FOREX TRADING
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is forex trading allowed in islam ?
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erm, i am asking about forex trading? foreign currency trading in the foreign exchange market..with reference to leverage ?
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The Forex market is a non-stop cash market where currencies of nations are traded, typically via brokers. Foreign currencies are constantly and simultaneously bought and sold across local and global markets and traders' investments increase or decrease in value based upon currency movements. Foreign exchange market conditions can change at any time in response to real-time events.
It is a trade and Trad is allowed.
peace -
afridi, is trading cocaine/prostitutes/pornography/etc. allowed?
If yes, then yes you can trade currencies, according to your logic.
Trading things like pork and other haram things is haram. But currencies?
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afridi, is trading cocaine/prostitutes/pornography/etc. allowed?
If yes, then yes you can trade currencies, according to your logic.
Wow Wakas do you think cocaine/prostitutes/pornography and currencies trading is similar.
confusedBuying and selling currencies gold crude oil etc that is all trading its means buying and selling property and garments cars etc are all Haram, how about vigi cucumber redish fish etc.Can you please expalain why trading currencies is Haram. &
peace
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Wow Wakas do you think cocaine/prostitutes/pornography and currencies trading is similar.
confusedBuying and saling currencies gold crude oil etc that is all trading its means buying and saling property and garments cars etc are all Haram, how about vigi cucumber redish fish etc.Can you please expalain why trading currencies is Haram. &
peace
I think he said that because you said...
It is a trade and Trad is allowed.
When actually not ALL trade is allowed eg prostitution, drugs etc
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When actually not ALL trade is allowed eg prostitution, drugs etc
??? Currencies?!?!?!?! Why should that be forbidden?
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??? Currencies?!?!?!?! Why should that be forbidden?
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 )
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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 )
