In the Name of Allāh,
the Entirely Merciful, the Especially Merciful
Praise is due to Allāh, Lord of the worlds, may the blessings and peace be upon our master Muḥammad, the last of prophets, on his family, and all his companions.
Resolution No. 102 (5/11)
Currency Trading (Foreign Exchange Market)
The Council of the International Islamic Fiqh Academy of the Organization of the Islamic Conference, holding its 11th session in Manama, Kingdom of Bahrain, on 25–30 Rajab 1419h (14–19 November 1998),
Having examined the research papers submitted to the Academy concerning
Currency Trading (Foreign Exchange Market),
Having listened to the discussions on the subject,
Resolves
First: Confirming the Academy resolution no. 21 (9/3) concerning banknotes and the changing value of currency, resolution no. 63 (1/7) concerning the stock exchange, paragraph (3) on trading in commodities, currencies and indexes of organized markets, and no. (2) concerning currency exchange, and resolution no. 53 (4/6) concerning Qabḍ (taking possession), paragraph (2-i-c).
Second: It is not permissible in Shariah to sell currencies by deferred sale, nor to set a date for the exchange of their price, as has been proven by the Quran, Sunnah and Ijmāʿ.
Third: Ribā (usury), currency trading, and currency exchange that do not abide by the rulings of Shariah are among the most important causes of the economic crises and financial fluctuations that have hit some countries.
Recommendation
It is incumbent upon Muslim governments to exercise control over financial markets and compel them to regulate their activities, such as in currencies and other transactions in accordance with the provisions of Shariah, as these prin- ciples are the safety valve against economic disasters.
Indeed, Allāh is the Giver of success.
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Secretary‑General of the Academy Visits the Consulate General of the Hashemite Kingdom of Jordan His Excellency Professor Dr. Qutb Mustafa Sano, Secretary‑General of the Academy, paid an official visit on 29 Sha‘ban 1447 AH, corresponding to 17 February 2026, to the Consulate General of the Hashemite Kingdom of Jordan in Jeddah. His Excellency and his accompanying delegation were received by His Excellency Ambassador Mohammed Salah Sobhi Hameed, Consul General and Permanent Representative of Jordan to the Organization of Islamic Cooperation, who welcomed him warmly and expressed his pleasure at the visit. He praised the distinguished intellectual efforts undertaken by the Academy under His Excellency’s leadership in addressing numerous religious and intellectual issues of concern to the Islamic world, affirming his personal honor in meeting His Excellency again and Jordan’s keenness to strengthen channels of communication and cooperation with the Academy, especially in areas of mutual interest. For his part, His Excellency expressed his deep gratitude and great appreciation to the Ambassador for the warm reception and generous hospitality. He commended the tremendous support, gracious care, and continuous attention the Academy has received from the leadership and people of Jordan since its establishment. He also conveyed his sincere appreciation for the Ambassador’s recent visit to the Academy, affirming the Academy’s full readiness to do everything that would enhance partnership, cooperation, coordination, and communication between the Academy and Jordanian religious and academic institutions. His Excellency was accompanied by Mr. Mohammed Al‑Mundhir Rida Al‑Shawk, Director of the Office and Protocol; Mr. Mohammed Waleed Al‑Idrisi, Director of Media and Public Relations; Ms. Sarah Amjad Badawi, Director of the Department of Family, Women, Children, and the Elderly; and Mr. Amjad Ibrahim Al‑Mansi, Head of the Protocol Section.
