About Forex
Submitted by insighty on Wed, 2006/02/22 - 10:36
Dear brothers and sisters,
assalamo alaykom wa rahmato allah,
I am so interested in forex exchange but unsure how to play it safe from islamic perpective. Could anyone summarize in practical terms how would I know if I am trading forex without violating Islamic law? and anyone knows any site or material that explains forex in simple terms,e.g: for people who never have done or studied business before.
jazakom allaho khayran.
fee aman allah,
Ghassan
»
Forex seems illegal in Islam
I have been wondering why forex shall be permitted in Islam, agree to some extent with this version:
http://myblog.hazariba.com/Islamic+Legality+of+FOREX+business
Request for University of Medina article
Assalamu Alaikkum Brothers and Sisters,
Does anyone have the University of Medina article?
If yes, would you mind sending it to me? ( udara.segar.bugar@gmail.com )
I really would like to clarify as much as I can about the limits on Forex Trading in Islam.
Thanks in advance
Not sure if most people has seen this one but there is also another article that is quite useful.
"Islamic Forex Trading" by Dr. Mohammed Obaidullah (Can be Googled).
I found it sound in its reasoning and explanation.
Salam
Fatwa by The Islamic Fiqh Council of the Muslim World League
Assalamu alaikum,
Is Forex halal or Haram?
I am also interested in Forex, but i had to think objectively to understand wether it is halal or haram!
I have searched on several websites including the link posted by Mahmoud Alrejleh, which was in Arabic. I brought you the same article but this time in English and from the Original website 'Islam Question and Answer'.
Here are the brief findings of the conference of the Islamic Fiqh Council of the Muslim World League in Makkah, 2006:
The Committee believes that this transaction is not permissible according to sharee’ah for the following reasons:
Firstly: It involves obvious riba, which is represented by the addition to the amount of the loan which is called “paying fees for delaying the deal”. This is a kind of haraam riba. Allaah says (interpretation of the meaning):
Secondly: The agent stipulates that the customer must deal through him, which leads to combining both giving a loan for something in return and paying commission, which is akin to combining giving a loan and selling at the same time, which is forbidden in sharee’ah because the Messenger (peace and blessings of Allaah be upon him) said: “It is not permissible to give a loan and sell at the same time…” The hadeeth was narrated by Abu Dawood (3/384) and al-Tirmidhi (3/526), who said it is a hasan saheeh hadeeth. In this case he has benefited from his loan, and the fuqaha’ are unanimously agreed that every loan that brings a benefit is haraam riba.
Thirdly: Dealings that are done in this manner in the global markets usually involve many contracts that are haraam according to sharee’ah, such as:
1- Dealing in bonds, which comes under the heading of riba which is haraam. This was stated in a resolution of the Islamic Fiqh Council in Jeddah, no. 60, in its sixth session.
2- Dealing indiscriminately in company shares. The fourth statement of the Islamic Fiqh Council of the Muslim World League in its fourteenth session in 1415 AH stated that it is haraam to deal in the shares of companies whose main purposes are haraam, or some of their dealings involve riba.
3- Selling currencies is usually done without the hand to hand exchange which makes them permissible according to sharee’ah.
4- Dealing in options and futures. A resolution of the Islamic Fiqh Council in Jeddah no. (63), in its sixth session, stated that options are not permissible according to sharee’ah, because the object of dealing in these contracts is not money or services or a financial obligation which it is permissible to exchange. The same applies to futures and trading in indexes.
5- In some cases the agent is selling something that he does not possess, and selling what one does not possess is forbidden in sharee’ah.
Fourthly: This transaction involves economic harm to the parties involved, especially the customer (investor), and to the economy of the society in general, because it is based on borrowing to excess and taking risks. Such matters usually involve cheating, misleading people, rumours, hoarding, artificial inflation of prices and rapid and strong fluctuation of prices, with the aim of getting rich quickly and acquiring the savings of others in unlawful ways. Hence it comes under the heading of consuming people’s wealth unlawfully, in addition to diverting wealth in society from real, fruitful economic activity to this type of risk that has no economic advantage, and it may lead to severe economic turmoil that will cause great loss and harm in society.
