交换是将一种货币兑换成另一种货币，即一种货币与另一种货币的互换。这既可以是同类货币之间的交换，例如黄金换黄金、白银换白银；也可以是不同类货币之间的交换，例如黄金换白银，或反之。至于同类货币之间的交换，则必须两者等量，任何差额都绝对禁止，因为这就是被禁止的利息（Riba），例如黄金换黄金；又如内在价值的纸币——它可以按其价值以黄金换黄金的方式进行兑换。因此，在这种情况下，汇率并不适用。

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.

至于一种货币与另一种不同类型的货币或一种货币兑换另一种货币，例如黄金兑换白银，或英镑兑换美元，或卢布兑换法郎，这是被允许的，前提是交易须即时完成。兑换率即一种货币相对于另一种货币的比率，换言之，兑换率就是两种不同货币之间的兑换比例。

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.

促使人们进行货币兑换的，是交易双方中某一方对另一方所持货币的需求。至于同一国家内流通的货币之间的兑换，例如银币换金币或金币换银币，情况则很简单，这种兑换发生在金与银之间。由于该国同时实行金本位和银本位，两种货币之间的兑换比率会依据市场行情固定下来。若同一国家所用的两种货币之间的兑换比率出现波动，也没有任何妨碍，因为这与商品价格的波动并无二致。

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.

至于两个或两个以上国家的不同货币之间的兑换，这被视为引发问题的根源。因此，有必要考察其实际情形，并阐明伊斯兰教法对此以及对汇率本身的规定。

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.

关于其现实性，这一点体现在各国所实行的标准不同：实行金本位的国家，与实行不可兑换纸币本位的国家，处境截然不同。因此，当若干国家同时实行金本位时，这些国家之间的汇率，或者说它们货币之间的兑换比率，必然几乎保持稳定。若它们实行的是金属本位，情况便是如此，因为在这种情况下，人们实际上并非在兑换两种不同的货币，两种货币各自的价值不会因各自的供求水平而相对变化。相反，人们是在用黄金兑换黄金，唯一的区别在于：一国的黄金被铸造成另一种形状，并打上了与另一国不同的标记。于是，汇率将由一国货币所含纯金的重量与另一国货币所含纯金的重量之比决定。实行金本位的国家之间的汇率，只会在两个特定的界限之内波动，这两个界限取决于两国之间黄金运输的费用。这被称为黄金输送点（Haddi Dhahabiyy）。由于这些费用极其微小，我们可以说，实行金本位的国家之间的汇率实际上是稳定的。此外，如果一国实行的是有内在价值的纸币本位，它的处境就与实行金属本位的国家完全相同，因为实际流通的仍是金属货币。唯一的区别在于：金属货币本身在流通，而纸币则代替它流通，因为纸币是金属货币的代表。 因此,就汇率而言,有内在价值的纸币将与其他货币采用完全相同的处理方式。事实上,有内在价值的纸币的规定在各方面都与金属货币相同。

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.

然而,如果一个国家发行的是法定纸币,即银行券,那么黄金在这种情况下只能覆盖法定货币价值的一部分,而非全部价值,尽管该国实行的仍是金本位制。因此,法定纸币的价值将取决于覆盖它的黄金储备量,而这将决定两者之间的汇率。不过,这一汇率仍会保持稳定且易于监测,因为它取决于黄金储备所占的百分比,而这些储备的数量是确定的。

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.

然而,如果一批国家都采用不可兑换纸币本位制,那么这些国家之间的汇率固定问题便随之出现。这是因为,当货币无法按固定价格兑换成黄金时,采用不可兑换纸币本位制的这些国家所面临的问题,就是如何确定它们彼此之间的汇率。

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.

解决这一问题的关键在于：各种纸币被视为可在国际货币市场上交易的商品。人们购买这些纸币，并非因为纸币本身的价值，而是因为它们能够在各自的发行国购买其他商品。因此，两种纸币之间的比率，即两者之间的汇率，将根据每种纸币在其各自发行国的购买力来确定。

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.

