Al-Iftaa Clarifies Wallet Transfer Rules

The Egyptian Dar Al-Ifta clarified that working in money transfers through electronic wallets for a fee, under certain conditions, is permissible Islamically. The transaction is considered a combination of a agency contract and a loan, where the customer's request for the transfer and the applicable fee are organized, with an emphasis on complying with regulations and laws. The fatwa confirmed that the fee is regarded as administrative expenses and does not constitute usury (riba), and that the transaction must be conducted according to the agreed terms to ensure its religious validity.

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