Kubadilishana ni ubadilishaji wa sarafu moja kwa nyingine, yaani kubadilishana sarafu moja na nyingine. Hili linaweza kuwa kubadilishana sarafu moja kwa nyingine ya aina hiyo hiyo, kama vile kubadilishana dhahabu kwa dhahabu, na fedha kwa fedha, au kubadilishana sarafu moja kwa nyingine ya aina tofauti, kama vile kubadilishana dhahabu kwa fedha au kinyume chake. Kuhusu kubadilishana sarafu moja kwa sarafu nyingine ya aina hiyo hiyo, hili linahitaji usawa kati ya aina hizo mbili, na tofauti yoyote imekatazwa kabisa, kwa kuwa hiyo ingekuwa Riba ambayo ni haramu, kama vile kubadilishana dhahabu kwa dhahabu, au kubadilishana noti za karatasi zenye thamani ya ndani – ambazo zinaweza kubadilishwa kwa thamani yake kwa dhahabu kwa dhahabu. Kwa hiyo, kiwango cha ubadilishaji hakitumiki katika kesi hii.

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.

Kuhusu kubadilishana aina moja ya fedha au sarafu moja kwa nyingine ya aina tofauti, kama vile kubadilishana dhahabu kwa fedha, au kubadilishana pauni ya Uingereza kwa dola ya Marekani, au kubadilishana rubo kwa faranga, hili linaruhusiwa, mradi ubadilishanaji ufanyike papo hapo. Kiwango cha ubadilishaji kitakuwa kiwango cha sarafu moja kulingana na nyingine; kwa maneno mengine, kiwango cha ubadilishaji ni uwiano wa kubadilishana kati ya sarafu mbili tofauti.

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.

Kinachowasukuma watu kubadilishana ni hitaji la mmoja wa pande zinazobadilishana kwa sarafu ya upande mwingine. Kuhusu ubadilishanaji unaofanyika kati ya watu kwa sarafu inayozunguka katika nchi fulani, kama vile kubadilisha fedha kwa dhahabu, au dhahabu kwa fedha, jambo hili liko wazi na litakuwa kati ya dhahabu na fedha, kwa sababu nchi hiyo itakuwa ikitumia mfumo wa kiwango cha dhahabu na wa kiwango cha fedha pamoja, na kiwango cha ubadilishaji kati ya sarafu hizo mbili kitakuwa kimewekwa kulingana na bei ya soko. Hakutakuwa na ubaya ikiwa kiwango cha ubadilishaji kati ya aina hizi mbili za sarafu zinazotumika katika nchi moja kitabadilika-badilika, kwa kuwa hili lingekuwa kama mabadiliko ya bei za bidhaa.

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.

Kuhusu ubadilishaji wa sarafu mbili tofauti za nchi mbili au zaidi, jambo hili linachukuliwa kuwa chanzo cha matatizo. Kwa hiyo, inafaa kuchunguza hali yake halisi, na kubainisha hukumu ya Shari'ah kuhusu hilo, pamoja na kuhusu kiwango cha ubadilishaji chenyewe.

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.

