of riba. You may see the text of this statement in the answer to question. Our advice to you is that you should fear Allah, may He be exalted, and refrain from this prohibited means of earning a living.
In the end, Allah (SWT) knows best. The so-called Islamic Forex is not free of the things that are mentioned in that statement of reasons for the prohibition, or most of them. 3-, there is no hand-to-hand exchange with regard to that in which hand-to-hand exchange is stipulated, such as currencies and gold and silver. Hence, any currency trade transaction that involves ANY type of usury, is not allowed in Islam. This is a kind of haraam riba. A resolution of the Islamic Fiqh Council in Jeddah.
With regard to the fees for delaying the deal and trading in margins, a statement has been issued by the Islamic Fiqh Council concerning this, which says the following: Praise be to Allaah alone and blessings and peace be upon the one after whom there. The trade/exchange needs to be hand-to-hand: immediate and without delay. With regard to hand to hand exchange, this has been discussed in the answer to question. May Allaah send blessings and peace upon our Prophet Muhammad and all his family and companions. Dollars for rupees as long as you make sure that the exchange is made in the same meeting as when the contract is signed. If I give some of that money in charity, will that make it halaal? All I do there is just one type of business by which I make money, which is buying gold when it is cheap and selling it when it is expensive, and I make money as a result of the difference in price. 1 dollar for 1 dollar).
However, this permissibility is only valid under the fulfillment of a few conditions, which are as follows:. To proceed: The Islamic Fiqh Council of the Muslim World League, in its eighteenth session that was held in Makkah al-Mukarramah from 10 to 14/3/1427 AH (8 to CE has usd forex trend examined the issue of trading in margins, which means that the customer pays a small. It is permissible to deal in currencies if the deal is done hand to hand and the transaction is free of conditions that stipulate riba, such as the stipulation of fees for delaying the deal, which is interest that is charged to the investor. (63 in its sixth session, stated that options are not permissible according to shareeah, because the object of dealing in these contracts is not money or services or a financial obligation which it is permissible to exchange. Dollar for dollar the exchange needs to be of equal amounts (e.g. You should understand that that which is with Allah cannot be attained except by obeying Him, and that that which is haraam cancels out barakah (blessing) and leads to bad consequences. If the types are different then sell however you like, so long as it is hand to hand. The Council said: Buying and selling currencies is usually done without the hand-to-hand exchange prescribed in shareeah which makes it permissible to dispose of them (after buying them).