Is Forex Trading Allowed in Islam?

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Answer Praise be to Allaah. The ruling on a thing is based on the way it is understood, so it is not possible forex law in islamic dubai state whether this purchase is permissible or forbidden without studying the contract and its clauses. There are two common forms of buying and selling by installments Like now a days, its very common that people invest in Euro to earn profits. Forex law in islamic dubai broker keeps on calling me to invest USD in Euro.

Is trade in currency halal? Dealing in currencies is permissible so long as the exchange takes place in the same sitting as the Is it permissible for me to work in a commercial bank until it becomes an Islamic bank?

Regarding riba as permissible Question What is the ruling on regarding riba as permissible? Thank you very much. Forex law in islamic dubai regards it as permissible is a kaafir, because the basic principle is that whoever rejects something on which there is obvious scholarly consensus is guilty of Forex law in islamic dubai types of haraam transactions Question What are the types of haraam transactions? Please quote the evidence for that.

There are many types of haraam transactions, and it is not possible to list them all in this brief answer. Shaykh al-Islam Ibn Taymiyah may Allah have mercy on him mentioned a useful principle concerning this matter, which will help one to understa Definition of riba and ruling on work that helps with riba Question What is the definition of riba?

If we take into account the fact that in most countries the economy is based on the principle of the circulation of capital, which includes lending, is accepting payment in that particular currency for any work regarded as an action that supports the riba-based system? Is using the currency of a st Ruling on dealing with mortgages in a non-Muslim country Question We live in a western society and we live in rented accommodation so as to avoid riba.

All houses are offered for sale only. Some of them told me that in this situation it is permissible for me to buy a house by means of a mortgage a By continuing to browse this site you are accepting to our use of cookies forex law in islamic dubai that information provided is not warranted. Use of Credit Cards Naveed 3rd June Ruling on buying and selling shares Naveed 3rd June Leasing a Car Naveed 3rd June Permissible to work in a riba-based bank which is converting into an Islamic bank?

Naveed 3rd June Regarding Riba as Permissible? Naveed 13th February Definition of riba and ruling on work that helps with riba Naveed 8th February Ruling on dealing with mortgages in a non-Muslim country Naveed 8th February Sukuk Issuance in Africa: A Prospect for Further Growth 17th February Islamic Development Bank 15th March Sharjah 8th March First Abu Dhabi Bank 6th March Republic of Indonesia Green Sukuk forex law in islamic dubai February Republic of Indonesia 24th February Albaraka Turk Perpetual 22nd February Al Rayan Bank 16th February

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Thanks for the answer. All praises be to Allah, peace and blessings of Allah may be upon Prophet Muhammad, his family, and his devoted companions. The conditions serve to maintain the economic stability of the community, and to protect the currency which function as a standard measurement for other goods from the violation of the greedy.

If the traded currency is similar, for example: Thus in the previous example, if the amount of IDR If the exchanged currency comes from different type, for example USD exchanged into IDR, the transaction requires the fulfillment of the first requirement mentioned above, which the cash and square payment without any debt or postponement.

Our scholars today have stated that the status of various currency exist among countries these days serve as the past time currency, which is dinar or dirham. Thus, all rulings regarding the exchange of dinar with dinar or dirham to dirham apply upon the current currency exchange.

Based on that explanations, the ruling for online trading of currency, or forex, is forbidden. That is because the payment of such trading is not carried out in cash and square, rather the buyers pay for several percentage of the total currency which they bought as a guarantee, and at the closing of the currency market -at the end of the day or at the certain time duration which is agreed by both seller and buyer- they the seller and the buyer will calculate the profit or loss of their transaction according to the movement of exchange value of the currencies they have traded.

Your email address will not be published. Let us know what you have to say: The Sharia Laws of Islam. Below is the conditions and their explanations: And Allah knows best. Muhammad Arifin Ibn Badri, M. Cancel reply Your email address will not be published. As explained above , Online forex trading is haram.

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