Kwa upande wa uhalisia wake, hili linadhihirika katika ukweli kwamba nchi zinaendesha viwango tofauti, na nafasi ya nchi zinazofuata kiwango cha dhahabu inatofautiana na ile ya nchi zinazofuata kiwango cha noti zisizobadilishwa kuwa dhahabu. Kwa hiyo, pale nchi kadhaa zinapofuata kiwango cha dhahabu, kiwango cha ubadilishaji kati ya nchi hizo, au uwiano wa ubadilishaji wa sarafu zao, kwa hivyo ungebaki karibu thabiti. Hivyo ndivyo ingekuwa iwapo zingekuwa zinafuata kiwango cha madini, kwa sababu kwa kweli, katika hali hii, mtu asingekuwa anabadilisha sarafu mbili tofauti ambazo thamani ya kila moja yake inaweza kubadilika kulingana na nyingine kwa mujibu wa kiwango cha ugavi na mahitaji kinachohusiana na kila moja yake. Badala yake, mtu angekuwa anabadilisha dhahabu kwa dhahabu, na tofauti pekee ingekuwa ni kwamba dhahabu katika nchi moja imetengenezwa kuwa sarafu kwa umbo tofauti na kupigwa chapa ya alama tofauti na ile inayotumika katika nchi nyingine. Kiwango cha ubadilishaji kingeamuliwa basi na uwiano kati ya uzito wa dhahabu safi iliyomo katika sarafu ya nchi moja na uzito wa dhahabu safi iliyomo katika sarafu ya nchi nyingine. Kiwango cha ubadilishaji kati ya nchi zinazofuata kiwango cha dhahabu kingebadilika tu ndani ya mipaka miwili maalum ambayo ingetegemea gharama za kusafirisha dhahabu kati yao. Hii inajulikana kama mipaka ya dhahabu (Haddi Dhahabiyy). Kwa kuwa gharama hizi ni ndogo, tunaweza kusema kwamba kiwango cha ubadilishaji kati ya nchi zinazofuata kiwango cha dhahabu ni thabiti kimsingi. Zaidi ya hayo, iwapo nchi ingefuata kiwango cha noti chenye thamani ya ndani, ingekuwa katika nafasi ile ile kabisa kama nchi inayofuata kiwango cha madini, kwa sababu mzunguko halisi unaofanyika ni wa fedha za madini. Tofauti pekee ingekuwa kwamba fedha za madini zenyewe ndizo zinazozunguka, ilhali noti za karatasi zinazunguka badala yake, kwa kuwa zinawakilisha fedha hizo. Kwa hiyo, pesa za karatasi zenye thamani ya ndani zitashughulikiwa kwa njia ile ile kabisa kwa upande wa kiwango cha ubadilishaji. Kwa kweli, kanuni ya karatasi yenye thamani ya ndani ingekuwa sawa na pesa za chuma katika kila jambo.

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.

Hata hivyo, ikiwa nchi ingetumia pesa za karatasi za fiduciary, yaani noti za benki, dhahabu katika kesi hii ingekuwa ikifunika thamani fulani tu ya pesa hizo za fiduciary na si thamani yake yote, ingawa nchi hiyo ingekuwa inafuata kiwango cha dhahabu. Kwa hiyo, thamani ya pesa za karatasi za fiduciary ingetofautiana kulingana na akiba ya dhahabu inayoifunika, na hilo ndilo lingeamua kiwango cha ubadilishaji kati yao. Kiwango hiki cha ubadilishaji hata hivyo kingebaki thabiti na rahisi kufuatilia, kwa kuwa kingetegemea asilimia ya akiba ya dhahabu ambayo kiasi chake kingekuwa kimefafanuliwa.

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.

Lakini ikiwa nchi kadhaa zingetumia mfumo wa sarafu ya karatasi isiyoweza kubadilishwa, basi suala la kurekebisha kiwango cha ubadilishaji kati ya nchi hizo lingejitokeza. Hii ni kwa sababu pale ubadilishaji wa sarafu kuwa dhahabu kwa bei iliyowekwa unapokuwa hauwezekani, basi tatizo linalozikabili nchi hizo zinazotumia mfumo wa sarafu ya karatasi isiyoweza kubadilishwa ni njia ya kurekebisha kiwango cha ubadilishaji kati yao.

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.

Kutatua tatizo hili kunatokana na ukweli kwamba aina mbalimbali za noti za karatasi (fedha za karatasi) zinachukuliwa kuwa bidhaa zinazoweza kubadilishwa katika soko la fedha la kimataifa. Kwa kweli, watu hawazinunui noti hizi kwa thamani yake yenyewe, bali kwa uwezo wake wa kununua bidhaa nyingine katika nchi zao za asili. Kwa hiyo, uwiano kati ya sarafu mbili za karatasi, au kiwango cha ubadilishaji kati yake, utaamuliwa kulingana na nguvu ya ununuzi ya kila noti ya karatasi katika nchi yake ya asili.