因此,汇率将由两种货币之间的比率决定。假设埃及和意大利都实行纸币本位制,意大利里拉在意大利可以购买10单位商品,而埃及镑在埃及可以购买100单位商品,那么这两种货币之间的比率就是1埃及镑兑10意大利里拉。然而,汇率可能会波动,因为纸币实际上是人们在国际货币市场上交换和交易的商品;人们购买它们不是因为其自身的价值,而是因为它们能够从发行这些货币的国家购买商品和服务的能力。因此,当其原产国的商品价格下降时,这些货币的价值就会上升;当价格上涨时,其价值则会下降。 因此,人们从外国货币中获得的收益取决于其购买力。如果这种购买力增强,我们所获得的收益也随之增加,我们愿意用本国货币支付更多,以换取等量的该外国货币的意愿也会增加。反之,如果购买力下降,从该货币中获得的收益也会减少,我们愿意用本国货币支付更多,以换取等量该外国货币的意愿也会随之降低。这是因为该外国货币在其原产国已无法再购买过去同样数量的商品,而我们的货币仍保持其价值。

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.

假设在某一年份，埃及和英国的物价水平都是100，且两国货币之间的汇率为1埃及镑兑1英镑。在这种情况下，汇率是相等的。由于兑换的动机在于满足对英国商品的需求，因此埃及不会对英镑产生大量需求，也不会远离英镑。 然而，如果埃及的物价水平上升到200，那么英镑在埃及的价值将翻倍，汇率将变为1埃及镑兑0.50英镑。因此，由于英国相对价格下降，对英镑的需求将会产生；而由于埃及相对价格上升，对埃及镑的需求将会减少。这将导致英国人对埃及镑的需求下降，他们对埃及商品的需求也随之减少，他们必然更倾向于购买本国商品，因为埃及商品的价格已经翻倍，而他们自己国家的商品价格保持不变。 因此，汇率会随着发行货币国家的商品价格变化而变化。如果就另一国而言，某一国家的物价水平因例如货币供应量的增加而上涨，那么这两国之间的汇率必然发生变化，导致物价上涨国家的对外价值下降。一国货币与外国货币之间的汇率，将与其他外国货币之间的汇率关系保持一致。 换句话说,假如伊拉克第纳尔等于100伊朗里亚尔、200意大利里拉或400法国法郎,那么各外币之间的汇率就会是:在伊朗,1伊朗里亚尔兑2意大利里拉或4法国法郎;在意大利,1意大利里拉兑2法国法郎或0.5伊朗里亚尔,依此类推。事实上,如果每个国家都任由其货币的对外价值随物价水平的波动而浮动,而不对国际贸易以及外币与本币之间的兑换施加严格限制,情况就会如此。然而,一个国家可能会试图在国内物价高涨的情况下维持其货币的对外价值,例如通过减少进口许可证的数量来限制本地进口商对外国货物的需求。在这种情况下,各国之间汇率的协调性就会被打破。只有当某些国家选择对其外汇交易施加限制时,不同国家之间的汇率才可能出现这种差异。因为如果没有限制,商人便能够进行货币兑换并从中获利。于是其他人会争相抓住这一商机并效仿,这反过来又会使各种汇率之间重新恢复协调。

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.

这些施加于外汇交易的限制，在战时和严重经济动荡时期，已在许多国家成为普遍现象。 我们发现，在这种时期，实行此类货币交易限制的国家，其本国货币的价值会因各国所采用的货币制度不同而有所差异。因此，在实行统一汇率制度的国家，该国货币与前面提到的国家之间的官方汇率将保持稳定，因为该货币将由中央银行以及获准经营外币交易的银行按固定汇率买入，并以固定价格卖出这些货币。

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.

