Valyuta ayirboshlash (sarf) — bu bir valyutani boshqasiga aylantirish, ya’ni bir valyutaning boshqa valyuta bilan almashinuvidir. Bu ikki xil shaklda bo‘lishi mumkin: bir xil turdagi valyutani almashtirish, masalan, oltinni oltinga va kumushni kumushga almashtirish, yoki turli xil turdagi valyutani almashtirish, masalan, oltinni kumushga yoki aksincha almashtirish. Bir xil turdagi valyutani boshqa bir xil turdagi valyuta bilan almashtirishda ikki tur o‘rtasida teng miqdor bo‘lishi shart, va ular o‘rtasidagi har qanday farq butunlay man etiladi, chunki bu haram qilingan riboga (foizga) aylanadi, masalan, oltinni oltinga almashtirish yoki qiymati oltin bilan oltinga almashtirilishi mumkin bo‘lgan asl qog‘oz pulni almashtirish. Shu sababli, bu holatda almashuv kursi qo‘llanilmaydi.

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.

Bir turdagi pul yoki bir valyutani boshqa turdagi pulga almashtirish, masalan, oltinni kumushga almashtirish yoki funt sterlingni AQSh dollariga yoki rubl’ni frankka almashtirish joizdir, agar almashinuv darhol amalga oshirilsa. Almashinuv kursi bir valyutaning boshqasiga nisbatan qiymati, ya’ni ikki xil valyuta o‘rtasidagi almashinuv nisbati bo‘ladi.

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.

Odamlarni almashinuvga undaydigan narsa — almashinuvning har ikki tomonidan birining ikkinchi tomon valyutasiga bo‘lgan ehtiyojidir. Muayyan bir mamlakatda muomalada bo‘lgan valyutalar o‘rtasida odamlar orasida sodir bo‘ladigan almashinuvga kelsak, masalan, kumushni oltinga yoki oltinni kumushga almashtirish — bu oddiy narsa bo‘lib, oltin va kumush o‘rtasida amalga oshiriladi, chunki o‘sha mamlakat ham oltin, ham kumush standartida ish yuritadi va ikki valyuta o‘rtasidagi almashinuv kursi bozor narxiga ko‘ra belgilangan bo‘ladi. Bir mamlakatda qo‘llaniladigan ikki turdagi valyuta o‘rtasidagi almashinuv kursi o‘zgarib tursa, bunda hech qanday zarar yo‘q, chunki bu tovarlar narxidagi o‘zgarishga o‘xshaydi.

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.

Ikki yoki undan ortiq davlatlarning turli valyutalari o‘rtasidagi almashinuv muammolar manbai sifatida qaraladi. Shu sababli, uning haqiqatini o‘rganish hamda bu borada, shuningdek, valyuta kursining o‘zi haqida Shariat hukmini aniqlashtirish to‘g‘ri bo‘ladi.

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.

Uning haqiqatga mosligi shundan ko'rinadiki, mamlakatlar turli standartlarda ish yuritadi va oltin standartida ish yuritayotgan mamlakatlarning mavqei almashtirilmaydigan qog'oz pul standartida ish yuritayotgan mamlakatlarnikidan farq qiladi. Shuning uchun bir nechta mamlakat oltin standartida ish yuritganda, bu mamlakatlar o'rtasidagi almashuv kursi yoki ularning valyutalari o'rtasidagi almashuv nisbati deyarli barqaror bo'lib qoladi. Agar ular metall standartida ish yuritganda ham shunday bo'lardi, chunki aslida bu holda ikki xil valyutani almashtirmagan bo'lardik, ularning har birining qiymati, ularning har biriga tegishli taklif va talab darajasiga muvofiq, bir-biriga nisbatan o'zgarishi mumkin edi. Aksincha, oltinni oltinga almashtirgan bo'lardik, farq faqat shundaki, bir mamlakatdagi oltin boshqa mamlakatdagi shakldan farq qiladigan shaklda zarb qilingan va boshqa mamlakatda ishlatiladigan belgidan farq qiladigan belgi bilan tamg'alangan bo'ladi. Almashuv kursi u holda bir mamlakat valyutasidagi sof oltin og'irligining boshqa mamlakat valyutasidagi sof oltin og'irligiga nisbati bilan belgilanadi. Oltin standartida ish yuritayotgan mamlakatlar o'rtasidagi almashuv kursi faqat ular o'rtasidagi oltinni o'tkazish xarajatlariga bog'liq bo'lgan ikki aniq chegara ichida o'zgaradi. Bu oltin chegaralari (Haddi Dhahabiyy) deb ataladi. Bu xarajatlar juda kam bo'lgani uchun, oltin standartida ish yuritayotgan mamlakatlar o'rtasidagi almashuv kursini amalda barqaror deb aytishimiz mumkin. Bundan tashqari, agar biror mamlakat ichki qiymatga ega qog'oz pul standartida ish yuritsa, u metall standartida ish yuritayotgan mamlakat bilan aynan bir xil holatda bo'lardi, chunki haqiqiy muomala metall pulning muomalasidir. Farq faqat shundaki, metall pulning o'zi muomalada bo'ladi, qog'oz pul esa uning o'rnida, uning vakili sifatida muomalada yuradi. Demak, ichki qiymatga ega qog'oz pul ayirboshlash kursi jihatidan xuddi shunday muomala qilinadi. Aslida ichki qiymatga ega qog'oz pulning hukmi barcha jihatlarda metall pulning hukmi bilan bir xil bo'ladi.