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.

Kwa hiyo, kiwango cha ubadilishaji wa fedha kingeamuliwa na uwiano baina ya sarafu mbili. Kwa mfano, ikiwa Misri na Italia zingekuwa zinafuata kiwango cha fedha za karatasi, na lira ya Italia ingenunua nchini Italia vitengo 10 vya bidhaa, huku pauni ya Misri ikinunua nchini Misri vitengo 100 vya bidhaa, uwiano baina ya sarafu hizi mbili ungekuwa pauni 1 ya Misri kwa liras 10 za Italia. Hata hivyo, kiwango cha ubadilishaji kinaweza kubadilika kwa sababu sarafu za karatasi kwa hakika ni bidhaa ambazo watu wanazibadilishana na kuzifanyia biashara katika soko la fedha la kimataifa; hawazinunui kwa thamani yake yenyewe, bali kwa uwezo wake wa kununua bidhaa na huduma kutoka nchi zilizozitoa. Thamani yake, kwa hiyo, ingeongezeka bei za bidhaa zinapopungua katika nchi zao za asili, na kupungua bei hizo zinapopanda. Kwa hiyo, faida ambayo mtu anaipata kutokana na sarafu ya kigeni inategemea uwezo wake wa kununua. Uwezo huu ukiongezeka, faida tunayopata nayo nayo huongezeka, na utayari wetu wa kulipa zaidi kwa sarafu yetu ili kupata kiasi sawa cha sarafu hiyo ya kigeni pia huongezeka. Kwa upande mwingine, uwezo wa kununua ukipungua, faida itokanayo na sarafu hiyo nayo hupungua, na utayari wetu wa kulipa zaidi kwa sarafu yetu ili kupata kiasi sawa cha sarafu hiyo ya kigeni nao hupungua. Hii ni kwa sababu sarafu hiyo ya kigeni haingeweza tena kununua katika nchi yake ya asili vitengo vya bidhaa ilivyokuwa ikinunua hapo awali, wakati sarafu yetu ingeendelea kudumisha thamani yake.

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.

