Musaya shi ne canza wani kuɗi zuwa wani, watau musayar kuɗi da wani kuɗi. Wannan na iya kasancewa musayar kuɗi ɗaya da wani kuɗi irinsa, kamar musayar zinariya da zinariya, da azurfa da azurfa, ko kuma musayar kuɗi ɗaya da wani kuɗi daban, kamar musayar zinariya da azurfa ko akasin haka. Dangane da musayar kuɗi da wani kuɗi irinsa, wannan yana buƙatar daidaito tsakanin nau'ikan biyu, kuma bambanci a tsakaninsu an haramta gaba ɗaya, domin hakan riba ce wacce aka haramta, kamar musayar zinariya da zinariya, ko musayar takardun kuɗi na asali – waɗanda za a iya musanya su da darajarsu a zinariya da zinariya. Saboda haka, farashin musaya ba ya aiki a wannan yanayi.

Exchange is the conversion of one currency for another i.e. the interchange of one currency with another. This would be either exchanging one currency for another of the same type, such as the exchange of gold for gold, and silver for silver, or the exchange of one currency for another of a different type, such as the exchange of gold for silver or vice versa. As for the exchange of one currency for another currency of the same type, this necessitates equality between the two types and differences are absolutely prohibited, since this would be Riba which is forbidden, such as the exchange of gold for gold, or the exchange of intrinsic paper money – which can be exchanged for its value in gold for gold. Therefore, the exchange rate does not apply in this case.

Game da musayar wani nau'in kuɗi ko wata kuɗi da wani nau'i daban, kamar musayar zinariya da azurfa, ko musayar fam sterling da dalar Amurka, ko musayar rubul da farank, wannan yana halal, muddin musayar ta faru nan take (a hannu da hannu). Farashin musayar zai kasance adadin wata kuɗi dangane da wata, wato farashin musayar shi ne rabon musayar tsakanin kuɗaɗe biyu daban-daban.

As for the exchange of one type of money or one currency for another of a different type, such as the exchange of gold for silver, or the exchange of pounds sterling for the U.S. dollar or the exchange of a ruble for a franc, this is permitted, provided the exchange takes place on the spot. The exchange rate would be the rate of one currency in ratio to the other, in other words the exchange rate would be the ratio of exchange between two different currencies.

Abin da ke sa mutane su yi musayar kuɗi shi ne buƙatar ɗaya daga cikin bangarorin musayar ga kuɗin ɗayan bangaren. Amma musayar da ke gudana tsakanin mutane da kuɗin da ke yawo a cikin wata ƙasa guda, kamar musayar azurfa da zinariya, ko zinariya da azurfa, abu ne bayyananne, kuma zai kasance tsakanin zinariya da azurfa, domin ƙasar za ta yi aiki da ma'aunin zinariya da ma'aunin azurfa a lokaci guda, kuma farashin musayar tsakanin kuɗaɗen biyu zai kasance ƙayyadadde bisa ga farashin kasuwa. Babu laifi idan farashin musayar ya canza tsakanin nau'ikan kuɗi biyu da ake amfani da su a ƙasa guda, domin wannan zai zama kamar sauyin farashin kayayyaki.

What prompts people to exchange is the need of one of the exchanging parties for the currency of the other party. As for the exchange taking place between people in the currency circulating in one particular country, such as the exchange of silver for gold, or gold for silver, this is straightforward and would be between gold and silver, because the country would be operating both the gold and the silver standard and the exchange rate would be fixed between the two currencies, according to the market rate. There would be no harm if the exchange rate fluctuated between the two types of currency used in one country, because this would be just like the fluctuation in the commodities’ prices.

Dangane da musayar kuɗi tsakanin kuɗaɗe biyu na ƙasashe biyu ko fiye, ana ɗaukar wannan a matsayin tushen matsaloli. Saboda haka, ya dace a bincika hakikaninsa, a bayyana hukuncin Shari'a game da shi, da kuma game da farashin musayar kansa.

As for the exchange between two different currencies of two countries or more, this is regarded as a source of problems. It would therefore be appropriate to investigate its reality and clarify the Shari’ah rule regarding it and regarding the exchange rate as such.