However, I highly recommend that you read the whole article from:
http://islamqa.com/en/ref/106094/العملات
Best regards,
Supreme|*
Forex haram or hala
Salam brother,
I'm a professional invester and investment banker and muslim. Forex has nothing to do with haram and halal. First I read your article and was a bit confused today many people especially our brothers and sisters have no knowledge and rely on other. Forex is not haram on the basis that you buy a currency and sell it on a higher value then before. Many companies don't lend you money even when you buy units during the trades and spreads are just a cost of how much it cost you to enter the trader. However you have first to inform yourself about the business. And it is the BIGGEST MONEY FLLOWING SYSTEM with more than 1.8 trillion going through london everyday. I have done my masters and mba in this subject and we lack people who have influence and learn what is what. I highly recommend you inform yourself about forex companies I'm a trader myself and know my field just very good. It is not a GAMBLE if you know what you do because you calculate every move and please first learn and post you have irritated many brothers and sisters.
Wa Salam
Said
About Forex
Assalamu alaykum my brother!
I am very interested whether FOREX haram ot halal. Of course, I red what you posted here about FOREX, but the problem is that I couldn't understand the very meaning of "3- Selling currencies is usually done without the hand to hand exchange which makes them permissible according to sharee’ah."
Does it mean FOREX is Ok, and it is not forbidden in Islam?
I am sorry bro., I am not good in English, so sometimes I have problems of understanding ...
Please respond me !
Assalamu alaykum .
Because of $$ are we making halal what is clearly haram?
Dear brothers in Islam
let us not be blinded by the promise of riches via forex until we clearly make halal what is haram. Allah allowed trade...but what is forex? Is it of economic significance or very much like gambling, it is our quick way to riches? Forex exchanged for travel and cross border trade is permissable but surely not for speculative purposes! We take pleasure from winning in forex trades and beating the market. We feel good. Of what economic good is this action or feeling? Did Allah the Al Mighty want us all to just sit around and bet agst one another to see who is the better trader? I urge you to leave and not dabble in forex trading.
Halal or Haram? Let our knowledge decide.
Subhanallah,
Dear Wan, deciding whether halal or haram is really hard~ and we cannot say that all "bad looking" things are haraam just like that. It is by knowledge and more and more research. And in fact, that's what our muslim community are lacking of - it is curiosity.
I'm neutral on this issue, but not necessarily encourage Forex to all. But from what i know (from my lack of knowledge) that Islam encourages us to grab opportunity as long it is not violating the syariah. I also had took a sneak peek on the tadawulFX site and they claimed it is free of Riba. That's good.
However, whatever it is; in anything we decide - be rational. Do not let our poor judgement (+lack of knowledge) ruin our chances. Who knows - that thing is Halal and yet because we do not know that thing thoroughly- we make it Haraam. That's is also not good~
So, the best way is return to al-quran and as-Sunnah. They are the primary source of knowledge in Islam.
FOREX in Islam
Salam to all,
After spending enough time to understand FOREX and all the transactions involved in it, I’ve started looking for the right question to be asked about LEGALITY of FOREX in Islam.
I’ve seen too many questions phrased in wrong way to get the desired answer. The act is wrong in Islam. If we are looking for the right answer we should ask the right question and we’re not suppose to hide any piece of information.
Alhamdule’Allah, I found the right answer on my question about FOREX. Unfortunately, the answer is in Arabic and I’m not sure if everyone on this list would be able to read Arabic. Anyway, I listed the link below to read the answer for yourself. Even though, I’ll summarize the answer in few words:
FOREX in Islam is HARAM. No matter what we do, the system is built on (REBBA). For anyone who’s interested to talk about it, you can email me at malrejleh@msn.com.
http://arab.dailyforex.com/Forex_Fatwa/2009/04/_750_dailyforex-news_حكم_المتاجرة_في_العملات_بنظام_الفوركس_مع_دفع_رسوم_على_التبييت___فوركس_فتوى_العملات.aspx
Please share this with everyone you know.
Jazakum Allah Khair.
Forex Halal or haram
Salam' Aleykoum,
Thanks for you to share this, I do not understand or read Arabic, anyw way, you say the system is build on Riba, but check this out, if I put 100000 Euros, real money, I buy 100000 Euros of dollars, that I take profit, the broker take only the spread, plus with a STP broker you buy and sell actions are made straight on the inter-banker market so where is the interest riba,
Thanks for your answer,
Salam',
My Friend,It is not really
My Friend,It is not really Riba that makes it forbidden in Islam. The point is that you are buying and selling something that is not existing physically at all.
