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Today I converted Halal 500 Saudi Riyal note with Haram 5 notes of 100 Saudi Riyal from someone, Is it permissible in Islam? As far as I know that the person has Haram source of Income..

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Bank notes are not assets (maal) themselves, they are legal tender, a representation of one's own assets. When the notes change hands, they represent something different from before the changing of hands.

Thus, the bank notes themselves are not haram, but what they represent while in the possession of the person with a haram source of income are haram assets. Once the notes change hands (when they come into your possession), they represent your assets and not the other person's, and since your assets are halal, the bank notes represent halal assets.

  • Subsequently we can also add that the other guy's 500 Saudi Riyal note , now in his possession, isn't halal because it was halal with the owner , they take on the verdict of the other 5 bank notes that were with him before . – SongBird Nov 24 '18 at 20:22
  • This implies that if the traded assets were maal in and of themselves then the transaction would be problematic, for example if I were to trade five ounces of honestly-earned gold for five ounces of stolen gold. Is this a correct understanding of your answer? – goldPseudo Nov 24 '18 at 21:00
  • @goldPseudo It depends on whether the gold is treated as an asset (a consumable), or whether it is treated by the user as tender (for trading). If the gold is consumed (i.e. it's kept for personal use as an ornament, a piece of jewellery or the like), then the answer's rationale would imply that it is problematic, but if it is not intended to be kept, and is intended to be used as currency, then according to the answer it wouldn't be problematic. Most Western traders use gold as a currency (a representation of assets), not as an asset in and of itself. – Carl Masens Nov 25 '18 at 6:55

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