I know that dealing with the Forex is haraam, because it involves riba and other things, but there is something called the Islamic account, but it is also haraam, according to what I have read. There are some people who have asked about some companies, and you issued fatwas stating that it is permissible to deal with them. Dealing with margins, or with the Forex system, is a matter concerning which the Islamic Fiqh Council issued a statement that it is haraam and is not allowed. The so-called Islamic Forex is not free of the things that are mentioned in that statement of reasons for the prohibition, or most of them. There are many things that have been prohibited in the Qur’aan and Sunnah, and it is very important for the Muslim to know about them so that he can keep away from them and thus avoid earning the wrath and anger of Allaah or bringing about his own doom in this world and the next. Is online forex currency exchange allowed in Islam? I work with a Foreign Exchange company where I sell/purchase Foreign Exchange (Foreign Currencies like Dollar, Riyal, Dirhams etc) to the persons who travel abroad, like students, medical patients, families, Hajj and Umrah pilgrims, corporate employees etc. Dealing with margins, or with the Forex system, is a matter concerning which the Islamic Fiqh Council issued a statement that it is haraam and is not allowed. The so-called Islamic Forex is not free of the things that are mentioned in that statement of reasons for the prohibition, or most of them. Islam Q&A is an academic, educational, da‘wah initiative which aims to offer advice and academic answers based on evidence from religious texts in a comprehensive yet easy-to-understand manner. V3 of Islamqa Mobile App is intended to deliver a modern mobile experience for accessing answers to your Islamic questions in an easy and convenient manner on the go. With this new version, we've
Aug 31, 2016 · The question as to whether Forex trading is permissible according to Islamic law is a difficult question to conclusively answer. Although Islamic authorities certainly agree that currency exchange under certain conditions is halal (i.e., permissible according to Islamic law), there is some dispute regarding under exactly what conditions. I know that dealing with the Forex is haraam, because it involves riba and other things, but there is something called the Islamic account, but it is also haraam, according to what I have read. There are some people who have asked about some companies, and you issued fatwas stating that it is permissible to deal with them. There are many things that have been prohibited in the Qur’aan and Sunnah, and it is very important for the Muslim to know about them so that he can keep away from them and thus avoid earning the wrath and anger of Allaah or bringing about his own doom in this world and the next. Mar 12, 2012 · However with respect to forex trading in particular, Mufti Taqi Usmani — leading contemporary Hanafi scholar and Islamic finance expert — believes it to be impermissible, due to various problematic elements associated with this form of trading.
IG offers tight spreads and lets you access over 80 currency pairs with leverage as high as 1:50, but the platform is far from risk-free. Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Lear
1-As a Forex trader you need to have a reason to take action in the market (sell or buy);2-You can not gamble on the trend direction but analyze the market;3-You can not trade for the sake of … Jun 01, 2018
Aug 31, 2016 · The question as to whether Forex trading is permissible according to Islamic law is a difficult question to conclusively answer. Although Islamic authorities certainly agree that currency exchange under certain conditions is halal (i.e., permissible according to Islamic law), there is some dispute regarding under exactly what conditions. I know that dealing with the Forex is haraam, because it involves riba and other things, but there is something called the Islamic account, but it is also haraam, according to what I have read. There are some people who have asked about some companies, and you issued fatwas stating that it is permissible to deal with them.