FOREX TRADING
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I never said currency is in that category of forbidden trade. Just clearing up that just because something is trade it doesn't mean that it is halal. There is both halal and haram. I do not know the answer for currency as I do not know much about forex trading )
Dr.Wiki might help http//en.wikipedia.org/wiki/Forex_trading
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I never said currency is in that category of forbidden trade. Just clearing up that just because something is trade it doesn't mean that it is halal. There is both halal and haram. I do not know the answer for currency as I do not know much about forex trading )
General consensus is that foreign exchange markets trading is permissible under Islamic law where the trading is of one currency for another. However, there is some debate whether forward trading on foreign exchange markets is prohibited under the Riba prohibition rules of Islamic law. Some of the differences in opinions are because of the varying interpretation of Fiqh by the various schools of thoughts
forex trading works very similar to stock trading. Foreign exchange trading involves investing your funds in a certain currency and selling later when prices are favorable. For example, a few months ago, the exchange of the US dollar to British Pound was very close to 1 US dollar to 1 British Pound. However, lately, one British Pound is approximately equivalent to 2 US dollars. If you would have bought British Pounds at that time, you would have almost doubled your money by now.
To instigate a foreign exchange transaction, you need to simultaneous purchase one currency at the same time as selling another. Every foreign exchange transaction involves a long and short currency. The ?long? currency will be the currency you purchase, while the ?short? currency is the currency you sell
There are no commission fees with foreign exchange trading as dealers make a profit on the ?spread? ? the difference between the rate they buy the currency at and the rate they sell this to you.
Trades are instant
The market is open 24-hours a day
The market is too big for one player to influence the price
There is no fixed trade size
There are no middle-men
Internet access makes it a cheap and economical means of investing
peace peace
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peace afridi, all,
nsws1988 kindly clarified in reply 9.
It is very simple is fiat currency allowed as per Quran? If yes, then yes you can trade it. If the answer is no, then trading it is highly unlikely to be acceptable.
Peace Wakas
Any aya from Quran which says it is allowed are not allowed??peace
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I'd say it should be fine, because it's trade.
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so all trade is fine?
Perhaps when you sell pork, then not. Although I cant find evidence for that in the Quran.
It only says "prohibited for an eater".Slave trade, prostitution and the like is of course forbidden.
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Perhaps when you sell pork, then not. Although I cant find evidence for that in the Quran.
It only says "prohibited for an eater".Slave trade, prostitution and the like is of course forbidden.
So just because something is trade it doesn't make it ok
It is what you are selling that is either halal or haram ) -
So just because something is trade it doesn't make it ok
It is what you are selling that is either halal or haram )says who? do you have Quranic evidence?
Why could I not sell pork (for example)? Who says so? God says it is forbidden for us to eat.Let me know if you have any Quranic evidence.
Peace
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says who? do you have Quranic evidence?
Why could I not sell pork (for example)? Who says so? God says it is forbidden for us to eat.Let me know if you have any Quranic evidence.
Peace
I wasn't talking about pork dear calm down )
I'm just saying not all trade is ok. some is good some is bad. We must use the Quran to know which is good and which is bad. -
So, is selling pork forbidden for muslims?
peace
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I wasn't talking about pork dear calm down
I'm just saying not all trade is ok. some is good some is bad. We must use the Quran to know which is good and which is bad.Peace,
didnt intend my post to be that "aggressive" laugh
What I wanted to point out though, is that we cant just say a thing is prohibited without looking at the Quran FIRST.
Shias say that any other sea food other than white fish is prohibited. Once they look into the Quran, they are baffled because the dietary prohibiton list is far, far, far... smaller than theirs.So, do you have Quranic evidence that selling pork, alcohol, etc. is prohibited.
6145 Say, "I do not find in the revelations given to me any food that is prohibited for any eater except (1) carrion, (2) running blood, (3) the meat of pigs, for it is contaminated, and (4) the meat of animals blasphemously dedicated to other than GOD." If one is forced (to eat these), without being deliberate or malicious, then your Lord is Forgiver, Most Merciful.
Does it say that we cant sell it?
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didnt intend my post to be that "aggressive" laugh
handshake
So, do you have Quranic evidence that selling pork, alcohol, etc. is prohibited.
Nope. But we don't have Quranic evidence that selling drugs, pornography.etc is prohibited either, which is why I do not know
)
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Peace Wakas
Any aya from Quran which says it is allowed are not allowed??peace
Society should determine what is harmful and what is not. Anything thats is deemed harmful for society and dangerous should be banned. Prostitution if done by women willingly is perhaps less dangerous than trading drugs. Many societies have experience in this and laws should be based on experience and the common good. This is for experts to decide and not common folks. Some societies allowed prostitution and drugs but they regulate them.
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Society should determine what is harmful and what is not. Anything thats is deemed harmful for society and dangerous should be banned. Prostitution if done by women willingly is perhaps less dangerous than trading drugs. Many societies have experience in this and laws should be based on experience and the common good. This is for experts to decide and not common folks. Some societies allowed prostitution and drugs but they regulate them.
bravo bravo
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Salaam,
forex trading, it is interesting to see most people wish to endorse this as Islamic trade, the best and simpliest way to understand Riba, or usury, as it is called in English, and so grasp what trade means, is in relation to what ownership is, you need to understand both these concepts to understand trade.
Do you understand ownership? If you would like to know what ownership is read the information on this link
http//servantofthelight.com/content/view/68/98/
When this is understood the definition of usury is simple, 'the premeditated theft of the fruits of someone else's labour.'.
So in a forex trade you extract the fruits of someone else's labour, for your own benefit, with premeditation, without any labour yourself, consider this further with the understanding of ownership.
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Do you understand ownership? If you would like to know what ownership is read the information on this link
http//servantofthelight.com/content/view/68/98/
Thank you Abdun Nur. Very nice article bravo
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so all trade is fine?
"He sends down from the sky, rain, and valleys flow according to their capacity, and the torrent carries a rising foam. And from that which they heat in the fire, desiring adornments and utensils, is a foam like it. Thus Allah presents truth and falsehood. As for the foam, it vanishes, cast off; but as for that which benefits the people, it remains on the earth. Thus does Allah present examples. " 1317
Salam,
As we all know The Quran is fully detaild but we have only a book of a couple of hundred pages, so how can we find everything in there? The answer is by the given examples. God is giving us examples in the book to make us think avd reflect about the bad and the good deeds, such as the example above.Trade is ok but our Godmade logic would raise its protests against statements like "all trade is ok". I dont think that we need to find any lists for things we can trade and things we can not trade in The Quran, that is not logical. What we do find in The Quran are examples that we can apply on our everyday life.
The problem with Forex trading as I can understand, is that it has the quality of the foam given in Gods example. Forex trading is a biproduct of a corrupt system and it has no benefits for the society in general. Haram is not the right word for it but its is surely useless in Gods system, just like foam.
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Salaam Ala,
you are right these forms of contrived trade, are a result of the usury monetary system we suffer in the modern world, people confuse both themselves and those around them about the concept of Riba, but within the lexicons it is a word meaning usury, and this concept is easy to present, usury is the theft of the fruits of another persons labour.
This concept is linked to ownership, as you can ONLY own what you, yourself create, this means the earth and all the resources of the earth are owned by Allah, we ONLY have a right of use, personal or communal, we came with nothing and we leave with nothing.
So if you hoard the resources of Allah through the fraud of ownership you prevent the use of those resources by everyone who has a right to use them. Further if you take the fruits of the labour from others for the resources Allah provides that is not trade but Riba or usury.
I have explained the models of Islamic economics and law on my website servant of the light