You take benefit of leverage and then buy the currencies of Hundred thousand Dollars at a cost of few hundred dollars, and then you sell this currency at higher values so where is the physical existence of this currency.
Forex is Just like a market where Price of Currencies is used only for buying and selling purpose, else there is no existance of currency.
Forex claims Flow of Currencies of Trillion Dollars, Do you believe Money of this value really exists in the Forex market???\
This is why Islam forbids trade of this kind...In Islam You can't trade any thing unless it exists physically... please try to understand...This is in benefit of social economy.
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forex trading
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When you make a profit, you can use the profit to trade your own money – in this way, your initial capital will never be depleted, and you learn the secrets of trading Forex successfully from a master.
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salaam i have found Halaal
salaam
i have found Halaal islamic forex at www.tadawulfx.com see the info below
ISLAMIC TRADING CONDITIONS
It is generally accepted that foreign exchange trading is permissible under Islamic law. Tadawul FX offers Islamic Trading conditions that are specifically tailored to clients with Muslim beliefs and that abide by Sharia law.
Islamic trading accounts are given freely to Muslim clients through quick and simple online live account opening via our secure application form. Clients can choose one of the three types of trading accounts offered by TADAWUL FX: MINI, Standard or Premium and enjoy the same first-class trading conditions as non Muslim clients in full adherence with their religious beliefs. Traders can further optimize the account by selecting the leverage and volume of their preference.
Tadawul FX offers Islamic forex trading accounts that are SWAP free and clients do not get charged interest for holding overnight positions. TDFX does not charge clients any additional fees or commission, nor widens the spreads at any time as a means to compensate for offering interest free accounts. Instead Tadawul FX maintains that all clients trade under fair and ethical trading conditions.
The Islamic Accounts offered have been created to be compliant to Islamic religion, specifically Sharia Law. To make it easy to understand with a simple example, the Sharia Law that is taken into account for Islamic Accounts is to give or receive and not to expect anything in return. This is why TDFX provides Islamic Accounts with no additional charge, hidden cost and most importantly no interest fees (SWAP Free).
slamic Forex Accounts – Islamic Forex Trading with TDFX
Islamic forex accounts are a specific category of forex trading accounts also known as interest free or swap free forex accounts.
Islamic forex trading accounts permit clients of Islamic religion to trade on interest free accounts (SWAP free or Roll Over fee) with no extra charge or penalty for the ability to trade in adherence with Islamic religious principles. Clients can open and close positions at any time within the Tadawul FX Metatrader 4 system without being constrained to holding them for a defined period.
Some common Islamic forex trading account conditions include:
No Riba Policy:
Clients benefiting from the Tadawul FX No Riba policy may hold positions for an undetermined time at the original opening price until they are closed and no charges will occur. Tadawul FX may revoke the ‘No Riba’ policy in case of abuse with a 48 hour notice by email.
Musharaka or commonly called joint venture:
This refers to a partnership or joint venture for a specific business with a profit motive, whereby the distribution of profits will be apportioned according to an agreed ratio. In the event of losses, both parties will share the losses on the basis of the agreed ratio.
Hibah (Gift or Donation): The term ‘hibah’ refers to gifts awarded voluntarily in return for a loan given. Tadawul FX will select different organizations in order to enable investors to donate a percentage of their profits to them.
At Tadawul FX, we offer clients the possibility to choose Islamic Forex Trading conditions for any of our Forex account types including Mini, Standard or Premium accounts, regardless of base currency or leverage offered. Islamic trading accounts may also be used for Managed forex accounts, as the only determining factor is the religion of the client that the trading account belongs to. TDFX enables its clients to trade with no swap charges and with no other additional charges, spread or hidden fees, ‘simply fair and ethical trading conditions for all’.
The Islamic Accounts offered by Tadawul FX are not the same as the Islamic Accounts generally offered by other Forex companies. They differ based on the fact that TDFX offers SWAP free accounts with no other additional charges, whereas most other companies transfer this fee by widening the spread on Islamic Accounts. In order to abide by Islamic religious beliefs, one must not pay interest but if that interest charge is transferred to a different type of fee, it is basically still a charge to cover the interest. This is also referred to as a SWAP fee in disguise. Tadawul FX does not do this, again demonstrating that TDFX offers fair and ethical trading conditions.
they also offer 1;1 leverages on the islamic account
1st.World Islam know that
1st.World Islam know that Forex instrument , can be halal and can be haram.