Dangane da hakikanin lamarin, wannan yana bayyana ne a cikin cewa kasashe suna aiki da ma'auni daban-daban, kuma matsayin kasashen da ke aiki da ma'aunin zinariya ya bambanta da na wadanda ke aiki da ma'aunin takardar kudi wadda ba a iya musanyawa da zinariya ba. Saboda haka, idan kasashe da dama suna aiki da ma'aunin zinariya, to farashin musayar kudi tsakanin wadannan kasashe ko adadin musayar kudadensu zai kasance kusan a tsaye. Haka zai kasance idan suna aiki da ma'aunin karfe, domin a wannan yanayi ba za a kasance ana musayar kudade biyu daban-daban ba, wadanda darajar kowannensu za ta iya canzawa dangane da dayan bisa ga matakin samarwa da bukata da ke da alaka da kowannensu. Maimakon haka, za a kasance ana musayar zinariya da zinariya, kuma bambancin kawai zai kasance shi ne zinariya a wata kasa an yi mata tsari daban aka buga mata alama daban da wadda ake amfani da ita a wata kasar. Farashin musayar zai kasance an tantance shi ne ta hanyar adadin tsakanin nauyin zinariya tsantsa da ke cikin kudin wata kasa da nauyin zinariya tsantsa da ke cikin kudin wata kasar. Farashin musayar tsakanin kasashen da ke aiki da ma'aunin zinariya zai canza ne kawai tsakanin iyaka biyu takamaimai, wadanda za su dogara ga kudin jigilar zinariya tsakaninsu. Wannan ana kiransa iyakokin zinariya (Haddi Dhahabiyy). Tunda wadannan kudade kadan ne, za mu iya cewa farashin musayar tsakanin kasashen da ke aiki da ma'aunin zinariya kusan a tsaye yake. Bugu da kari, idan wata kasa tana aiki da ma'aunin takardar kudi ta ainihin darajarta, to za ta kasance a daidai matsayin kasar da ke aiki da ma'aunin karfe, saboda hakikanin yaduwar kudi da ke faruwa shi ne na kudin karfe. Bambancin kawai shi ne kudin karfe da kansa ne yake yaduwa, alhali takardar kudi tana yaduwa a madadinsa, domin tana wakiltarsa. Saboda haka, kuɗin takarda na ainihi za a yi mu'amala da shi daidai da yadda ake yi da kuɗin ƙarfe dangane da musayar kuɗi. Hakika, hukuncin kuɗin takarda na ainihi zai zama daidai da kuɗin ƙarfe ta kowace fuska.

As for its reality, this is reflected in the fact that countries operate different standards and the position of countries who operate the gold standard differs from those who operate the non-exchangeable paper money standard. Therefore, when several countries operate the gold standard, the exchange rate between these countries or the ratio of exchange between their currencies would consequently remain almost stable. This would be so if they were operating the metallic standard, because in fact, one would not in this case be exchanging two different currencies where the value of each one of them may alter with regard to the other in accordance with the level of supply and demand related to each of them. Instead, one would be exchanging gold for gold, and the only difference would be the fact that gold in one country has been coined in a different shape and stamped with a symbol different to that used in the other country. The exchange rate would then be determined by the ratio between the weight of the net gold to be found in the currency of one country and the net weight of gold to be found in the currency of the other country. The exchange rate between the countries who operate the gold standard would only fluctuate within two specific margins which would be dependent on the transfer charges of gold between them. This is known as the gold limits (Haddi Dhahabiyy). Since these charges are minimal, we can say that the exchange rate between countries operating the gold standard is virtually stable. Furthermore, if a country operated the intrinsic paper money standard, it would be in exactly the same position as a country that operates the metallic standard, because the real circulation taking place is that of the metallic money. The only difference would be that the metallic money itself circulates, whereas paper money circulates in lieu of it, for it acts as representative to it. Therefore, the intrinsic paper money would be dealt with in exactly the same way as far as the exchange rate is concerned. In fact the rule of intrinsic paper would in all aspects be the same as metallic money.

