Wed, 2006/02/22 - 09:36 by insighty

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

Investment

Comments

Ahmad Alkhmous (not verified)

Sun, 2007/03/04 - 13:32

Who ever said Forex trading is halal.. you gotta prove it ..(Brother Forex Trader don't make a wrong fatwa for personal benifits).. currency exchange is legal in islam .. but margin trading is forbidden. so as u can find out from the link down below which is taken from islamonline.net that Forex Trading is forbidden since it includes marging (i.e you put $1000 and the company lends you 99000 that is in case of 1:100 leverage).. i'm not a mofti but this is what they say here:

Islam Online Fatwa on Forex.

Please if somebody can bring us more information on this subject that will be highly appreciated .. this is a serous issue.

Thanks,
Ahmad Alkhmous

Ahmad Firdaus (not verified)

Sun, 2007/05/06 - 06:33

Salam, I'm interested to invest in Forex as well. Anybody here already has a copy of the University of Medina mentioned above?

Thanks! Wassalam. regards, Ahmad Firdaus

Abdulwasiu Yusuf (not verified)

Tue, 2007/05/15 - 03:59

SALAM,
Could you please provide me the article from the university of medina into my e-mail box.May God Bless you as you do.
Wa salam

Visitor (not verified)

Sun, 2008/02/17 - 13:58

Assalamu alaikkum,

Dear Brothers in Isalam,

If you have a copy of the FATWA from the university of Medina, Could you pease send it to me to dmougam@yahoo.fr. Since some times I have been learning with a demo account and wish to open interest free account with a broker. I thought that the problem is only interest. I want to be certain about it.

thanks.

Djahafar

Kreal

Sat, 2006/04/15 - 15:10

As Salamu 'Alaikum

Dear Ghassan and others,

Forex is a halal investment that involves zero riba. Forex is a spot currency market that makes it halal. There are multiple types of currency exchanges the scholars have agreed that Forex is no different from the traveler changing money on the spot when he enters a foreign land. Therefore Forex is halal. Forex prices are based off of speculation of investors, banks and governments. I can provide any of you with a full text from the Islamic University of Medina, Saudi Arabia that has a section on currency exchange. If any of you are interested in establishing any accounts please send me a private message.

I suggest clients come in with sizeable margin (principle). Forex moves extremely fast the larger capital you have as margin allows you to sustain the market volatility. Minimum for establishing new accounts with me is $50,000.00 USD. I recently also became aware that those in India cannot invest more than $25,000.00USD a year. However RBI will allow you to open a Forex account in America that has no limit on it.

Other Services:

*Insurance
*Mortgages
*Annuities
*Off Shore
*Business Consulting

Former Clients:
Warner Bros. Records, Inc.
Interscope Records, Inc.
Q-York Entertainment, Inc.
Priority Records, Inc.
IllProduct Productions, LLC

Sincerely,
Khalil Abdullah

Abu Khadijah Da... (not verified)

Thu, 2006/08/24 - 21:04

Dear Brother:

With regards to the discussion - please could you provide me with the following:

1. The detailed text from the Islamic University of Madinah regarding FOREX, and its injunctions for being Halal.

2. Other evidences, text proofs preferably from Ulama / scholars mentioning the Halal status of FOREX trading.

May Allah Ta'ala reward us all.

Salams.

Abu Khadijah Damansari

Anonymous (not verified)

Sun, 2007/01/14 - 16:36

Salam Alaykom

What would be the islamic ruling on trading with margin, some forex trading companies allow you to trade with 3000 USD and i know that the money made is not with my own money, but with money that the company lends to me (e.g. 3000 USD in a 100K account). I know that this is called margin. Are we allowed to trade with margin?

Thanks
Souhail

Nader (not verified)

Tue, 2007/02/06 - 15:43

S.A. Brother Khalil Abdullah,
Can you please provide me with these FATAWA or articles from madina about forex, specially about margin issue.

JAK.
Nader ELGendy

Jimoh S. A. (not verified)

Thu, 2007/05/31 - 13:03

Pls, for d sake of Allah, supply me necesary information on whether forex is halaal or haram.

fitrik

Fri, 2007/02/23 - 07:13

Salam, Dear Mr Khalil Abdullah,

I am interested to get full text from the Islamic University of Medina, Saudi Arabia regarding on currency exchange. I hope you can email to me at mfitri79@yahoo.com

Your cooperation is highly appreciated.

Thank

Regards

Mohamad Fitri bin Khamis

Zaim Mohammed (not verified)

Sun, 2007/03/11 - 16:39

I would be obliged if you would provide me information University of Medina that clarifies the position concerning Forex Trading.

Thank you

forexbui

Wed, 2007/03/14 - 11:38

Ibn Jaafar
Malaysia

Assalamualaikum...dear Bro Khalil,

Salam......I have some essential request for you in order for me to become a success muslim forex trader. Please find below:

1. Text of forex from University of Medina.

2. Tips of forex strategy of trading.

Sorry for my bad English grammar.