Because of this instrument can be Halal, without Margin and leverage. Islam world should have provides the Halal Forex Instrument. And some broker intend to do that.
Muslim world should HAVE HALAL FOREX for each muslim country and after We have the Halal Forex, then we can talk about Halal and Haram in FOREX .
Why?.
Allah gave us something in two group of everything Halal and Haram.
eg. Such as Nikah and Zina.
But Allah always fair to people when Allah provide or create it first then Hukm will come after .
NOW our Muslim country or Caliph should provided it first , Halal Forex, then we can talk about HALAL HARAM.
If u talk about syubhat. Your money at your pocket always different time to time because, the measurement come from where it refers to.and u are the user. because of i can get the profit by my Knowledge, I will do that.
its Fitrah. Oil, Gold and the rest. My country money will no value, If it not refer to reference based money such as dollar.because the money always change every minutes.
Leverage Think about actual
Leverage
Think about actual leverage.Correct if I am wrong!
Some people tell that Leverage is borrowing money from IB. It is?
From my view. IB did not lend trader's money. Reason why?
1. Who want to lend money to you for loosing money? especially new comer and beginner. Is the broker simply lend you eg USD900 and they lost money without getting back from you?
From my view, One thing happen to my country is . Last time, when people wants to buy share 1 lot equivalent to USD 1000. But because of not many people can by the the shared with the exact cost, so our government reduce the share to smaller lot, then the lot changed,
1 lot share are equal to Usd 200. then more people can buy the Share.
From my view It happen to leverage. When people don't have enough money to buy the currency. The financial create a system to reduce for people to by the currency at lower rate.
That's why you can buy and sell currency in small changed.
How it works is ?
Why people can buy at cost USD 10. You still used your actual money the USD 10 not USD 100 by borrowing from broker from they said, That is system, The system let you buy more lot using they call it Micro account or mini account, which you cannot buy within your volume money.if change rate are bigger.So the system create with Usd 10 you can buy the lot.
2. Used of Margin
When people do Forex Business. They must take profit in term and condition. because they provide the facilities. So one of the term condition, To manage the Software and system, To pay electricity bill and worker. Then,They must charge trader for service and take profit in terms that we agreed. You used their system and you must pay for it.
Eg.When you use Software, For the process take part because buy using the software they charges you eg.2 pips. If you agree, you can use it, If not don't use, Are they Cheating you? So that is the term
If you say Haram because it related to Riba,then you can't be a tourist or going to Mekah to do hajj? why because Bank always charges the interest when you make money changer, because your country money not valid at Mekah.So you used Rial for the changed. Then you need to changed back. How long you use is? not 1 day , then the money you used more then a day, may be few day, then is it different if you say Forex can do change for a day only to make it Halal. Then how about the money you keep more a day when you at Mekah?
aspects other than leverage and interest in fx trading
Salam to all,
besides leverage and interset received and/or charged by the broker, there are other dimensions and aspects to consider. E.g. short-selling, the very concept of speculation, banks and central banks being primary market drivers and participants, etc.
here is a short piece that may highlight some of the above aspects. (from: http://www.albalagh.net/qa/Forex_currency_trading.shtml)
Forex Currency Trading
By Mufti Muhammad Taqi Usmani
Posted: 11 Zul Qa'Dah 1424, 22 November 2007
--------------------------------------------------------------------------------
Q.) Is Forex Currency Trading halal? I have attached a document detailing the aspects of the business.
--------------------------------------------------------------------------------
A.) I went throught the papers sent by you. I am of the opinion that these transactions are not compliant with Shariah. The very condition that you cannot take delivery of the purchased currency makes it impermissible. Morever, there are other elements according to my knowledge that makes this trade unlawful in Shariah, such as, forward sales, short sales etc. This is in addition to the fact that the currencies are originally a medium of exchange and should only be exchanged for personal use in different countries. To make them a tradable commodity only for earning a profit is also against the basic philosophy of Islamic economics. I would therefore not advise you to indulge in this trade.
