7/1/ · the islamic fiqh council of the muslim world league, in its eighteenth session that was held in makkah al-mukarramah from 10 to 14/3/ ah (8 to 12 april ce), has examined the issue of trading in margins, which means that the customer pays a small amount of the value of what he wants to buy, which is called a “margin”, and the agent (the 6/1/ · The argument would therefore be, that as a retail trader you can only speculate using retail forex, with a margin account, and as fundamentally currency speculation is halal, trading on a margin account is halal as that is the only way available. However this is a flawed argument too 8/29/ · What Islam says about Online Forex Trading. In Religious Islam the Forex trading can be considered halal. In which condition According to Islamic law, something is “haram” or forbidden when the teachings of the Holy Qur’an deems it so. Among the activities prohibited by the Holy Qur’an are gambling and riba, also known as interest or usury
Is Forex Trading Allowed in Islam | Halal or Haram
The topic of Forex trading prohibition in Islam is vast and controversial. Many points of view exist on different aspects of online Forex trading, including: spot trading, futures and options tradingmargin tradingovernight interestetc, what islam says on online forex trading. The majority of Islamic jurists agrees that Forex trading can comply with Sharia only if it is spot trading while futures and options are considered to earn Riba and if it doesn't involve any overnight interest or interest hidden by commissions, though Muslim traders should know that not all commissions are to hide overnight interest.
One of the main point of debate lies in margin trading almost every transaction in Forex is based on margin and hedging it is compared to futures trading usually. Mohammed Obaidullah of Islamic Research and training institute located in Saudi Arabia discusses this topic in his article — Islamic Forex Trading. It is a well-grounded article covering every aspect of Forex trading and providing references to fundamental Islamic sources.
Among other things, Dr. Mohammed Obaidullah proves margin Forex trading to be legal for Muslimsas long as it doesn't involve what islam says on online forex trading Riba unlike some other Islamic jurists who look at margin Forex trading as forbidden activity.
In this article, Forex hedging is also analyzed and is seen as a source of Riba income. It is strongly recommended to read this article if you consider yourself a Muslim trader or if you only plan to start trading Forex while remaining a lawful Islamic believer.
It is also recommended to look at the list of Forex brokers that offer Muslim-friendly trading accounts with no overnight-interest applied on the open positions. Islamic thought doesn't stand still and as Forex trading is a point of contention for scholars, and things change quickly in this field. For example, In February 16,the National Fatwa Council of Malaysia nation's supreme Islamic legal body announced that spot Forex trading performed by individual traders contrary to authorized dealers is considered haram sinful.
Technically, it restricts all Muslim residents of Malaysia from participating in online foreign exchange trading.
It is important to add that no other Muslim fatwa institution in other countries has issued similar prohibition. On the contrary, the National Sharia Board of Indonesia had previous issued a fatwa the link is in Indonesian stating the legality of Forex. Apparently, the situation with Islamic Forex trading still remains quite unclear.
And what do you think about legality of currency trading for Islamic believers? You can share your thoughts or ask your questions on our Forex forum. If you want to get news of the most recent updates to our guides or anything else related to Forex trading, you can subscribe to our monthly newsletter.
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Is Forex Trading Halal? Dr Zakir Naik
, time: 4:46What Islam says about Online Forex Trading: Finance | IFG
8/29/ · What Islam says about Online Forex Trading. In Religious Islam the Forex trading can be considered halal. In which condition According to Islamic law, something is “haram” or forbidden when the teachings of the Holy Qur’an deems it so. Among the activities prohibited by the Holy Qur’an are gambling and riba, also known as interest or usury Islamic Forex accounts also known as swap-free accounts are halal trading accounts in which interest is not accumulated, collected, or paid. These accounts do not make use of the futures or forward contracts. In an Islamic Forex account, all transactions (including the transaction costs) take place immediately and without any delay 7/7/ · Narrated by Muslim, It says in Majmoo’ Fataawa Ibn Baaz (19/): Dealing in currency, buying and selling, is permissible, but that is subject to the condition that the exchange be hand-to-hand if the currencies are different
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