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“The Egyptian Ifta” clarifies the ruling on monopolizing the dollar and selling it on the black market

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The Egyptian Dar Al Iftaa clarified the rule of monopolizing the dollar and selling it on the black market.

This arose in response to a question about: “Does the dollar monopoly today fall under the prohibited monopoly and what is the penalty for whoever collects dollars to speculate with them with the intention of damaging the state economy?

Dr. Shawki Allam, the Grand Mufti of the Republic, said in a fatwa published by the official website of Dar Al-Iftaa, that the monopoly of the dollar and its sale on the black market is prohibited by law, and is criminalized. by the law. , and the perpetrator of this act is committing a great sin. Because it narrows the general public through the high prices of goods and services and the requirements of life due to the scarcity of currency.

He added that the perpetrator harms the country’s economy, negatively affects the stability and process of construction and development, and puts those in need in hardship and shame, according to Egyptian newspapers.

The Mufti emphasized that foreign exchange trading is not permitted except through banks and approved exchange companies that are licensed to engage in such transactions, and money obtained from what is known as “black market trading” is a unpleasant gain.

He pointed out that one of the characteristics of financial transactions in Islam is their observance of the interests of all parties to the transaction so that no significant harm is inflicted on one of the parties.

Allam continued: “In order to achieve this goal, the street has banned some practices that may harm the interests of some of its parties, and strictly blocked the outlets of these practices in a way that dries up their sources, and among those practices is what is known as a monopoly, which is one of the main reasons for the rise of what is known as the black market.

He pointed out that the meaning that is observed in all these definitions is that the monopoly is in the food, that is, what the human body does with food, but that meaning is different in it, since there was a dispute among jurists about the reason why the monopoly was prohibited, and the search for the reason to prevent the monopoly is built. He has to say in the dollar monopoly rule.

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