Forex....... Mystery...
http://www.islamonline.net/discussione/thread.jspa?threadID=22804&tstart=0
Assalamualaikum wrb. Please
Assalamualaikum wrb.
Please take a look at the following website. I have tried my best to answer you.. But out of concern, if there is still any concerns regarding the Forex and its market, then kindly list it out at the forum with your subject head, Attn: Bhai.
Thank you.
http://monzer.kahf.com/fatawa/2006/FATAWA_2006_MONEY_EXCHANGE_AND_SARF.pdf
Salam, I m conducting a
Salam,
I m conducting a research about traders including islamic traders regarding their trading behavior, choice of brokerage etc.
It is a very short survey of about 20 question. It will take less than 5 min of your prescious time. Your help would me much appreciated!
Here is the link (please copy paste it)
http://FreeOnlineSurveys.com/rendersurvey.asp?sid=ryviidwr2zffk9h654255
thanks in advance
john
need fatwah
Assalam o alykum
Please can you send me the fatwa of forex trading were it states if its halal or haram.
my email is mrizwan007uk@yahoo.com
Visit us
Hi,
We are offering Islamic Forex Accounts and Socially responsible investment opportunities.
Visit us at www.fxtrading.com
or contact me directly at mohsin@fxtrading.com
Need help contact me
Forex totally halal only with margin and leverage of 1:1
and broker with no swap or interest at all.
Any help with forex just add or email
forex-advisor@live.com
Forex totally Halal except if
Forex totally Halal except if there is swap on the broker.
do email/chat for any help at syaz268@hotmail.com
Forex Status in Islam. Does it haram?
Assalamualaikum,
I am Firdaus from Malaysia. I am very keen to know how the Forex status in Islam. Does is haram? Please let me know.
Proud To be Muslim!
Firdaus
arefier@hotmail.com
Require Fatwa about FX
Hi Sister/Brothers,
Can someone send me a fatwa from any Mutaqi person regarding FX is Halal or Haram so i after that i could start fx trading with various firm accross the world. My email id is as below:
aftab_ahmad99@hotmail.com
Forex Fatwa
Assalamu Alaikum Brothers,
I too need clarification about the fatwa's on forex trading. Please do send me details on this to riyasnizar@gmail.com.
Jazakallah,
Riyas
Forex
Salams,
I have done some investigation in to this. There are only two sound islamic forex providers I could find.
1. TADAWUL FX
2. ACM > but you will need to ask them to arrange an islamic account, based in dubai.
It takes care of all the issue(s) of leverage, riba etc.
WS
Adam
Halal Trading Platform
salaam
Let me get this right in basic terms, what do so called halal platforms such as AVAfx,TADAWUL and ACM offer that is different to a non halal platform.
Is it simply the interest charged on positions that have been left open after trading hours?
And what about the leverage, is it because essentially its a loan.
thanks for your time
Umar
Assalamualaikum.. Can anyone
Assalamualaikum..
Can anyone please email me the detail of fatwa research or the University Of Medina Article/Fatwa on currency exchange/trading about forex trading. i am doing forex trading and want to make sure it is within islamic limits.
My email address is: myemel4 (a) gmail.com
Salam
jek
Madine articles?
I would highly appreciate it if someone can send me these articles / madina fatwa and halal certificates to me, I am very keen but cannot find this anywhere
Jazakallah Kher
Rashad
About Forex
Aslam-u-Alykum, I need a solution of a problem. I wanna know about Forex trade ( or currency trade). I seen some forum on internet which say that Forex trading is haram.
As you know, according to my knowledge, business of share is allowed in Islam as it is based on profit and loss. So, the same thing is happening with forex trade which is based on profit and loss, and also its rates goes up and down depending on selling in international exchange market. So, we cannot compare it as some website say it a gambling trade and is called harm.
I will be very thankful if anybody answer me in right direction.
Salam, Can anybody email me
Salam,
Can anybody email me reserach on Islamic FX and the medina article please.
Jk
Ws
Azim
Plz send me article about forex trading is halal or haram
Asalam u Alikum
Dear Brothers,
i am practising DEMO from 2 years..now i am going to open a live acount to trade forex.
but i am confuse dat forex trading is halal or haram.
i asked from many peopls and molana,s about this matter..but nobody can give me satisfy answer..if anybody have any attentic article about forex trading is haram or halal plz send me on this ID
probability143@yahoo.com
i shall be very thankful to u people
Thx And regards
Dr Obaidullah article on Forex
Here is an article by Dr Obaidullah on Forex.