Duk da haka, idan wata ƙasa ta yi amfani da kuɗin takarda na fiduciary, watau takardun kuɗi (banknotes), to zinariyar a wannan yanayi za ta rufe wani ɓangare kawai na darajar kuɗin takardar fiduciary, ba duk darajarsa ba, ko da yake ƙasar za ta kasance tana aiki da tsarin gold standard. Saboda haka, darajar kuɗin takarda na fiduciary za ta bambanta gwargwadon adadin ajiyar zinariyar da ke rufe shi, kuma wannan zai ƙayyade farashin musayar tsakanin su. Sai dai wannan farashin musayar zai kasance karko kuma mai sauƙin sa ido, domin zai dogara ne da kaso na ajiyar zinariya, wanda adadinsa zai kasance an ƙayyade.

However, if a country operated fiduciary paper money i.e. banknotes, the gold in this case would only be covering some of the fiduciary money’s value and not all of its value, even though the country would be operating the gold standard. Therefore, the value of the fiduciary paper money would differ according to the gold reserves covering it, and this would determine the exchange rate between them. This exchange rate would however remain stable and easy to monitor, for it would depend on the percentage rate of gold reserves whose quantities would be defined.

Amma idan ƙasashe da dama za su yi amfani da tsarin kuɗin takarda wanda ba a iya musanya shi da zinariya, to matsalar gyara farashin musayar kuɗi tsakanin waɗannan ƙasashe za ta taso. Wannan saboda idan ba zai yiwu a musanya kuɗi da zinariya a farashi kayyadadde ba, to matsalar da ke fuskantar waɗannan ƙasashen da ke amfani da tsarin kuɗin takarda wanda ba a iya musanya shi ita ce yadda za a gyara farashin musayar tsakaninsu.

However, if a host of countries were to operate the non-exchangeable paper money standard, the issue of fixing the exchange rate between these countries would then arise. This is because when the exchange of currency to gold at a fixed price becomes impossible, then the problem facing these countries operating the non-exchangeable paper money standard is the way to fix the exchange rate between them.

Warware wannan matsala ya ta'allaka ne da cewa nau'o'in takardun kuɗi daban-daban ana ɗaukar su a matsayin kayayyaki da ake musayarsu a kasuwar kuɗi ta duniya. A zahiri, ba sa sayen waɗannan takardun kuɗi saboda darajarsu ta kansu, sai dai saboda ikonsu na sayen wasu kayayyaki a ƙasashensu na asali. Saboda haka, dangantakar da ke tsakanin takardun kuɗi biyu, ko farashin musayar tsakaninsu, za a ƙayyade ta gwargwadon ƙarfin sayen kowane takardar kuɗi a ƙasarsa ta asali.

Solving this problem lies in the fact that the various types of paper money are considered commodities which are exchangeable in the international money market. They in fact do not buy these notes for their own worth, but for their ability to purchase other commodities in their countries of origin. Therefore, the ratio between two paper currencies, or the exchange rate between them, would be determined according to the purchasing power of each paper money in its respective country of origin.

Saboda haka, farashin musayar kuɗi zai dogara ne da rabon da ke tsakanin kuɗaɗen biyu. Misali, idan Masar da Italiya suna amfani da tsarin kuɗin takarda, kuma lira na Italiya zai saye raka'a 10 na kayayyaki a Italiya, yayin da fam na Masar zai saye raka'a 100 na kayayyaki a Masar, to rabon da ke tsakanin wadannan kuɗaɗen biyu zai zama fam 1 na Masar a kan lira 10 na Italiya. Sai dai farashin musayar zai iya canzawa, domin kuɗaɗen takarda a zahiri kaya ne da mutane ke sayarwa da saye a kasuwar kuɗi ta duniya; ba sa saye su saboda darajarsu ta kansu, sai dai saboda ikonsu na sayen kayayyaki da ayyuka daga kasashen da suka fitar da su. Don haka darajarsu za ta karu idan farashin kayayyaki ya ragu a kasashensu na asali, kuma za ta ragu idan farashin ya karu. Saboda haka, amfanin da mutum zai samu daga kuɗin waje ya dogara ne da karfin sayensa. Idan wannan karfin ya karu, to amfanin da muke samu zai karu, kuma shirin mu na biyan karin kuɗinmu don samun daidai adadin wannan kuɗin waje shi ma zai karu. A gefe guda kuma, idan karfin sayen ya ragu, to amfanin da ake samu daga wannan kuɗin zai ragu, kuma shirin mu na biyan karin kuɗinmu don samun daidai adadin kuɗin waje shi ma zai ragu. Wannan saboda kuɗin waje ba zai iya sayen adadin kayayyakin da yake saye a kasarsa ta asali ba kamar da, yayin da kuɗinmu zai ci gaba da riƙe darajarsa.

