Tag: debt

Various Scholars

Various Scholars

Fatawa Since 2014-01-06

Borrowing in dollars & paying off debt in another currency

I am a South African who used to study in the United States. When I was studying, I borrowed $6000 US from another South African. We are both back in South Africa now, and it is more convenient for both of us if I pay him back I South African rands. Is this allowed?
 

Answered by Sheikh `Abd al-Hakîm Balmahdî, professor at al-Imâm Islamic University, Riyadh   This question was confronted at the time of the Prophet (peace be upon him) and His Companions, since they had two currency standards at the time: the golddinar and the silver ... Continue Reading
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