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.

Ammo, agar biror davlat fiduciar qog'oz pulni, ya'ni banknotalarni muomalaga chiqarsa, bunda oltin faqat fiduciar pulning barcha qiymatini emas, balki bir qismini qoplaydi, garchi davlat oltin standartida ish yuritayotgan bo'lsa ham. Shu sababli fiduciar qog'oz pulning qiymati uni qoplayotgan oltin zaxiralariga qarab farqlanadi va bu ularning o'zaro almashuv kursini belgilaydi. Biroq bu almashuv kursi barqaror va kuzatish uchun qulay bo'lib qoladi, chunki u miqdorlari belgilangan oltin zaxiralarining foiz nisbatiga bog'liq bo'ladi.

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.

Shunday bo'lsa-da, agar bir qator davlatlar almashtirilmaydigan qog'oz pul standartidan foydalanadigan bo'lsa, bu davlatlar o'rtasida valyuta kursini belgilash masalasi yuzaga keladi. Sababi, valyutani belgilangan narxda oltinga almashtirish imkonsiz bo'lib qolganda, almashtirilmaydigan qog'oz pul standartidan foydalanuvchi bu davlatlar oldidagi muammo ularning o'rtasidagi valyuta kursini belgilash yo'lidir.

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.

Muammoni hal qilish shundan iboratki, turli xil qog'oz pullar xalqaro pul bozorida almashinadigan tovarlar hisoblanadi. Ular aslida bu banknotalarni o'z qiymati uchun sotib olmaydilar, balki ularni o'z kelib chiqqan mamlakatlarida boshqa tovarlarni sotib olish qobiliyati uchun sotib oladilar. Shuning uchun ikki qog'oz valyuta o'rtasidagi nisbat, yoki ular o'rtasidagi almashuv kursi, har bir qog'oz pulning o'z kelib chiqqan mamlakatidagi xarid qobiliyatiga qarab belgilanadi.

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.

Demak, valyuta kursi ikki valyuta o'rtasidagi nisbat bilan belgilanadi. Masalan, agar Misr va Italiya qog'oz pul standartida ish yuritsa, va Italiya liralari Italiyada 10 birlik tovarni sotib olsa, Misr funti esa Misrda 100 birlik tovarni sotib olsa, bu ikki valyuta o'rtasidagi nisbat 1 Misr funti 10 Italiya lirasiga teng bo'lar edi. Biroq, valyuta kursi o'zgarib turishi mumkin, chunki qog'oz valyutalar aslida xalqaro pul bozorida odamlar almashadigan va savdo qiladigan tovarlardir; ular ularni o'z qadri uchun emas, balki ularni chiqargan mamlakatlardan tovar va xizmatlar sotib olish qobiliyati uchun sotib oladilar. Shuning uchun ularning qadri, ularning kelib chiqqan mamlakatlarida tovar narxlari pasayganda oshadi va o'sha narxlar ko'tarilganda kamayadi. Demak, biz xorijiy valyutadan oladigan foyda uning xarid qobiliyatiga bog'liq. Agar bu qobiliyat oshsa, biz olayotgan foyda ham ortadi va shu xorijiy valyutadan teng miqdorda olish uchun o'z valyutamiz bilan ko'proq to'lashga tayyorligimiz ham ortadi. Aksincha, agar xarid qobiliyati kamaysa, o'sha valyutadan olinadigan foyda ham kamayadi va shu xorijiy valyutadan teng miqdorda olish uchun o'z valyutamiz bilan ko'proq to'lashga tayyorligimiz ham pasayadi. Buning sababi, o'sha xorijiy valyuta endi o'z kelib chiqqan mamlakatida avvalgidek tovar birliklarini sotib ola olmaydi, holbuki bizning valyutamiz o'z qadrini saqlab qoladi.