Dhanikisha kwamba katika mwaka fulani, kiwango cha bei nchini Misri na Uingereza kilikuwa 100 katika nchi zote mbili, na kwamba kiwango cha ubadilishaji kati yao kilikuwa pauni 1.00 ya Misri kwa £1.00 ya sterling. Katika hali hii kiwango cha ubadilishaji kingekuwa sawa, na kwa kuwa motisha ya kubadilishana fedha ni kupata bidhaa za Kiingereza za kutosha kwa mahitaji, basi hakutakuwa na mahitaji makubwa ya pauni za sterling wala kuziepuka nchini Misri. Hata hivyo, iwapo kiwango cha bei nchini Misri kingepanda hadi 200, thamani ya pauni ya sterling nchini Misri ingeongezeka mara mbili, na kiwango cha ubadilishaji kingekuwa pauni 1 ya Misri kwa £0.50 ya sterling. Kwa hiyo, mahitaji ya pauni za sterling yangezalishwa kutokana na kupungua kwa bei kwa jamaa nchini Uingereza, ilhali mahitaji ya pauni ya Misri yangepungua kutokana na ongezeko la bei kwa jamaa nchini Misri. Hili lingesababisha kupungua kwa mahitaji ya pauni ya Misri kutoka kwa Waingereza, na mahitaji yao ya bidhaa za Misri yangepungua, nao bila shaka wangependelea bidhaa zao wenyewe kwa bei zao zilizopo, kwa sababu bei za bidhaa za Misri zingekuwa zimeongezeka mara mbili huku bei zao zikibaki zile zile. Kwa hiyo, kiwango cha ubadilishaji kingebadilika kulingana na mabadiliko ya bei za bidhaa za nchi iliyotoa sarafu hiyo. Iwapo kiwango cha bei katika nchi moja kingepanda kwa kiasi kikubwa kuhusiana na nchi nyingine, kwa mfano kutokana na ongezeko la kiasi cha fedha kinachozunguka, kiwango cha ubadilishaji kati ya nchi hizi mbili kingebadilika bila shaka, na hilo lingesababisha kupungua kwa thamani ya fedha ya nchi ambayo bei zake zimepanda katika masoko ya nje. Viwango vya ubadilishaji kati ya sarafu ya nchi moja na sarafu za kigeni vingeendana na uhusiano uliopo kati ya viwango vya ubadilishaji vya sarafu nyingine za kigeni wenyewe. Yaani, kwa mfano, kama Dinari ya Iraq ingekuwa sawa na riyal 100 za Iran, lira 200 za Italia au faranga 400 za Ufaransa, basi viwango vya ubadilishaji kati ya sarafu za kigeni vingekuwa, nchini Iran, riyal 1 ya Iran kwa lira 2 za Italia au faranga 4 za Ufaransa, na nchini Italia ingekuwa lira 1 ya Italia kwa faranga 2 za Ufaransa au riyal 0.5 ya Iran, na kadhalika. Hii ndiyo hasa ingetokea kama kila nchi ingeacha thamani ya sarafu yake dhidi ya sarafu za kigeni ibadilike kulingana na mabadiliko ya viwango vya bei, bila kuweka vikwazo vizito juu ya biashara ya kimataifa na juu ya uhamishaji wa sarafu ya kigeni kuwa sarafu ya ndani au ya ndani kuwa sarafu ya kigeni. Hata hivyo, nchi inaweza kujaribu kuilinda thamani ya kigeni ya sarafu yake licha ya bei kubwa nyumbani, kwa kupunguza mahitaji ya waagizaji wa ndani wa bidhaa za kigeni, kwa mfano kwa kupunguza idadi ya leseni za uagizaji. Katika hali kama hiyo, upatanifu kati ya viwango mbalimbali vya ubadilishaji katika nchi mbalimbali ungevurugika. Tofauti hii kati ya viwango vya ubadilishaji katika nchi tofauti isingeweza kutokea isipokuwa baadhi ya nchi zimechagua kuweka vikwazo juu ya miamala yao ya sarafu za kigeni. Kwa sababu kama hakungekuwa na vikwazo, mfanyabiashara angeweza kubadilisha sarafu na kupata faida. Hivyo watu wengine wangekimbilia kutumia fursa hii ya kibiashara na kufanya vivyo hivyo, jambo ambalo lingesababisha tena upatanifu kati ya viwango mbalimbali vya ubadilishaji kurejea.

Vizuizi hivi vilivyowekwa juu ya miamala ya kubadilishana fedha vimekuwa jambo lililoenea katika nchi nyingi wakati wa vita na nyakati za machafuko makubwa ya kiuchumi. Tunaona kwamba katika nyakati kama hizo, thamani ya sarafu ya ndani ya nchi inayoweka vizuizi hivyo kwenye miamala yake ya kifedha itatofautiana kutoka nchi moja hadi nyingine kulingana na mfumo wa kifedha unaotumika katika kila nchi. Kwa hiyo, katika nchi ambayo kiwango sawa cha ubadilishaji kinatumika, kiwango rasmi cha ubadilishaji kati ya sarafu ya nchi hiyo na nchi iliyotajwa hapo awali kitabaki thabiti, kwa kuwa sarafu hiyo itanunuliwa na benki kuu na benki zilizoidhinishwa kufanya miamala ya sarafu za kigeni kwa kiwango kilichowekwa, na kuuzwa kwa bei isiyobadilika.

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.

