How could the US Congress reduce the size of the US Supreme Court? Islam Stack Exchange is a question and answer site for Muslims, experts in Islam, and those interested in learning more about Islam. If I do need to prove this first, please let me know as it won't take long. Halal Forex Trading, otherwise known as Islamic Forex Trading, is a formidable sector of the market aimed at members of the Islamic faith.If you have only just heard if this style of trading, and you need a little more information, this beginners guide is just for you. I was a Forex trader for some time, and after long rounds of research I became very convinced that it’s Haram and I stopped it. Answer. However, there is another Islamic law that usury or any contract or business dealing that involves charging interest is strictly forbidden (Riba) and Forex trading has no interest calculations to be added or subtracted so this law does not affect the decisions made by Muslims. Is Binary Option from an Islamic account (No riba and swap-free) halal or haram? Yes. Highest apogee of a Soviet/Russian crewed spacecraft? Dealing in currencies is permissible so long as the exchange takes place in the same sitting as the contract is made. Is forex trading regulated business? Raad News – Forex Club News. Now, you predict the market and think that euro may rise against dollar or vice versa, which may or may not happen. However, the exchange that happens between the dealer and the broker would be hand to hand and that is allowed. The guidelines are still being used as the laws are important and Muslims are always encouraged to abide by them. So in the case of futures, as long as it's for the good of others it's ok. As you know already interest is haraam, I probably don't need to provide any hadith or quranic verse to prove that. By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Service. It's basically an online trading platform. On the other hand, contemporary scholars consider the record of money transferred to or from a bank account as delivery. In the forex industry, there are no loans or market manipulation. However, it is clear that Muslims are not paying much attention to the critics, as they know that each trader will be guided by the laws that they hold dear and that is the most important thing to consider, in the middle of this very complicated issue. Halal or Haram for Forex Trading – Is forex trading legal in Islam. There are some Muslims who believe it is best for them to follow the words of the Prophet Mohammed : If the types are different for then sell however you like, so long as it is hand to hand. Stack Exchange network consists of 176 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers.

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