says in, majmoo Fataawa Ibn Baaz (19/171-174 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. However, this argument can certainly be criticized as spurious as related to market realities. If you are interested in doing further research on the issues touched upon within this article, we suggest that you take a look at our list of top Islamic brokers and then reach out to the broker (or brokers) directly to determine how they handle. So, what makes Forex trading okay and permissible according to Shariah law? Forex is Halal IF, forex is Halal if you are not gambling and have your end goals clearly distinguished. However, this fee schedule is not permissible in Islam due to the laws of interest, which prompted many Forex brokers to offer Islamic or Shariah Forex Accounts that do not charge or pay standard interest.
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. The biggest and most straight answer I got from Forex objectors who think that Forex is Haram was. It is permissible to sell euros for dollars so long as the exchange takes place in the same sitting as the contract is made. After so much of discussions with those Imams, Prayers and active religious people we came to the following common agreement.
I am traveling to Middle East and South East Asia in the upcoming weeks where the population is largely Muslim and before my trip all my soon to be trainees are asking Forex is Halal or Haram? But when the deal is concerning the same type of currency, such as selling one dollar for two dollars, that is not permissible because it is a type of riba. Since this subject is debatable please feel free to comment your thoughts below in the comments section. With regards to Forex trading, we can argue that a deal is made between two parties, the trader and the broker, and that this type of exchange is permitted within Islamic law. Narrated by Muslim, 1587. This would mean that trades must involve either some element of fundamental analysis or technical analysis which the trader actually has a firm reason to believe. You might ask how they did so and maintained the profitability of their operations. One author suggests that is the method of research used for the currency speculation that makes Forex trading either permissible or banned.
Its therefore Halal unless it involves interest.
Hai guys just a quick question.
Some say forex is Halal and some is Haram.
Is is Halal if it is in the same sitting which means you buy or sell the currency on the spot which in forex it means Market Order.
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