Therefore, the exchange rate would be determined by the ratio between two currencies. If for instance Egypt and Italy were operating the paper money standard, and the Italian lira would purchase in Italy 10 units of commodities, whereas the Egyptian pound would purchase in Egypt 100 units of commodities, the ratio between these two currencies would be 1 Egyptian pound for 10 Italian liras. However, the exchange rate could fluctuate because the paper currencies are in fact commodities which people exchange and trade in the international money market; they do not buy them for their own worth, but for their ability to purchase goods and services from the countries which issued them. Their value would therefore increase when the prices of commodities decrease in their respective countries of origin, and decrease when those prices increase. Therefore, the benefit that one makes from a foreign currency depends on its purchasing power. If this power increases the benefit we gain, our willingness to pay more with our own currency in order to obtain an equivalent amount of that foreign currency would also increase. On the other hand, if the purchasing power diminishes then the benefit obtained from that currency would also diminish, and our willingness to pay more with our own currency in order to obtain an equivalent amount of that foreign currency would also diminish. This is because that foreign currency could no longer purchase in its country of origin the same units of commodities it used to, while our currency would still maintain its value.

لنفترض أنه في سنة معيّنة كان مستوى الأسعار في مصر وإنجلترا 100 في كلا البلدين، وكان سعر الصرف بينهما جنيه مصري واحد مقابل جنيه إسترليني واحد. في هذه الحالة يكون سعر الصرف متساوياً، وبما أن الحافز على التبادل هو تحقيق الكفاية في الحاجة إلى البضائع الإنجليزية، فلا يحدث طلب كبير على الجنيه الإسترليني في مصر ولا عزوف عنه. أما إذا ارتفع مستوى الأسعار في مصر إلى 200، فإن قيمة الجنيه الإسترليني ستتضاعف في مصر، وسيصبح سعر الصرف جنيهاً مصرياً واحداً مقابل 0.50 جنيه إسترليني. وعليه سينشأ طلب على الجنيه الإسترليني نتيجة انخفاض الأسعار النسبي في إنجلترا، بينما سيتضاءل الطلب على الجنيه المصري بسبب ارتفاع الأسعار النسبي في مصر. وهذا سيؤدي إلى انخفاض طلب الإنجليز على الجنيه المصري، وإلى انخفاض طلبهم على البضائع المصرية، وسيفضلون حتماً بضائعهم بأسعارها الحالية، لأن أسعار البضائع المصرية سيتضاعف، بينما بقيت أسعارهم على حالها. ولهذا يتغيّر سعر الصرف تبعاً لتغيّر أسعار السلع في البلد الذي أصدر العملة. فإذا ارتفع مستوى الأسعار في دولة ما بالنسبة إلى دولة أخرى، بسبب زيادة عرض النقود مثلاً، فإن سعر الصرف بين هذين البلدين سيتغيّر حتماً، مما يؤدي إلى انخفاض القيمة الخارجية للبلد الذي ارتفعت فيه الأسعار. وستكون أسعار الصرف بين عملة بلد ما والعملات الأجنبية متوافقة مع العلاقة القائمة بين أسعار الصرف للعملات الأجنبية الأخرى فيما بينها. A ta wata ma'ana, idan misali Dinar na Iraki ya yi daidai da riyal 100 na Iran, lira 200 na Italiya ko faranki 400 na Faransa, to farashin musayar tsakanin kuɗaɗen kasashen waje zai kasance, a Iran, riyal 1 na Iran daidai da lira 2 na Italiya ko faranki 4 na Faransa, kuma a Italiya zai kasance lira 1 na Italiya daidai da faranki 2 na Faransa ko riyal 0.5 na Iran, haka kuma har zuwa karshe. Wannan shi ne ainihin abin da zai faru idan kowace kasa ta bar darajar kudinta a waje ta canja bisa ga sauyin matakan farashi, ba tare da sanya tsauraran takunkumi kan cinikayyar kasa da kasa ba, da kuma kan canja kudin waje zuwa kudin cikin gida ko na cikin gida zuwa kudin waje. Duk da haka, kasa na iya yunkurin kare darajar kudinta a waje duk da tsadar farashi a cikin gida, ta hanyar takaita bukatar 'yan kasuwa masu shigo da kaya na waje, misali ta hanyar rage adadin lasisin shigo da kaya. A irin wannan yanayi, daidaito tsakanin farashin musayar a kasashe daban-daban zai tsattsage. Wannan banbanci tsakanin farashin musayar a kasashe daban-daban ba zai iya faruwa ba sai dai idan wasu kasashe sun zabi sanya takunkumi kan harkokin kudin waje. Domin idan babu takunkumi, dan kasuwa zai iya canja kudi ya samu riba. Sai wasu mutane su yi gaggawar kama wannan damar kasuwanci su yi haka, wanda hakan zai sake kawo daidaito tsakanin farashin musayar daban-daban.

