Sarf (Money Exchange): Literally: to turn; turn away; spend; sarrafa: to shift something from one state to another; insarafa: to leave. Technically: a sale of money for money; for example, to sell gold for gold or for silver, or to sell gold or silver for base-metal coins. Malikis define sarf as a sale of one medium of exchange for another. If the exchange is of the same medium of exchange, for example, gold for gold or silver for silver, they do not call it sarf; rather, it is murabalah if the counter-values are exchanged by weight. If they are coins, and the exchange is by number and face-value, the exchange is called mubadalah. See ISRA Islamic Financial System: Principles and Operations for further details.

The Purchaser Opens an LC for Delayed Payment in a Foreign Currency; the Bank Gives a Better Rate for Holding the Money till the Payment
The Bank Charges a Fee for an LC as Compensation for Missing out on the Difference in Currency Exchange Rates
Can the Bank Inform the Investor of His Expected Profit in Commodity Murabahah with Variations Based on the Currency Used?
Contract Of Sale And Currency Trading
A Forex Option
A Promise of Parallel Purchase and Sale of Gold
A Promise to Buy or Sell Currency at a Future Date
A Promise to Buy or Sell Gold or Silver at a Future Date
Are Currency Option Contracts Legal?
Can a Murabahah Deal Be Combined with a Foreign Currency Exchange?
Can the Bank Use Two Different Rates to Sell Foreign Currency?
Charging One Price for a Simple Sale of Foreign Currency and another Price for a Foreign Exchange plus Remittance
Depositing Gold with a Moneychanger and Authorizing Him to Sell It to Himself or Someone Else on Behalf of the Depositor
Exchanging a Deferred Payment Bond in a Currency Other Than the Currency Used to Issue the Bond
Extent Of Permissibility Of Trading In Currencies
Forward Foreign Currency Transaction
Giving a Customer Facilities to Buy Foreign Currency
Is It Permissible for Two Parties to Agree to a Currency Exchange at a Price Different from the Prevailing Rate?
Is it Permissible to Charge a Fee for Cashing a Check in a Foreign Currency?
Is It Permissible to Settle an Undeferred Liability in Gold with Cash?
Is the Exchange of Two Different Currencies Considered Like an Exchange of Gold for Gold?
Mitigating The Risk Of Foreign Exchange Fluctuations
Paying for a Foreign Currency Purchase by Offsetting a Debt
Right To Buy Currencies
T+2 Delivery in Foreign Exchange Transactions
Using an Overdraft Facility at a Bank to Buy Foreign Currency
Which Day’s Exchange Rate Should Be Used in Repaying the Bank for Withdrawals on a Bounced Foreign Check?
Who Should Bear the Exchange Difference when Cashing a Check in a Foreign Currency?
A Promise to Sell Currency in the Future
What is the Shariah Ruling on a Bilateral Promise to Buy a Certain Amount of a Specific Currency at a Fixed Price During a Specified Period?
Is It Permissible for KFH to Enter into a Foreign Currency Contract with a Client Who Also Ordered KFH to Purchase Goods from a Foreign Seller and Sells them to Him on Deferred Basis?
Charging a Fee for Travelers’ Checks in a Foreign Currency
Providing Customers No-Interest Loans to Trade Currency for Profit
Selling Traveler’s Checks
Which Day’s Exchange Rate Should Be Used in Charging the Customer in a Murabahah Sale?
Borrowing Gold to Sell It; with Periodic Settlements with the Original Owner
Can a Creditor Make His Loan Conditional on the Borrower Buying from or Selling to the Creditor?
Can a Customer Islamically Transfer a Traveler’s Check to Another Person in the Same Currency?
Can an Islamic Bank Give an Interest-Free Loan to a Company That Plans to Use It for Currency Speculation?
The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 160th Meeting
Resolution No. 65: Repurchasing checks issued by the Corporation to correspondent banks overseas
Resolution No. 66: Purchasing checks issued in foreign currencies drawn on overseas banks