Is Forex Allowed in Islam???
Dear Brother & Sisters,
Aslam-o-alaikum,
This is a very old (and let me say a dead) topic now. Enough has already been said on it. Forex is allowed in Islam provided you do some safety measures. Fortunately, every forex broker is now offering Islamic Forex trading so this is no issue anymore.
Basically before jumping to conclusion; It's a matter of consideration that how well informed we are about forex?
For example, I have over 13 years of experience in forex. I think (rightly or wrongly) that I can answer all the questions in favour of Forex in Islam. However, I don't want to because I am not the authority.
Therefore, please check the URL for your expert analysis:
http://vlib.unitarklj1.edu.my/htm/islamforex.htm
With due respect, I have more points to say in favour of forex in Islam but anyway..
Allah Hafiz
Contact
Assalaumagalaikum Allah Hafiz!
Dear brother, as I see you trade on Forex. I do too. I would like to set contact with musis brother in Forx trading for mutual cooperation. Let's contact to share expertie and knowledge!
If you are interested please write to:
maxatkur@mail.ru or maxatkur83@yahoo.com
skype: magripa59
Best regards,
Maxat
Hi, I am new to FOREX
Hi,
I am new to FOREX trading. I am due to take a course in a few weeks and was wondering if you had any tips that could help me minimise any losses and be more successful.
I intend to trade FOREX to generate a second income and would appreciate as much information as possible for a total beginner.
I also appreciate you must have more important engagements but would really appreciate some advice.
By advice I mean general advice on FOREX trading not the halalness or haramness of it.
I look forward to hearing from you.
Islamic Forex trading institutions/Banks
Salaamu alaikum All!!
I have being looking at forex trading recently and have the same conclusion that FOREX should be Halal under certain circumstances. What those are? I am still researching.
IF ANYONE can direct me to an islamic trading facility for forex - i would be very much appreciated and my dua's are with you. A good article on the forex practises from a sharia point of view would be very good also.
-----
I do feel however that we need to approach this topic somewhat in the same way that we appraoch Halal meat. (what did I say????) Yes, absolutely. How far do we go to check? Do we need to know the mother of the cow we eat? Or the farmer and determine him for honesty? Expose the intestinal tract and examine it's contents to understand what the animal was eating? Was it vegetation only? The answer is NO. What we do have to invlove ourselves with is finding out FOR OURSELVES by speaking to those we trust in knowledge matters.
Allaah subhaana wa ta'ala is taking care of our risq. If he is in protection of it, i need not worry. Who better to protect it that the lord of the world's?
If we knew that the probability of loosing our money once invested was 50% - would we do it? NO! Of course not. This would be too much of an investment gamble.
Similarly, if it is a 50/50 chance of something being HARAM should we do it? NO! But how many of us GAMBLE our eeman away? But, we would NEVER gamble our money with such odds on an investment. Point in case.
If it is POSSIBLE that the current FOREX methods involves interest for example then by that token it is POSSIBLE that we are delcaring WAR on ALLAAH and his MESSENGER. Am i being unreasonable? Who is confident of there chances?
Let us MAKE SURE and be REWARDED with good insha ALlaah. AFter all, it's not what happens in this life that counts but the OUTCOME of the next.
Fatwa about Forex Trading
hi,
can you please email me the detail of fatwa research or the University Of Medina Article/Fatwa on currency exchange/trading about forex trading. i am doing forex trading and want to make sure it is within islamic limits.
My email address is: walid_kassar@hotmail.com
Best Regards,
Spam Mails
STOP posting you email address on public domain unless you like going through those spam mails.
FOREX TRADING
ASA
Can someone please email me the forex fatwa from university of madina to my email address, kash_crawley@hotmail.com
thanks
kash
clarification on the islamic stand on forex
Salam alayk. Pls i want to fully clarify whether forex trading is halal in islam or not. I once traded real with 150 dollars and lost all but 2 dollars. thanks.
Want to know more
Assalam Oalikum to All !!!))