Jazzakallah.

Ahmed123 (not verified)

Wed, 2007/05/09 - 07:03

Guys do we have a conclusion?... is anybody any wiser? I need help advice. Has brother Khalil Abdullah provided anybody any evidence? Wasalaam

Lateef Ambali (not verified)

Thu, 2007/06/28 - 12:48

Sallam alaekum,
Please I want you to send to me a full text from the Islamic University of Medina, Saudi Arabia that has a section on currency exchange.
Thanks.

Tanveer Quraishi (not verified)

Mon, 2007/07/02 - 09:53

As Salamu 'Alaikum

Dear Brother,
Please forward me the University Of Medina Article/Fatwa on currency exchange/trading.
It will be a great help.

Allah Hafiz,
Tanveer

Visitor (not verified)

Tue, 2007/07/17 - 13:58

SALAM,
Could you please provide me the article from the university of medina into my e-mail box.May God Bless you as you do. my email : vanrach@hotmail.com
Wa salam

Sincerely,
Ajouaou.R
Bruxelle ( belgium)

Naseem (not verified)

Thu, 2007/07/26 - 05:38

Slm Wlkm

can you please send me the article from medina

jazakallah

Visitor (not verified)

Tue, 2007/09/11 - 13:33

please send me the madina university article, adil_jauhar@hotmail.com

Visitor (not verified)

Sat, 2007/09/15 - 10:41

Assalamualikum.
Brother khalil i am from uk name moynul islam. I am studing forex on online and i am learnig on demo accounts such as acm.com. I am a imam of a mosque but i know whats about forex in islamic point of view. I raelly want to see a fatwa from madina imams which you have. It will be good if you can give me some knowledge on forex and hints. my email address is ibnrafique2005@yahoo.co.uk

Ms salam
Moynul islam

Visitor (not verified)

Mon, 2007/11/19 - 16:53

Dear Brother Assalam-O-Alikum,
Please can you send me the copy or link of the Fatwa from Madinah University so that I can also start trading in Forex.
Jazakallah
Tahir Khan, Canada

kamran ahmed (not verified)

Thu, 2007/11/22 - 05:54

As Salamu 'Alaikum
i m interseted in forex account but i must see the fatwa of madina university or the readings could u please send it to my e mail addss thanks

syazmeen (not verified)

Wed, 2007/11/28 - 22:46

assalamualaikum brothers,

may i have some more information on the satus of FOREX trading...im new and interested.

is there any supporting fatwa or research from any reknown scholar or islamic institution on this matter.

and for u as an islamic brocker...please explain more on this.

thank u.

wassalam.

shah
malaysia

amin (not verified)

Tue, 2008/01/15 - 18:49

can u sent me a copy of that article from univ. of medina about forex and also i would like to know further about service u offered can u please give me ur email?

thanks,

Visitor (not verified)

Wed, 2008/02/13 - 17:12

please provide me the article from saudi arabai as you said.

thank you

Visitor (not verified)

Tue, 2008/03/25 - 13:24

forex trading please provide me the article from saudi Aribia as you said .from
yusuf in .uk

RAHIL AHMED (not verified)

Mon, 2008/03/17 - 18:02

ASSALAM-WA-ALAIKUM

THIS IS RAHIL AHMED.I have a vague idea of this forex trading?
I am really intereste in investing in it but within the boundaries of shariah.
I would like to know the ARTICLE SENT TO OTHER BROTHERS ABT THE FOREX TRADING BY ISALMIC UNIVERSITY OF MADINA.PLZ FORWARD THAT ARTICLE TO rahilahmed@Islam-Online.net

I would like to ask you one more thing.Have u heard abt MAXIM CAPITALS a company running from past 25 yrs in the field of forex trading.They are offering 1 percent profit ya one percent profit DAILY on our investment.That means monthly 22percent as forex trading is closed on sat and sunday.u can visit the site www.maximcapitals.com.

plz sent me ur reviews and let the other muslim brothers know abt this............

AWAITING FOR A POSITIVE RESPONSE.

Muslim Investor

Mon, 2008/03/17 - 18:30

Maxim Capital does not even have a proper web site.

No one can make 22% per month, and be legal.

Stay away from them and other scams like it.
--
Muslim-Investor.com Site Admin

Yousuf muhammed (not verified)

Tue, 2008/04/22 - 10:28

From the company side there is no any cheating and it is working nicely but I have know this Forex traing is Halal or Haram.. pls send me reply.. Jazakallahu Khairan...

Yousuf Muhammed

Rahil (not verified)

Sat, 2008/03/22 - 11:15

AS U HAVE MENTIONED IN THE BLOG TO MAIL U PRIVATELY COULD U PLZ FORWARD UR EMAIL ADDRESS SO THAT I CAN MAIL U REGARDING MY INTEREST IN FOREX TRADING.