Let us suppose that in a specific year, the level of prices in Egypt and England were 100 in both countries, and that the exchange rate between them was 1.00 Egyptian pound for £1.00 sterling. In this case the exchange rate would be equal, and since the incentive to exchange is to achieve a sufficiency in the need for English goods, therefore, no great demand for, nor turning away from pounds sterling would occur in Egypt. However, if the price level were to rise in Egypt to 200, the pound sterling value would double in Egypt, and the exchange rate would become 1 Egyptian pound for £0.50 sterling. Therefore, a demand for sterling pounds would be generated due to the relative price decrease in England whereas, the demand for the Egyptian pound would diminish due to the relative price increase in Egypt. This would entail a decrease in the demand for the Egyptian pound by the English, and their demand for Egyptian goods would decrease, and they would inevitably prefer their own goods with their present prices because the prices of Egyptian goods would have doubled while their own prices remained the same. Therefore, the exchange rate would change according to changes in the commodity prices of the country which had issued the currency. If the price level in one country rises as far as another country is concerned, due for instance to the increases in money supply, the exchange rate between these two countries would inevitably change, leading to a decrease in the foreign value of the country in which the prices had risen. The exchange rates between the currency of one country and foreign currencies would be in line with the relationship established between the other foreign currencies’ exchange rates themselves. In other words, if for instance the Iraqi Dinar equalled 100 Iranian riyal, 200 Italian liras or 400 French francs, the exchange rates between the foreign currencies would therefore be, in Iran, 1 Iranian riyal for 2 Italian liras or 4 French francs, and in Italy it would be 1 Italian lira for 2 French francs or 0.5 Iranian riyal and so on. This is in fact what would happen if every country left the foreign value of her currency to fluctuate according to the fluctuation of price levels, without imposing heavy restrictions upon international trade and upon the transfer of foreign currency into local currency or local into foreign currency. However, a country may attempt to sustain the foreign value of her currency despite high prices at home, by restricting the local importers’ demand for foreign goods by reducing the number of import licences, for instance. In such a case, the harmony between the various exchange rates in the various countries would be disturbed. This difference between the exchange rates in different countries could not occur unless some countries opted to impose restrictions on their foreign currency transactions. Because if there were no restrictions, a businessman would be able to exchange the currency and make a profit. Thus other people would rush to seize this business opportunity and do the same, which would in turn lead to the establishment of harmony between the various exchange rates once again.

Waɗannan takurran da ake sanyawa kan harkokin musayar kuɗi sun zama ruwan dare a ƙasashe da dama a lokacin yaƙi da kuma lokutan matsalar tattalin arziki mai tsanani. Muna ganin cewa a irin waɗannan lokuta, darajar kuɗin cikin gida a ƙasar da ta sanya takurra a harkokin kuɗinta za ta bambanta daga wata ƙasa zuwa wata, bisa ga tsarin kuɗi da ake amfani da shi a kowace ƙasa. Saboda haka, a ƙasar da ake amfani da farashin musaya guda ɗaya, farashin musayar hukuma tsakanin kuɗin wannan ƙasa da ƙasar da aka ambata a baya zai kasance a tsaye, domin bankin tsakiya da bankunan da aka ba izini don gudanar da harkokin kuɗin waje za su saye kuɗin a farashin da aka tsayar, su kuma sayar da waɗannan kuɗaɗen a farashin da aka tsayar.