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.

Faraz qilaylik, ma'lum bir yilda Misr va Angliyadagi narx darajasi ikkala mamlakatda ham 100 ga teng bo'lib, ular orasidagi valyuta kursi 1,00 Misr funti = £1,00 sterling bo'lsin. Bu holda valyuta kursi teng bo'lar edi va almashtirish uchun asosiy sabab ingliz tovarlariga bo'lgan ehtiyojni qondirish bo'lganligi sababli, Misrda sterling funtiga katta talab yoki undan voz kechish yuzaga kelmas edi. Agar Misrdagi narx darajasi 200 gacha ko'tarilsa, u holda Misr funti qiymati Misrda ikki baravar pasayadi va valyuta kursi 1 Misr funti = £0,50 sterling bo'ladi. Shunday qilib, Angliyadagi nisbiy narxlarning pasayishi tufayli sterling funtiga talab ortadi, Misrdagi nisbiy narxlarning oshishi tufayli esa Misr funtiga talab kamayadi. Bu ingliz xaridorlarining Misr funtiga bo'lgan talabining kamayishiga olib keladi, ularning Misr tovarlariga bo'lgan talabi pasayadi va ular, Misr tovarlarining narxi ikki baravar oshgan bo'lsa-da, o'z mamlakatlarining tovarlarini, ularning hozirgi narxlari o'zgarmagan holda, afzal ko'rishlari muqarrar bo'ladi. Demak, valyuta kursi valyutani chiqargan mamlakatdagi tovar narxlarining o'zgarishiga qarab o'zgaradi. Agar biror mamlakatda narx darajasi boshqa mamlakat nuqtai nazaridan ko'tarilsa, masalan pul massasining oshishi tufayli, bu ikki mamlakat o'rtasidagi valyuta kursini muqarrar ravishda o'zgartiradi va narxlari ko'tarilgan mamlakatning xorijiy qiymatining pasayishiga olib keladi. Bir mamlakat valyutasi bilan xorijiy valyutalar o'rtasidagi valyuta kurslari, boshqa xorijiy valyutalarning o'zaro valyuta kurslari o'rtasida o'rnatilgan munosabatga muvofiq bo'ladi. Shunday qilib, agar, masalan, Iroq dinori 100 Eron riyoliga, 200 Italiya lirasiga yoki 400 Frantsiya frankiga teng bo'lsa, xorijiy valyutalar o'rtasidagi almashuv kurslari Eronda 1 Eron riyoli 2 Italiya lirasiga yoki 4 Frantsiya frankiga, Italiyada esa 1 Italiya lirasi 2 Frantsiya frankiga yoki 0,5 Eron riyoliga teng bo'lar edi va hokazo. Agar har bir mamlakat o'z valyutasining xorijiy qiymatini narx darajalarining o'zgarishiga ko'ra tebranishga qoldirib, xalqaro savdoga va xorijiy valyutani mahalliy valyutaga yoki mahalliy valyutani xorijiy valyutaga o'tkazishga og'ir cheklovlar qo'ymasa, aynan shu narsa yuz bergan bo'lardi. Biroq, mamlakat ichkaridagi yuqori narxlarga qaramay, masalan, import litsenziyalari sonini kamaytirish orqali mahalliy importyorlarning xorijiy tovarlarga bo'lgan talabini cheklab, o'z valyutasining xorijiy qiymatini ushlab turishga urinishi mumkin. Bunday holda, turli mamlakatlardagi turli almashuv kurslari o'rtasidagi uyg'unlik buziladi. Mamlakatlar o'z xorijiy valyuta operatsiyalariga cheklovlar qo'yishni tanlamaguncha, turli mamlakatlardagi almashuv kurslari o'rtasidagi bunday farq yuzaga kelishi mumkin emas edi. Chunki agar cheklovlar bo'lmasa, tadbirkor valyutani almashtirib, foyda ko'rishi mumkin bo'lar edi. Shunda boshqa odamlar bu biznes imkoniyatini qo'lga kiritishga shoshilib, xuddi shunday qilardi, bu esa o'z navbatida turli almashuv kurslari o'rtasida yana uyg'unlikning qaror topishiga olib kelardi.