Fauzan Abbas (not verified)

Tue, 2008/05/27 - 00:44

Assalammualaikum Khalil,

Kindly send me the document to fauzan_abbas@yahoo.com. In other sense there is another trades that they called as FORWARD instead of SPOT. Can you explain further on that also. Thank you

Fauzan Abbas

KHALIQ UZ ZAMAN... (not verified)

Mon, 2008/09/01 - 14:52

Dear Sir, Assalaam alaikum wa Rahemat Allahu wa Barkatahu

I am interested in investing in forex trading. But I am

coufused wether it is Haraam or Halaal.

Therefore I request you kindly send me a copy of text from

the Islamic Universit of Madina, Saudi Arabia. I will be

very much pleased if you do this honour to me.

Thank and best regards...Allah Hafiz

Mohammad (not verified)

Tue, 2008/12/16 - 11:21

hi

i really need the article on forex from islamic university of madina.

i m interested in forex trading online.it doesnt involve any interest or comission.

i really want to see that fatwa from madina.if u could kindly send it of to me.because i dotn want to do anything that is haram.if its halal please send me the details.i will be gratefull to you for that.

Mohammad

Miraan (not verified)

Thu, 2009/03/26 - 07:31

Assalamu alaikum,
Please can you provide me with the full text from the Medina University on Forex. My email address is miraan100@yahoo.co.uk.
Jizakh'allah khair,
Miraan

Aurélien (not verified)

Wed, 2010/03/10 - 19:50

Salam' Aleykoum,
I wanna thank you for your explanation and I would like to know so, if being a Home trader with an Islamic account can trade and so consider the benefits extracted Halal what are the conditions require,
Thanks in advance for answering,
Bye,

Visitor (not verified)

Tue, 2007/08/07 - 13:29

SALAM,
Could you please provide me the article from the university of medina into my e-mail box.May God Bless you as you do very soon. my email : saeedade@yahoo.com
Wa salam

Sincerely,
Saeed Adekunle,
Nigeria.

moshood adebayo (not verified)

Wed, 2007/08/08 - 11:19

Assalamu alaykum, please i also want that article on forex by islamic university of medina.

Abudulhakeem Onatade (not verified)

Tue, 2007/08/14 - 09:36

Dear Brothers in Islam,

Please kindly send to me a soft copy of the Article by University of Medina on Forex Trading VIA THE ABOVE E-MAIL ADDRESS.May Almighty Allah reward you abundantly with Fridaus.

Ma-Salam
Abdulhakeem Onatade

adegokeh abdur-... (not verified)

Tue, 2007/08/14 - 13:35

dear brother in islam,
assalam alaykum. please i want to know weather it is permissible in islam or not to trade in forex online. this is the only way people are making money this days. we as muslim want to know the islamic point of view on this issue.

Thanks

ja zaakum llahu khaeran

Adegokeh Abdur-rasheed

adegokeh abdur-... (not verified)

Tue, 2007/08/14 - 13:39

dear brother in islam,
assalam alaykum. please i want to know weather it is permissible in islam or not to trade in forex online. this is the only way people are making money this days. we as muslim want to know the islamic point of view on this issue.

Thanks

ja zaakum llahu khaeran

Adegokeh Abdur-rasheed

Visitor (not verified)

Sat, 2008/07/05 - 20:29

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.

ibrahim popoola (not verified)

Fri, 2007/08/17 - 07:25

SALAM,
Could you please provide me the article from the university of medina into my e-mail box.May God Bless you as you do. my email :blog4dollar@yahoo.com
Wa salam.

Sincerely,
ibrahim

Visitor (not verified)

Sat, 2007/09/08 - 16:51

assalamu alykum,
please i'd appreciate it if a copy of the sought after medina article could be forwarded to my inbox or the ISLAMIC RULING ON ONLINE FOREX TRADING.....jazakallahu khairan

Ahmad (not verified)

Fri, 2007/09/14 - 13:13

assalamu alykum,
please i'd appreciate it if a copy of the sought after medina article could be forwarded to my inbox or the ISLAMIC RULING ON ONLINE FOREX TRADING.....jazakallahu khairan

Fadi (not verified)

Sat, 2007/09/15 - 04:54

Some forex brokers offers special Islamic accounts. spot forex is ok, the problem comes when the position is rolled over and interest is taken / given. islamic accounts have no such interest and therefore it is ok.

I'm trading forex for quite some time and the best broker I've used is www.avafx.com, and I was also surprised and please to know that during ramadan they donate 10% of thier profits to islamic purposes.

I hope this help.

azlan (not verified)

Wed, 2007/09/19 - 00:55

assalam..........
could u please send me the article from the university of madina to my email . Lan4_ali@yahoo.com.my

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