Renowned cleric Mufti Taqi Usmani has said that purchasing dollar in the current economic situation to hoard and selling it at a later time to make a profit out of an increase in dollar’s value. He says that not only is this disloyalty with one’s country but also a grave sin as hoarding is forbidden in Islam.
He stated in a tweet that those involved in hoarding are cursed by God according to a narration of a Hadith.
Notably, Pakistan has been facing an acute economic crisis because of its diminishing foreign exchange reserves and persistently depreciating currency.
Since a deal with the International Monetary Fund (IMF) has been finalized, the dollar has witnessed an increase of over Rs.10 within a few days. The value of the dollar stands at Rs. 153 in the open market.
However, some people are leveraging the situation by hoarding dollar, as its value is expected to increase further and thus would bring these people a hefty profit.
Because of the hoarding, the rupee is devaluing further and worsening the already alarming situation.