These restrictions imposed upon exchange transactions have become a widespread phenomenon in many countries in wartime and at times of severe economic unrest.We find that at such times, the value of the local currency in a country who subjects her monetary transactions to such restrictions would vary from one country to another according to the monetary system applied in each country. Therefore, in a country where the uniform exchange rate is applied, the official exchange rate between the currency of such a country and the country mentioned earlier would remain stable, for the currency would be purchased by the central bank and the banks which are licensed to undertake foreign currencies transactions at a fixed rate and sell these currencies at a fixed price.

Ga ƙasashen da ke aiki da tsarin musayar kuɗi iri ɗaya, kuma bankunan tsakiyarsu ba su ɗauki alkawarin sayen ko sayar da kuɗaɗen waje a wani farashi ƙayyadadde ba, farashin kuɗaɗen waje zai rika canjawa lokaci-lokaci bisa ga wadata da buƙata. Tsarin musayar kuɗi a ƙasar da ke barin kuɗaɗen waje su canja bisa ga wadata da buƙata ana kiransa tsarin musayar kuɗi mai canzawa. An lura cewa a ƙasar da ke aiki da irin wannan tsari, musayar kuɗi ba zai samo asali ne kawai daga canjin matakan farashi tsakaninta da sauran ƙasashe ba, yana iya samuwa ne daga takurawar da aka sanya wa cinikayya ta ƙasa da ƙasa, ko kuma daga karancin daidaiton ciniki da ƙasashe daban-daban ke fuskanta saboda kowane dalili. Tsarin musayar kuɗi mai canzawa zai zama halal a wasu ƙasashe, kamar yadda yake a Lebanon, inda gwamnati ke barin musayar kuɗi ta canja bisa ga canjin wadata da buƙata na kullum. A wasu ƙasashe kuwa, tsarin musayar kuɗi mai canzawa na iya zama haramun, amma duk da haka, wasu ciniki za su gudana tsakanin mutane, waɗanda suka haɗa da sayen da sayar da kuɗaɗe, ko asusun ajiyar waje, a farashin da ya bambanta gaba ɗaya da farashin hukuma.

For countries who operate the uniform exchange rate system and whose central banks do not undertake to buy or sell foreign currencies at a specific price, the prices of foreign currencies would fluctuate from time to time according to supply and demand. The exchange rate system in a country which allows the fluctuations of foreign currencies according to supply and demand is described as the variable exchange rate system. It is noticed that in a country operating such a system, the exchange rate would not stem exclusively from the fluctuation in price levels between her and other countries, it could also stem from restrictions imposed on international trade, or from a deficiency in the balance of trade experienced by various countries for whatever reason. The variable exchange rate system would in some countries be legitimate, as is the case in Lebanon, where the government allows the fluctuation in exchange rates according to the daily fluctuations of supply and demand. In other countries, the variable exchange rate system could be illegal, but despite this, some transactions would take place between individuals, which include the purchase and the sale of currencies, or foreign accounts, at prices completely different from the official prices.