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.

Bunday valyuta operatsiyalariga qo'yilgan cheklovlar urush davrida va jiddiy iqtisodiy beqarorlik paytida ko'plab mamlakatlarda keng tarqalgan hodisaga aylangan. Bunday vaqtlarda mahalliy valyutaning qiymati, uni cheklovlarga bo'ysundirgan mamlakatda, har bir mamlakatda qo'llaniladigan pul tizimiga ko'ra bir mamlakatdan boshqasiga farq qilishini ko'ramiz. Shuning uchun yagona almashuv kursi qo'llaniladigan mamlakatda, shu mamlakat valyutasi bilan yuqorida aytib o'tilgan mamlakat o'rtasidagi rasmiy almashuv kursi barqaror qoladi, chunki valyuta markaziy bank hamda xorijiy valyutalar bilan operatsiyalar o'tkazishga litsenziyaga ega bo'lgan banklar tomonidan belgilangan kurs bo'yicha sotib olinadi va belgilangan narx bo'yicha sotiladi.

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.

Mamlakatlar uchun, ular o'zgaruvchan valyuta kursi tizimini qo'llaydilar va markaziy banklari chet el valyutalarini belgilangan narxda sotib olish yoki sotish majburiyatini olmaydilar, chet el valyutalarining narxlari talab va taklifga qarab vaqti-vaqti bilan o'zgarib turadi. Chet el valyutalarining talab va taklifga qarab o'zgarishiga ruxsat beradigan mamlakatdagi valyuta kursi tizimi o'zgaruvchan valyuta kursi tizimi deb ataladi. Bunday tizimni qo'llayotgan mamlakatda valyuta kursi faqat o'sha mamlakat va boshqa mamlakatlar o'rtasidagi narx darajalarining farqidan kelib chiqmasligi, balki xalqaro savdoga qo'yilgan cheklovlardan yoki turli mamlakatlar boshdan kechirayotgan, qanday sabab bilan bo'lishidan qat'i nazar, savdo balansidagi kamomaddan ham kelib chiqishi mumkinligi kuzatiladi. O'zgaruvchan valyuta kursi tizimi ba'zi mamlakatlarda qonuniy bo'lishi mumkin, masalan Livanda hukumat valyuta kurslarining kundalik talab va taklif o'zgarishlariga qarab o'zgarishiga ruxsat beradi. Boshqa mamlakatlarda esa o'zgaruvchan valyuta kursi tizimi noqonuniy bo'lishi mumkin, shunga qaramay, shaxslar o'rtasida valyutalarni yoki chet el hisobvaraqlarini sotib olish va sotish kabi, rasmiy narxlardan butunlay farq qiladigan narxlarda bitimlar amalga oshiriladi.

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.

Bu ayirboshlash va butun dunyo bo‘ylab valyuta kursi haqida. Ayirboshlash va valyuta kursiga oid shariat hukmi quyidagicha: Islom davlati oltin standartini qo‘llaydi, u metall pul standartidan foydalanadimi yoki qog‘oz pul standartidan (bunda pul nominal qiymatiga teng oltin va kumush zaxirasi bilan ta’minlangan bo‘ladi), hamda metall pul uchun aniq belgilangan o‘ziga xos xususiyatni qabul qilganmi yoki yo‘qmi – farqi yo‘q. U bu standartga rioya qilishga majburdir, chunki bu shunday shariat hukmiki, unga ko‘plab shariat hukmlari bog‘liqdir. Islom davlati ichida bir xil turdagi ikki birlik o‘rtasidagi ayirboshlash teng bo‘lishi shart, va unda tafovut bo‘lishi harom. Xuddi shunday, bir xil turdagi ikki valyuta o‘rtasidagi ayirboshlash Islom davlatidan tashqarida ham aynan shu qoidaga amal qiladi. Shariat hukmi yagona bo‘lib, o‘zgarmaydi. Ikki xil standart o‘rtasidagi ayirboshlashga kelsak, unda tenglik ham, tafovut ham ruxsat etiladi, masalan oltin bilan kumush o‘rtasidagi ayirboshlashda, shartki, topshirish joyida, ya’ni oltinda ham, kumushda ham “qo‘lma-qo‘l” amalga oshirilsin. Bu yerda uyda yoki chet elda amalga oshirilgan ayirboshlash bitimlari o‘rtasida hech qanday farq yo‘q, chunki shariat hukmi bir xil bo‘lib, o‘zgarmaydi. Oltin bilan kumush o‘rtasidagi tafovut (joyida bo‘lsa) uyda ruxsat etilgani kabi, ular o‘rtasidagi ayirboshlash chet elda ham ruxsat etiladi. Xuddi shu qoida Islom davlati valyutasi bilan boshqa davlatlar valyutalari o‘rtasidagi ayirboshlashga, ham metall pulga, ham nominal qiymatiga aynan teng miqdorda oltin va kumush bilan ta’minlangan ichki qiymatga ega qog‘oz pulga nisbatan qo‘llanadi. Bunday bitimlarda standartlar turlicha bo‘lsa, tafovutga ruxsat beriladi, faqat topshirish oltin va kumushda joyida amalga oshirilgan bo‘lishi shartidir. Biroq, valyutalar bir xil standartda bo‘lsa, tafovutga ruxsat berilmaydi. Tenglik saqlanishi shart, chunki bu holatda tafovut ribo bo‘lib qoladi va shariat nuqtayi nazaridan u harom qilingan.