I just find the new muslim friend around the World
I also interested in Islamic Finance and develop the Halal industry in Kazakhstan
Barak Allahu Fihkya
Build Networking
Assalamualaikum W.B.T,
My name is Shahrin from Malaysia. I would to build networking to halal industry around the world. Did you indentified the needs of your local people in Kazastan.
Because here, myself can provide or supply any halal products(malaysian halal food,etc). If you sound got demand, please do not hesitate to email me at shahrin_khairuddin@yahoo.com.my
Thank you. Wasaalamm.
I am from Kazakhstan too. My
I am from Kazakhstan too. My e-mail is maxatkur@mail.ru.
Maxat
UNIVERSITY OF MEDINA ARTICLE
If you have a copy of the FATWA from the university of Medina, Could you pease send it to me at mis019@gmail.com
Request for University of Medina submission of FOREX
Assalam alaekum,
Please forward the submission of the University of Medina on FOREX trading to me. I am planning to go live and I before I do that, I would like to know its implication from islamic view point.
Therefore, I would appreciate it if the submission of the University of Medina is forwarded to me. My email is:tolokesusi@yahoo.co.uk.
Thank you.
Ramadhan Kareem and id-moubarak
Ma'salama
A.B. Lawal
Lagos, Nigeria
I'm Postgraduate Student at
I'm Postgraduate Student at the Kulliyyah of Law International Islamic University, Malaysia. I need to read and digest the reply for my research purpose.
Ma Salaam.
Are you really trade ? Think again..........
Salam to all muslim friends,
Most ulama making statement with believe that 'traders' really 'trade' in forex currency market. To make matter worst forex is traded without exchange.
I wish to highlight to all muslim 'traders' out there about bucket shop. Bucket shop being around for almost 100 years. Most ulama does not aware about bucket shop. Bucket shop nowadays are called 'market maker'. Your position are not executed and never the leave the hard disk of your broker PC. Your position is not entering the forex market and what do we call that ?? That is not a trade; that is GAMBLING.
Forex is 'institutional'. To learn more about forex broker and structure go to this link
http://www.forexfactory.com/showthread.php?t=7484
The article is very long but try to read the thread thoroughly and you would know small amount of money never make it's way into forex market. So leverage and free swap is just another hoax.
Answer to Question regarding Leverage
First, pls take note that Rasulullah had reminded us when a trade occurs btwn 2 men, the buyer must pay in full to the seller without any hedging whatsoever. The buyer may buy it on credit terms, but not on hedging terms. This is to avoid unjust trading.Let me give u an example. You see, a man cant simply buy an item thats worth USD100 with only having to pay USD1 for it. It would be unjust to the seller. By that, can u see that u are leveraging your USD1 by 1:100?
Some ppl would say, leverage is just like a loan. Broker gives us an interest free loan to do trading. As tempting as it may sound, PLEASE TAKE NOTE THAT LEVERAGE IS NOT A LOAN. A BROKER SIMPLY LEVERAGE YOUR MONEY WITHOUT THEMSELVES HAVING ANY MONEY AT ALL TO BACK UP YOUR MONEY.
WHAT MAKES YOU THINK, WHEN YOU PUT USD10 INTO YOUR BROKER’S ACCOUNT, THEY WOULD LEND YOU ANOTHER USD9,990 INTEREST FREE SO THAT YOU COULD BUY THE USD10,000 CONTRACT? I KNOW THAT IS THE MINIMUM CONTRACT AVAILABLE FOR 0.1 LOT.
If a trade is unjust to any party involved in a trading, Islam will reject it bcoz Islam is all about justice. Having said that, in order to make a forex trading Halal, you must have a swap-free(overnight charge) condition and YOU MUST NOT USE LEVERAGE AT ALL to avoid the unjust trading.
Sometimes my brothers sisters, you do not need a scholar to clarify on everything. You do not have to have ask clarification on justice from Scholars of University of Medina. We could judge by ourselves wether its wrong or not.
WE CAN ONLY USE 1:1 LEVERAGE TRADING CONDITION. AND TAKE NOTE THAT LEVERAGE IS NOT A LOAN. The broker would simply leverage your money without them having any money at all to back it up. THIS IS NOT PERMISSIBLE IN ISLAM. When you have this 2 trading conditions, your account will be halal and any money you profit from it will be halal InshaAllah.
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