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    Question about Currency

    Salam,



    I am under a small dilemna, wondering if any you guys can help me here.

    I lended a friend of mine some money in pounds but the money was paid out to him in USD as he resides in the States. Since then the value of pound has significantly depreciated. Meaning if he pays me back the same amount in USD I will get a lot more pounds then the original sum I lended him. So should I ask him the money back in USD or pounds? Anyone knows what the Islamic Jurisdiction on this would be? Meaning what is halal here and what is haram. Can I make some profit of my friend
    Dreams....
    Far away there in the sunshine are my aspirations. I may not reach them, but I can look up and see their beauty, believe in them and try to follow where they may lead
    .

    #2
    in my limited knowledge, when you entered into this contract, you should have specified up front whether you expected your friend to return USD or GBP to you. Since you apparently didn't clarify that part, you are now tempted to take back USD from him, even though the USD would be useless for you, since u live in the UK and u will have to convert the USD into your local currency.

    so in this scenario, asking him to pay up in USD is just a way of making money off your friend!!

    it makes sense for ur friend to give back what he actually got from u, i.e. GBP. think for a second if the GBP were stronger against the USD today than when u gave him the loan, would u want him to give u GBP or USD???

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      #3
      rockon,


      I agree with your point of view. Common sense says that he should pay me back in GBP. But what if he does not know that the money was converted from GBP. Meaning, he eventually got the money in USD and does not know the origin. Would it be haram to do so?
      Last edited by Frozen~Oxygen; Nov 19, 2008, 11:35 PM.
      Dreams....
      Far away there in the sunshine are my aspirations. I may not reach them, but I can look up and see their beauty, believe in them and try to follow where they may lead
      .

      Comment


        #4
        Re: Question about Currency

        IMO; the money he owes you is the money that reached his hand

        eg.. i may ask you to lend me 5 but through some service charge or other, you had to pay 2 extra to cover that charge. i will not be liable for that, but you will.. unless you make it part of the contract

        and in returning the money, you should get back exactly what you lent him. Lending out money should not be of a profiting nature - other than in good deeds iA
        LĀ ILĀHA ILLA-ALLĀH MUHAMMADUR-RASŪLULLĀH

        Comment


          #5
          Originally posted by Frozen~Oxygen View Post
          Salam,



          I am under a small dilemna, wondering if any you guys can help me here.

          I lended a friend of mine some money in pounds but the money was paid out to him in USD as he resides in the States. Since then the value of pound has significantly depreciated. Meaning if he pays me back the same amount in USD I will get a lot more pounds then the original sum I lended him. So should I ask him the money back in USD or pounds? Anyone knows what the Islamic Jurisdiction on this would be? Meaning what is halal here and what is haram. Can I make some profit of my friend
          That's it !
          Jeevay Jeevay PAKISTAN

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