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.

Qog'oz pulning fiduciar turiga kelsak, u qisman ta'minlangan, ya'ni nominal qiymatidan kam zaxiraga ega bo'lgan pul bo'lib, uning pul qiymati faqat u saqlayotgan zaxira miqdori darajasida hisobga olinadi. Shu asosda u Islom davlatining pul birligiga almashtiriladi. Demak, bu pul shu asosda baholanadi va bunday baholashga ko'ra u oltin va kumush metall pullar o'rtasidagi almashinuvga oid shar'iy hukmga amal qiladi, almashinuvni baholashda faqat zaxiraning qiymati hisobga olinadi.

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.

Qog'oz pul bo'lib, oltin yoki kumushning o'rnini bosmaydigan va na oltin, na kumush bilan ta'minlanmagan almashinmaydigan qog'oz pulga kelsak, uning Shariat bo'yicha hukmi turli turdagi ikki valyuta hukmi kabi bo'ladi. Shuning uchun bunday almashuvlarda teng miqdorda va tengsiz miqdorda almashish ruxsat etiladi, ammo ular darhol, joyning o'zida amalga oshirilishi shart.

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.

Shuning uchun Islom davlatining pul birligi bilan boshqa mamlakatlar pul birliklari o‘rtasida ayirboshlash, xuddi o‘z mahalliy pul birligi o‘rtasidagi ayirboshlash kabi, ruxsat etilgan. Shuningdek, ayirboshlashda farq bo‘lishi ham ruxsat etilgan, chunki ular ikki xil standartga ega; oltin va kumush borasida esa, topshirish joyida, qo‘lma-qo‘l (“hand to hand”) amalga oshirilishi sharti bilan.

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.

Oltin va kumush o'rtasidagi nisbat yoki ular o'rtasidagi almashuv kursi butunlay barqaror bo'lmaydi. Aksincha, u oltin va kumushning bozor narxlariga qarab o'zgarib turadi, mahalliy yoki xorijiy valyuta o'rtasida hech qanday farq bo'lmaydi. Xuddi shu narsa Islom davlatining valyutasi va boshqa mamlakatlar valyutalariga ham tegishli; ya'ni ular o'rtasidagi almashuv kursining o'zgarishiga ruxsat etiladi. Biroq, Islom davlatining valyutasi bilan boshqa mamlakatlar valyutalari o'rtasidagi almashuv kursi Islom davlatiga ikki sababga ko'ra ta'sir qilmaydi:

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. Islomiy yerlar Ummat va Davlat uchun zarur bo‘lgan barcha xom ashyoga ega. Shu sababli uning boshqa mamlakatlar mahsulotlariga ehtiyoji muhim yoki zaruriy bo‘lmaydi. U o‘z mahalliy mahsulotlari bilan o‘zini ta’minlaydi va shu tufayli valyuta kursidagi o‘zgarishlardan ta’sirlanmaydi.

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. 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 in gold. The State could also do without other countries' commodities by relying solely on its own local commodities. Whoever owns commodities that all other peoples need could not in any way be affected by fluctuations in the exchange rate. It is they who could control international markets, with no one able to control their currency.

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.