The ruling on selling Dollars on installment payments
Question :
I want to buy 10,000 American dollars from a specific person at the price of 40,000 Saudi riyals. The payment (of the riyals) will be in monthly installment payments. Each payment will be 1,000 riyals. I want to sell these dollars in the market for 37,500 riyals. What is the ruling concerning that, knowing that I need this money?
Answer:
The ruling regarding this is that it is forbidden. It is forbidden for a person when he exchanges currency to leave from the place of making the agreement with the seller until after the two parties receive their exchange money. This question does not contain receipt of the second return currency, which is the value of the dollars. Based upon this, it is corrupt and invalid.
If the transaction has already been carried out now, it is obligatory on this person who took the dollars to pay it back in dollars and it is not permissible to base anything on the first agreement, because it is corrupt.
Indeed it has been confirmed from the Prophet that he said:
"Every condition that is not in the Book of Allah, then it is invalid, even if it were 100 conditions. The Decision of Allah has the most right and the Condition of Allah is most binding."
Source:
Ash-Shaykh Ibn 'Uthaimin
Fatawa Islamiyah, Vol. 3 Pages 357-358
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