Kwa nchi zinazofuata mfumo wa kiwango sawa cha ubadilishaji wa fedha, na ambazo benki kuu zake hazijichukulii jukumu la kununua au kuuza sarafu za kigeni kwa bei maalumu, bei za sarafu za kigeni hubadilika mara kwa mara kulingana na ugavi na mahitaji. Mfumo wa kiwango cha ubadilishaji katika nchi inayoruhusu mabadiliko ya sarafu za kigeni kulingana na ugavi na mahitaji unaitwa mfumo wa kiwango cha ubadilishaji unaobadilika. Imebainika kuwa katika nchi inayoendesha mfumo wa namna hiyo, kiwango cha ubadilishaji hakitokani peke yake na tofauti ya viwango vya bei kati yake na nchi nyingine; kinaweza pia kutokana na vikwazo vilivyowekwa juu ya biashara ya kimataifa, au kutokana na upungufu wa mizani ya biashara unaoikumba nchi mbalimbali kwa sababu yoyote ile. Mfumo wa kiwango cha ubadilishaji unaobadilika unaweza kuwa halali katika baadhi ya nchi, kama ilivyo kwa Lebanon, ambako serikali inaruhusu mabadiliko ya viwango vya ubadilishaji kulingana na mabadiliko ya kila siku ya ugavi na mahitaji. Katika nchi nyingine, mfumo wa kiwango cha ubadilishaji unaobadilika unaweza kuwa haramu, lakini licha ya hilo, baadhi ya miamala hufanyika baina ya watu binafsi, ikiwa ni pamoja na ununuzi na uuzaji wa sarafu, au akaunti za kigeni, kwa bei tofauti kabisa na bei rasmi.

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.

Hii inahusu ubadilishaji wa fedha na kiwango cha ubadilishaji duniani kote. Kanuni ya Shari'ah kuhusu ubadilishaji wa fedha na kiwango cha ubadilishaji ni kama ifuatavyo: Dola ya Kiislamu inafuata kiwango cha dhahabu, bila kujali kama inatumia kiwango cha fedha za chuma au kiwango cha fedha za karatasi (ambazo zingekuwa na dhahabu na fedha zinazolingana kabisa na thamani yake ya kawaida), na bila kujali kama imechagua sifa maalum na isiyobadilika kwa fedha za chuma au la. Ni lazima izingatie kiwango hiki kwa sababu ni kanuni ya Shari'ah ambayo kanuni nyingi za Shari'ah zinategemea. Ubadilishaji kati ya vitengo viwili vya aina moja ndani ya Dola ya Kiislamu lazima uwe sawa, na itakuwa haramu kuwa na tofauti. Vilevile, ubadilishaji kati ya sarafu mbili za aina moja nje ya Dola ya Kiislamu utafuata kanuni hiyo hiyo kabisa. Kanuni ya Shari'ah ni moja na haibadiliki. Kuhusu ubadilishaji kati ya viwango viwili tofauti, inaruhusiwa kuwa na usawa na pia tofauti, kama vile ubadilishaji kati ya dhahabu na fedha, mradi makabidhiano yafanyike papo hapo, yaani "mkono kwa mkono" kwa dhahabu na kwa fedha. Hapa hakuna tofauti kati ya miamala ya ubadilishaji inayofanyika nyumbani au nje ya nchi, kwa sababu kanuni ya Shari'ah ni ile ile na haibadiliki. Kama vile tofauti katika ubadilishaji kati ya dhahabu na fedha (papo hapo) inavyoruhusiwa nyumbani, ndivyo ubadilishaji kati yao unavyoruhusiwa nje ya nchi. Kanuni hiyo hiyo itatumika katika ubadilishaji kati ya sarafu ya Dola ya Kiislamu na sarafu za nchi nyingine, kwa fedha za chuma na kwa fedha za karatasi zenye thamani halisi, yaani fedha zinazoungwa mkono na kiasi cha dhahabu na fedha kinacholingana kabisa na thamani yake ya kawaida. Tofauti katika miamala hii itaruhusiwa ikiwa viwango ni tofauti, kwa sharti tu kwamba makabidhiano yafanyike papo hapo kwa dhahabu na fedha. Hata hivyo, tofauti haitaruhusiwa pale sarafu zinapokuwa za kiwango kimoja. Usawa lazima uzingatiwe, kwani tofauti katika suala hili ingekuwa Riba, na hiyo imekatazwa kwa mtazamo wa Shari'ah.

