Trading Forex

QUESTION:

I was selling Dollars and someone enquired to buy it from me. I offered him a rate, to which he agreed. I asked him where he lived (to determine how far he lived from me) and thereafter I told him that I would later confirm the agreement. He disagreed saying that the deal was already confirmed when I asked him where he resided. Am I required to sell him the Dollars after asking him where he is based, or is the transaction defunct?

Jazakallah

ANSWER:

When you informed the buyer that you had an x-amount of Dollars available (for sale) at a certain price, and he responded by saying that he’ll take it, then it was a promise to purchase the currency from you, as currency should be exchanged in one gathering. Hence, the transaction was not concluded in the queried scenario.

Asking a person where he resides bears no consequence whatsoever on the transaction.

يَنْعَقِدُ الْبَيْعُ بِصِيغَةِ الْمُضَارِعِ أَيْضًا إذَا أُرِيدَ بِهَا الْحَالُ كَمَا فِي عُرْفِ بَعْضِ الْبِلَادِ كَأَبِيعُ وَأَشْتَرِي وَإِذَا أُرِيدَ بِهَا الِاسْتِقْبَالُ لَا يَنْعَقِدُ (مجلة الحكام مادة 170)
صِيغَةُ الِاسْتِقْبَالِ الَّتِي هِيَ بِمَعْنَى الْوَعْدِ الْمُجَرَّدِ مِثْلُ سَأَبِيعُ وَأَشْتَرِي لَا يَنْعَقِدُ بِهَا الْبَيْعُ. (مجلة الحكام مادة 171)
ان الأوراق النقدية ثمن عرفي ليست ثمنا حقيقا—-فيجوز التفاضل والنسية الا ان القبض علي احد البدلين ضروري لئلا يقع في البيع الكالي بالكالي (التبيان من زكاة الاثمان ص59 ج4)

ALLAH TA’ALA ALONE IN HIS INFINITE KNOWLEDGE KNOWS BEST!

ANSWERED BY:

Mufti Mohammed Desai

Date:- 01 Muharram / 20 July 2023