对于实行统一汇率制度、且中央银行不承诺以特定价格买卖外币的国家而言，外币价格会根据供求关系不时波动。允许外币价格依供求关系波动的汇率制度，被称为浮动汇率制度。需要注意的是，在实行此类制度的国家，汇率的变动不仅可能源于本国与其他国家之间的物价水平差异，还可能源于对国际贸易施加的限制，或源于各国因种种原因而出现的贸易收支逆差。浮动汇率制度在某些国家是合法的，例如黎巴嫩，该国政府允许汇率根据每日的供求变化而波动。而在另一些国家，浮动汇率制度可能是非法的，尽管如此，个人之间仍会进行一些交易，包括买卖货币或外币账户，其价格与官方价格截然不同。

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.

关于货币兑换以及全世界的汇率问题，伊斯兰教法的规定如下：伊斯兰国实行金本位制，无论其采用的是金属货币本位还是纸币本位（纸币以等值于其面值的金和银为储备），也无论其是否为金属货币确定了某种特定的固定特征。伊斯兰国有义务遵守这一标准，因为这是一条教法规定，许多其他教法规定都以此为基础。在伊斯兰国境内，同一类型的两种货币之间的兑换必须等值，出现差额是被禁止的。同样，在伊斯兰国境外，同一类型的两种货币之间的兑换也须完全遵循同样的规定。教法规定是统一的，不会改变。至于两种不同标准的货币之间的兑换，无论等值还是有差额都是允许的，例如金与银之间的兑换，但条件是须当场交割，即金与金、银与银之间须“即时交付”。在这一点上，国内与国外进行的兑换交易没有区别，因为教法规定相同，且不会改变。正如金与银之间的兑换（当场交割）有差额在国内被允许，它们之间的兑换在国外同样被允许。同样的规定也适用于伊斯兰国货币与其他国家货币之间的兑换，无论是金属货币还是内在价值的纸币，即以等值于其面值的金和银为储备的纸币。若两者的本位不同，这类交易允许存在差额，但条件是须以金或银当场交割。然而，若两种货币属于同一本位，则不允许存在差额。 从伊斯兰教法的角度来看，必须保持等值，因为在此情况下若存在差额，便构成里巴（高利），而这是被禁止的。

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.

至于部分有准备金的信用纸币，即其准备金低于其面值的纸币，其货币价值只能按其所持准备金的数额来计算。它应当以此为基础与伊斯兰国的货币进行兑换。因此，这种货币应按此基础估价，并且依据这一估价，它与金属货币金币和银币之间的兑换适用相同的沙里亚教法规定，兑换时只计算准备金的价值。

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.

至于不可兑换的纸币，即既不能替代黄金或白银，也没有黄金或白银作为担保的纸币，根据伊斯兰教法，其裁定与两种不同类型的货币相同。因此，在此类交易中，既允许数量相等，也允许数量不等，但必须即时交割。

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.

因此，伊斯兰国的货币与其他国家的货币之间的兑换是允许的，与其本国货币之间的兑换一样。由于两者属于不同的本位，兑换中允许存在差额，但前提是就金和银而言，交付必须当场进行（“手交手”）。

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.

金银之间的比率，或两者之间的汇率，并非完全固定不变，而是会随着金银市场价格波动，无论是本地汇率还是外汇汇率，都没有区别。伊斯兰国的货币与其他国家货币之间的情况也是如此，即两者之间的汇率允许波动。然而，伊斯兰国的货币与其他国家货币之间的汇率，对伊斯兰国不会产生影响，原因有两点：

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. 伊斯兰之地拥有乌玛与国家所需的一切原材料。因此，它对他国商品的需求并非必要或迫切。它在本地物资上可以自给自足，因而不受汇率波动的影响。

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. 伊斯兰地区拥有其他所有国家都需要的商品，例如石油。伊斯兰国家可以限制此类商品的出售，除非以黄金支付。国家可以仅依靠本地商品，从而取代其他国家的商品；谁拥有各国都需要的商品，就不会受到汇率波动的任何影响。正是这样的国家能够掌控国际市场，而没有人能够控制其货币。

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.