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.

Kuhusu noti za karatasi za fiat (za kuaminiwa), ambazo zimeungwa mkono kwa sehemu, yaani kwa akiba ambayo ni ndogo kuliko thamani yake ya kawaida, thamani ya fedha ya sarafu hiyo itachukuliwa tu kwa kiasi cha akiba inayoshikiliwa. Itabadilishwa dhidi ya sarafu ya Dola ya Kiislamu kwa msingi huu. Kwa hiyo, sarafu hii itathaminiwa kwa msingi huu, na kulingana na thamani hiyo inafuata hukumu hiyo hiyo ya Shari'ah inayotumika kwa ubadilishanaji kati ya fedha ya dhahabu na fedha ya chuma, huku thamani ya akiba pekee ikizingatiwa wakati wa kutathmini ubadilishanaji.

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.

Kwa upande wa fedha za karatasi zisizobadilishanwa, ambazo hazitumiki kama mbadala wa dhahabu wala fedha, wala hazina dhamana ya dhahabu au fedha, hukumu yake kwa mujibu wa Shari'ah itakuwa sawa na ile ya sarafu mbili za aina tofauti. Kwa hiyo, inaruhusiwa katika miamala kama hiyo kuwepo kwa usawa na pia tofauti ya kiasi, lakini ni lazima zibadilishwe papo hapo.

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.

Kwa hiyo, ubadilishanaji wa sarafu ya Dola ya Kiislamu na sarafu za nchi nyingine unaruhusiwa, kama ilivyo ubadilishanaji wa sarafu yake ya ndani. Pia inaruhusiwa kwa ubadilishanaji huo kuwa na tofauti ya thamani kwa kuwa ni viwango viwili tofauti, kwa sharti kwamba makabidhiano yafanyike papo hapo ("mkono kwa mkono") kwa upande wa dhahabu na fedha.

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.

Uwiano kati ya dhahabu na fedha, au kiwango cha kubadilishana kati yao, hakitakuwa thabiti kabisa. Badala yake kitabadilika kulingana na bei za soko la dhahabu na fedha, bila tofauti kati ya ubadilishaji wa ndani au wa nje. Jambo hilo hilo litatumika kwa sarafu ya Dola ya Kiislamu na sarafu za nchi nyingine; yaani, itaruhusiwa kiwango cha kubadilishana kati yao kubadilika. Hata hivyo, kiwango cha kubadilishana kati ya sarafu ya Dola ya Kiislamu na sarafu za nchi nyingine hakitakuwa na athari kwa Dola ya Kiislamu kwa sababu mbili.

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. Nchi za Kiislamu zina malighafi zote ambazo Ummah na Dola zinahitaji. Kwa hiyo, hitaji lake la bidhaa za nchi nyingine halitakuwa la lazima wala la msingi. Inajitegemea kwa bidhaa zake za ndani, hivyo haiathiriwi na mabadiliko ya viwango vya kubadilishana fedha.

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. Nchi za Kiislamu zina bidhaa ambazo nchi nyingine zote zinazihitaji, kwa mfano mafuta. Dola ya Kiislamu inaweza kuzuia uuzaji wa bidhaa kama hizo isipokuwa zikilipwa kwa dhahabu. Dola inaweza pia kuondoa bidhaa za nchi nyingine kwa kutegemea bidhaa zake za ndani peke yake, na yeyote anayemiliki bidhaa ambazo watu wote wengine wanazihitaji, hataweza kuathiriwa kwa namna yoyote na mabadiliko ya kiwango cha ubadilishaji wa fedha. Ni yeye anayeweza kudhibiti masoko ya kimataifa, huku hakuna yeyote anayeweza kudhibiti sarafu yake.

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.