Wannan yana game da musayar kuɗi (exchange), da kuma farashin musayar kuɗi (exchange rate) a ko'ina a duniya. Hukuncin Shari'ah game da musayar kuɗi da farashin musayarsa shi ne kamar haka: Daular Musulunci tana bin tsarin zinariya (gold standard), ko tana amfani da tsarin kuɗin ƙarfe ko tsarin takardar kuɗi (wanda zai kasance yana da goyon bayan zinariya da azurfa daidai da darajarsa ta lamba), kuma ko ta karɓi wani takamaiman tsari na musamman ga kuɗin ƙarfe ko bai karɓa ba. Wajibi ne ta bi wannan tsarin domin hukunci ne na Shari'ah wanda yawancin hukunce-hukuncen Shari'ah suka dogara a kansa. Musayar tsakanin raka'a biyu na nau'i ɗaya a cikin Daular Musulunci dole ne ta kasance daidai, kuma haramun ne a sami banbanci. Haka nan, musayar tsakanin kuɗaɗe biyu na nau'i ɗaya a wajen Daular Musulunci za ta bi ainihin wannan ƙa'ida. Hukuncin Shari'ah ɗaya ne, ba ya canzawa. Amma musayar tsakanin ma'auni biyu daban-daban, ana halatta daidaito da banbanci, kamar musayar zinariya da azurfa, bisa sharaɗin cewa a yi mika-hannu a wurin, watau "hannu da hannu" ga zinariya da azurfa. Babu bambanci a nan tsakanin cinikin musayar da ake yi a gida ko a waje, domin hukuncin Shari'ah ɗaya ne kuma ba ya canzawa. Kamar yadda banbanci a musayar zinariya da azurfa (a wurin) ake halatta a gida, haka musayar tsakaninsu ake halatta a waje. Ƙa'ida ɗaya ce kuma za ta shafi musayar kuɗin Daular Musulunci da kuɗaɗen sauran ƙasashe, ga kuɗin ƙarfe da kuma kuɗin takarda na asali, watau kuɗin da ake goyon bayansa da zinariya da azurfa daidai da darajarsa ta lamba. Banbanci a irin waɗannan ciniki za a halatta idan ma'aunin ya bambanta, bisa sharaɗin cewa a yi mika-hannu a wurin a zinariya da azurfa. Sai dai banbanci ba za a halatta ba idan kuɗaɗen suna da ma'auni ɗaya. Dole ne a kiyaye daidaito, domin rashin daidaito a wannan yanayi zai zama Riba, kuma hakan haramun ne daga mahangar Shari'a.

This is regarding the exchange, and the exchange rate throughout the world. The Shari’ah rule concerning exchange and the exchange rate is as follows: The Islamic State operates the gold standard, regardless of whether she uses the metallic, or paper money standard (which would have gold and silver backing equal to its nominal value), and regardless of whether she adopted a specific fixed distinct feature or not for the metallic money. She is obliged to abide by this standard because it is a Shari’ah rule upon which many Shari’ah rules depend. Exchange between two units of the same type within the Islamic State must be equal, and it would be forbidden to have a disparity. Likewise, exchange between two currencies of the same type would follow exactly the same rule outside the Islamic State. The Shari’ah rule is one and does not change. As for the exchange between two different standards, it is permitted to have equality as well as disparity, such as with the exchange between gold and silver, on condition that the hand-over takes place on the spot i.e. “hand to hand” in gold and in silver. There is no difference here between the transactions of exchange undertaken at home or abroad, because the Shari’ah rule is the same and does not change. Just as disparity in the exchange between gold and silver (on the spot), would be allowed at home, so would exchange between them be allowed abroad. The same rule would apply in the exchange between the Islamic State’s currency and other countries’ currencies for both metallic money and the intrinsic paper money i.e. the money that is backed by an amount of gold and silver exactly equal to its nominal value. Disparity in these transactions would be permitted if the standards were different, only on condition that the hand-over is on the spot in gold and silver. However, disparity would not be permitted when the currencies are of the same standard. Equality must be observed, for disparity in this case would be Riba and that is forbidden from a Shari’ah viewpoint.

Game da takardun kuɗi na amana (fiduciary paper money) waɗanda aka ba da tabbaci kaɗan a kansu, wato da ajiya wadda ta gaza adadin ƙimar sunansu, darajar wannan kuɗi za a ɗauka ne kawai har zuwa adadin ajiyar da yake da ita. Za a musanya shi da kuɗin Ƙasar Musulunci bisa wannan tushe. Saboda haka, za a kimanta wannan kuɗi bisa wannan tushe, kuma bisa irin wannan kimantawa yana bin hukuncin Shari'ah iri ɗaya da ake amfani da shi a musayar kuɗin ƙarfe na zinariya da azurfa, inda kawai ake la'akari da darajar ajiyar wajen auna musayar.

As for fiduciary paper money, which is partially backed i.e. with a reserve that is less than its nominal value, the monetary value of this currency would be considered only up to the amount of reserves it holds. It would be exchanged against the Islamic State’s currency on this basis. Consequently, this currency would be valued on this basis and according to such valuation it follows the same Shari’ah rule as that applies to the exchange between gold and silver metallic money, with only the value of the reserve considered when evaluating the exchange.