Resolution No. 69: Collecting checks issued by local or overseas banks
Resolution No. 105: The permissibility of borrowing in deutsche marks and lending in US dollars to avoid price volatility
Resolution No. 110: Selling foreign currencies to clients for less than the market price in order to encourage them to deal with the Corporation
Resolution No. 159: The Corporation selling gold, silver and currencies to its clients
Buying Commodities in One Currency and Selling it in Another Currency
Can a Murabahah Deal Be Combined with a Foreign Currency Exchange?
The Seller Wants to Sell in the Local Currency but the Buyer wants to Record the Sale in a Foreign Currency
استثمار البنك ودائع العملاء بالعملة الصعبة وردها بالعملة نفسها
عمولة صرف عملة
مشروعية شراء دولار الحوالات بالدولار النقدي
مشروعية تداول العملات في عمليات الصرف قبل تقييدها حقيقة في الحساب
نكول الواعد بالشراء في شراء العملات
عقد الصرف الآجل
إجراء عمليات الشراء الآجل للعملات الأجنبية (Forward)
الصرف المؤجل للعملات المختلفة الجنس
بيع البنك عملة أجنبية لجهة ما بسعر يحدد مسبقًا
قيام البنك بإيداع وديعة لدى أحد البنوك الذي يبيعه أجنبية بسعر شراء البنك المركزي
An Islamic Bank Has Multiple Accounts in Different Currencies with a Foreign Bank, Some Overdrawn and Some with Positive Balances
If a Customer Cashes a Cheque Drawn on a Foreign Bank, Should the Exchange Rate Be from the Day of Cashing or the Day the Cheque Clears?
How to Deal With an Exchange Discrepancy in a Canceled Sale That Involved Different Currencies?
What Is the Ruling if Different Currencies Are Used in Parallel Istisna‘ Contracts?
Can a Muslim Property Owner Lease Premises to a Foreign Exchange Company?
Can Customary Practice Affect the Ruling on Some Financial Practices?
Is It Allowed for an Islamic Bank to Place an Interest-Bearing Deposit in the Central Bank if the Law Requires It?
Is it Allowed to Deposit Funds in a Conventional Bank in Exchange for Reduced Fees on Tawarruq Transactions?
Can an Islamic Bank Loan Money to a Customer for Currency Trading via the Bank?
Is It Allowed, When Issuing a Bank Draft, to Include the Cost of a Procedure the Customer Might Not Use When Cashing It?
What Is the Ruling on Buying Currencies?
Resolution No. 53/4/6: Possession: its different forms, especially its modern forms and their rules
What is the Ruling on Withdrawal of a Deposit Made in Foreign Currency from an Investment Account Before the End of the Deposit Period?
Some Aspects of Two Contracts in One
Is it allowed to apply the current exchange rate on foreign currencies withdrawals?
Is it allowed to fix the exchange price on the subscription day rather than the transaction day?
Is it allowed to charge a fee on cash withdrawals from foreign currency accounts?
What is the ruling on a transaction concerning a promise to sell foreign currencies?
Spot and Forward Foreign Currency Exchange Transactions
Forward Foreign Currency Exchange Transaction Based on Bai` Mu’ajjal
Foreign Currency Option Based on Hamish Jiddiyyah, Wa`d and Tawarruq
Foreign Currency Option Based on Wa`d and Two Independent Tawarruq Transactions
Hukum Perdagangan Pertukaran Matawang Asing oleh Individu Secara Lani (Individual Spot Forex) Melalui Platfom Elektronik
Is it Allowed for an Islamic Bank to Provide Qard Hasan to Another Bank on the Condition that the Latter Sells Foreign Currency to the Former Based Purchase Price Determined by the Central Bank?
Is it Allowed to Open Investment Accounts in Foreign Currencies on the Condition that these Funds Remain in the Same Currencies with the Bank?
Registration of Murabaha Transaction at the Exchange Rate Prevailing On the Day of Purchase from the Exporter.
Buying Currency from a Client During Payment to the Exporter
Deferred Installments Paid in Foreign Currency and Determination of Exchange Rate on the Date of Arrival of Documents
ورود المستندات قبل البضاعة في اعتمادات تمويل المرابحة

Islamic Financial System ©



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