Forex trading and islam

forex trading and islam

trades based on technical analysis is essentially tantamount to betting on the bets of others. Arguably, this in itself is just a camouflaged interest component, and if this view is taken, it makes Forex trading problematic according to Islamic law. Alas, these are the common rulings on the matter of forex trading and we can only do our best to live our life in accordance with the Islamic teachings. If the types are different then sell however you like, so long as it is hand to hand. Lets examine the issues one by one after looking at the saying on the subject by the Prophet Mohammed (peace be upon him Gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, salt for salt, like for like, same. Islamic forex trading accounts are more commonly known as swap free trading accounts in the forex market. While some agree that forex trading adhering to Islamic principles can be considered as Halal, some forbid it entirely. These allow you to trade any pair of currency, carry trading overnight, without procuring any withdrawal or reward. Based on Sharia law, this type of payment is forbidden, and therefore Islamic Forex accounts are free of rollover fees. However, there may be some that arent comfortable using these workarounds, and this is a completely valid approach as well. . Conclusion, it should be stressed that though weve researched the issue of Islamic Forex and its validity within Islamic law at length, we are in no way attempting to provide religious guidance for readers of this article or their acquaintances. . Choosing a Forex broker is something every new trader has to do at one point or another.

Forex, trading and, islam

forex trading and islam

There also seems to be a general agreement among a majority of scholars that on the view currency exchange on a forward basis is not permissible, that is when the right and cours des crypto monnaies en baissent obligations of both parties relate to a future date. Forex Trading - Halal or Haram Fatwa. In life we are confronted with many choices, the outcome of which is unclear, and we strive to use intelligence and skill in choosing the available option that will produce the superior outcome. It is a globally decentralized market where businesses, investors, banks, governments and traders come to exchange currencies. What do I mean when I say Islamic Forex broker? However, we then must go on to say that gambling is strictly forbidden by Islamic law, even as a form of recreation or entertainment when undertaken with small monies which the gambler might be said to be able to afford to lose. The trade/exchange needs to be hand-to-hand: immediate and without delay. A stronger argument could be made that a Muslim has no business speculating on the currency markets unless he or she has a firm basis upon which to anticipate success. A solid and respectable Forex broker will have concrete answers and will make you feel at ease, not uncomfortable).

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