?
After study and deliberation, the Council unanimously resolved the following:
First: In the matter of currency exchange executed by bank transfer, receipt of the cheque takes the place of possession, provided its requisite conditions are met.
Second: The entry in the bank’s books is deemed to constitute possession for anyone who wishes to exchange one currency for another, whether the exchange involves funds he hands over to the bank or funds already on deposit with it. May blessings and peace be upon our Master Muhammad.
Members of the Council
- Resolution of the Islamic Fiqh Council on Currency Issues: Resolution No. (75):
In the name of Allah, Lord of the worlds, and may blessings and peace be upon our master Muhammad, the Seal of the Prophets, and upon his family and companions.
The Council of the Islamic Fiqh Academy, convened in its eighth conference in Bandar