“…That is because they say, “Trade is [just] like interest.” But Allah has permitted trade and has forbidden interest…”
Quran 2:275
Also, you don’t need to be an expert in Islamic injunctions and economics to see what’s happening here. It’s a surface-level problem that the artificial demand for foreign exchange is a strong variable in rupee devaluation which is triggering inflation that would eventually impact the prices of imported goods. Hoarding to hedge risk in such a scenario is treasonous under any ethical framework. Let me break it down, dollar accumulation shall trigger further devaluation which shall result in some sort of import ban or default hence no basic food like oil, and no jobs. It’s DAMAGING YOUR COUNTRY! Simple! even if mufti sahib doesn’t say anything, use some sense and stop making money at the cost of the overall economy.
