Islamic Economics
Centre (DaruliftaAhlesunnat)
(Dawateislami -Darulifta
Ahle Sunnat)
Question
What do Islamic scholars say about the following
scenario? We work in the export sector. We entered into a business deal with a
European party using Euros as a currency. At the time of the deal, one Euro
equaled 273 PKR. The party made half of the payment immediately in Euros, and
we mutually agreed that the remaining half would be paid upon delivery. When
the goods were delivered, the Euro was valued at 276 PKR. (At that moment in
time) I received the agreed-upon amount in Euros, and when I converted it to
PKR, I received 276 PKR for one Euro. What is the ruling according to Shariah
in this situation? Should I have accepted the originally agreed-upon amount or
should I have accepted less?
بِسْمِ اللہِ الرَّحْمٰنِ الرَّحِيْمِ
اَلْجَوَابُ بِعَوْنِ الْمَلِکِ الْوَھَّابِ اَللّٰھُمَّ ھِدَایَۃَ الْحَقِّ وَالصَّوَابِ
Once a business
agreement is made in a specific currency, the buyer is obligated to pay only
the agreed-upon amount in that currency, regardless of whether the currency's
value increases or decreases afterward. The seller can demand only the
agreed-upon amount. In the asked situation when the deal was made on an
agreed-upon number of Euros, the buyer was obliged to pay the agreed-upon
number of Euros only, even if the value of Euro had increased afterward. So, when the buyer paid the agreed-upon
amount of Euros, deal got (perfectly) valid.
And the extra amount which you received due to increase of exchange rate
of Euros from the second installment, is also halal and pure as this extra
amount/increment is due to devaluation of Pakistani currency against Euro. But
keep in mind that this ruling is applicable only when the remaining half
payment was agreed-upon to be in Euro and your query also states the same
categorically.
Allama Shami رحمۃ اللہ علیہwhile mentioning the
rulings regarding the increase and decrease of currency after (finalization of)
a transaction writes in his booklet
"تنبیہ الرقود علی
مسائل النقود":
”ان زادت فالبیع علی
حالہ، و لا یتخیر المشتری کما سیاتی ، و کذا ان
انتقصت لا یفسد البیع ، و لیس للبائع غیرھا “
Translation: “if the
value of Dirham or coins increases, the sale (بیع)
will remain as it is and the buyer will not have Khayar
(choice) as I will mention it later. And if the value of Dirham or coins
decreases, sale will not be Fasid (invalid) and the
seller will not receive anything other than agreed upon amount of Dirham and
coins.” (Rasail
Ibn-e-Aabdin, Tanbih-ur-Roqood
Ala Masailin-Noqood, Vol. 02, Page 59, Suhail
Academy)
He further mentions:
”فاما اذا غلت فان ازدادت قیمتھا
،فالبیع علی حالہ و لایتخیر المشتری و اذا انتقصت
قیمتھا و رخصت فالبیع علی حالہ و یطالبہ بالدراھم بذلک
العیار الذی کان وقت البیع“
Translation: “if there
is Inflation and the value of coins increases, the sale will remain as it is
and a purchaser will not have Khayar (choice) and
when there is deflation and the value of coins decreases, the sale will also
remain as it is and the seller will demand only that quality of Dirhams which
were agreed upon at the time of sale.”(Rasail Ibn-e-Aabdin, Tanbih-ur-Roqood
Ala Masailin-Noqood, Vol. 02, Page 60, Suhail
Academy)
It is stated in the book
Durr-e-Mukhtaar:
”(لو نقصت قيمتها قبل القبض
فالبيع على حاله) إجماعا ولا يتخير البائع (و) عكسه (ولو غلت قيمتها وازدادت فكذلك
البيع على حاله، ولا يتخير المشتري ويطالب بنقد ذلك العيار الذي كان) وقع (وقت
البيع) فتح“
Translation:” if the
value of coins decreases before one takes it into his possession the sale will
remain as it is according to the unanimous opinion and a seller will not have a
choice (Khayar). And if the matter is opposite to it i.e.
the value of coins increases, the sale will also remain as it is and the
purchaser will not have a choice and he (i.e. purchaser) will be asked to pay
the same quality of currency (نقد) which was agreed-upon
at the time of sale.”(Durr-e-Mukhtaar, Vol. 05, Page 269, Beirut)
Sadrush Shariah Badrut Tariqah Mufti Amjad Ali Azami رحمۃ اللہ علیہ states in his book
Bahar-e-Shariat: “if Paisas or Rupees are still in
use but have got devalued, the sale will remain intact and the seller will not
have a choice to cancel it, same is the ruling when the value increases as the
sale will remain intact and the purchaser will not have a choice to cancel it
and in both these scenarios the same rupees (i.e.
agreed upon currency) will be paid.” (Bahar-e-Shariat, Vol. 02, Page 830, Maktabah-Tul-Madinah)
Answered By:
Abu Muhammad Mufti Ali Asghar Attari Madani
Ref No: IEC-0001
Date: 17 Shawwal-ul-Mukarram 1444 Hijri/ May 09, 2023
Translated by Maulana
Abdul wajid madani
وَاللہُ اَعْلَمُ عَزَّوَجَلَّ وَرَسُوْلُہ
اَعْلَم صَلَّی اللّٰہُ تَعَالٰی
عَلَیْہِ وَاٰلِہٖ وَسَلَّم
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