Dangane da kuɗin takarda wanda ba ya musaya, wanda ba ya zama madadin zinare ko azurfa, kuma ba a tabbatar da shi da zinare ko azurfa ba, hukuncinsa a shari'a zai kasance kamar na kuɗaɗe guda biyu masu nau'i daban-daban. Saboda haka, ana halatta a cikin irin waɗannan ciniki a sami daidaito da kuma bambanci, amma dole ne a yi cinikin nan take.

As for non-exchangeable paper money, which does not act as a substitute for either gold nor silver, nor is it backed by gold or silver, its rule according to Shari’ah would be the same as that of the two currencies of different types. Therefore, it is permitted to have in such transactions both equality and disparity, but they must be traded on the spot.

Saboda haka, musayar kuɗin Ƙasar Musulunci da kuɗin sauran ƙasashe ya halatta, kamar yadda musayar kuɗinta na cikin gida take. Haka kuma ya halatta a musayar ta haɗa da bambanci saboda suna da ma'auni daban-daban, bisa sharaɗin cewa mika hannu zuwa hannu ne a wurin, idan dai zinariya da azurfa ne.

Therefore, exchange between the Islamic State’s currency and the currencies of other countries is allowed, just like the exchange between her local currency. It is also permitted for the exchange to include a disparity because they are of two different standards, on condition that the hand-over is on the spot (“hand to hand”) as far as gold and silver are concerned.

Alaƙar da ke tsakanin zinariya da azurfa, ko farashin musayar tsakaninsu, ba zai zama mai tsayawa cak ba. Maimakon haka zai dinga canzawa gwargwadon farashin kasuwar zinariya da azurfa, ba tare da bambanci tsakanin musayar cikin gida ko ta waje ba. Haka ma zai kasance ga kuɗin Daular Musulunci da kuɗaɗen sauran ƙasashe; watau, za a halatta farashin musayar tsakaninsu ya dinga canzawa. Sai dai farashin musayar tsakanin kuɗin Daular Musulunci da kuɗaɗen sauran ƙasashe ba zai yi tasiri a kan Daular Musulunci ba, saboda dalilai guda biyu.

The ratio between gold and silver, or the exchange rate between them would not be totally stable. It would rather fluctuate according to the gold and silver market prices, with no difference between the local or the foreign exchange. The same would apply to the Islamic State’s currency and the currencies of other countries; i.e. it would be permitted for the exchange rate between them to fluctuate. However, the exchange rate between the Islamic State’s currency and the currencies of other countries would not have an effect upon the Islamic State for two reasons:

1. Ƙasashen Musulunci suna da dukkan albarkatun ƙasa da Ummah da Daula ke buƙata. Saboda haka, bukatarta ga kayayyakin sauran ƙasashe ba za ta zama wajibi ko larura ba. Tana dogara da kanta a kayayyakinta na cikin gida, don haka ba ta shafuwa da sauye-sauyen musayar kuɗi.

1. The Islamic lands possess all the raw materials that the Ummah and the State need. Therefore, her need for other countries’ commodities would not be essential or necessary. She is self-sufficient of her local goods, thus not affected by exchange fluctuations.

2. Ƙasashen Musulmi suna da kayayyakin da dukkan sauran ƙasashe ke buƙata, misali mai, Dawlar Musulunci za ta iya takaita sayar da irin waɗannan kayayyaki sai dai idan an biya su da zinariya. Dawlar za ta iya kawar da kayayyakin sauran ƙasashe ta hanyar dogara kawai ga kayayyakinta na cikin gida, kuma duk wanda ya mallaki kayayyakin da duk sauran mutane ke buƙata, ba zai taɓa shafuwa da sauyin farashin musaya ba. Ita ce za ta iya sarrafa kasuwannin duniya, babu wanda zai iya sarrafa kuɗinta.

2. The Islamic lands possess commodities which all other countries need, for example oil. The Islamic State could restrict the sale of such commodities unless they are paid for by gold. The State could do away with other countries’ commodities by relying solely on her own local commodities, and who ever owns commodities that all other peoples need, could not in any way be affected by the fluctuation of the exchange rate. It is she who could control international markets, with none able to control her currency.