- What is an Islamic Forex account?
- Halal Day Trading and Islamic Accounts in Germany
- What is Halal Forex Trading?
- Forex trading halal or haram? What is Forex law in Islam?
- Forex Trading - Halal or Haram Fatwa
- What does Islam say about online forex trading?.
- Is Forex Trading Halal or Haram? Is Forex haram or halal in Islam?.
- Is Forex Trading allowed in Islam?.
- Related Questions!
- The principles of Halal Forex Trading.
- What is an Islamic Forex account? How to trade according to Islamic finance;
- Halal Day Trading - Guide to Islamic Trading on the Financial Markets;
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What is an Islamic Forex account?
I've read a lot of articles, hubs, discussions about online forex trading being halal or not. Problem 1 is easy to solve and I can answer that, just sell all your shares before closing and buy again at the opening, or program your computer that way.
Problem 2 is complicated, since physical possession is often impossible. If that's the deal then all the Muslims working on software which is to say on the computer are not earning halal income, because they can't have physical possession except of their computer. If you can get me wrong and we do need to have physical possession in the end, then I have another thing: For example, if Facebook is selling it's shares and it is a software communication based or whatever company which only exists virtually, how can we have the possession of it physically?
Problem 3 is more complicated. A company is providing me a platform to trade so they deserve to charge me.
Halal Day Trading and Islamic Accounts in Germany
It's just like charging a shop rent. I just want to know if online forex trading is halal or not. And I would be more than happy if someone can prove my points wrong. It is so tough to say buying and selling currencies is Haram! According to the Islamic doctrine, the prophet Mohamed had an enclosed system for the exchange of certain types of commodities that will involve two parties in mind and called it a just aspect of commerce.
In the early days, forex trading was conducted without any form of computer or telephones and this made the aspect of trading face to face and hand to hand easy without any form of questions.
What is Halal Forex Trading?
As at then one can firmly conclude that it was natural for forex transactions to be made between two different parties. In today modern days, forex trading transactions are made between the forex broker and the forex trader which stands in line with the Islamic laws that states that it must involve two parties. Another forex trading stipulation is that all forex trades must take place at the same pace which means that all forex trades must be carried out immediately.
This fact also seem to be a great bone of contention because when a forex trade is made with a forex broker, the trade takes place instantaneously however, non-forex market trades like stop and limit others are seen to be HARAM. This aspect is a great challenge in answering the question if forex trading is halal orharam.
Forex trading halal or haram? What is Forex law in Islam?
Commonly, forex traders do not actually take in possession or delivery of the currency they sell or purchase. They are merely guessing that the value of one currency will go higher while the value of another currency will decrease.
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The permissibility of hand to hand exchange, defined by the decree of Islamic law Fatwa and more specifically by the Prophet Muhammad , is also met in the exchange done between the broker and the trader. The large liquidity of the FX market is not lost on anybody, in such a widely liquidated atmosphere, exchanges are done within seconds, if there is a buy order, there will definitely be a sell order for it, and positions are filled almost instantaneously.
Forex Trading - Halal or Haram Fatwa
Islam forbids gambling because it is based on no solid foundations and the parties are betting against one another leaving the results on pure chance. But it would be quite a stretch to put the science of forex trading in the same category as gambling based on a few notions here and there.
If the Islamic traders are to abandon one analysis, for example, Technical analysis, over another, i. A definite speculation is clearly based on not one but a mixture of both analyses.