We would like to know if online Forex trading is permissible in Islam or not?
Question
We would like to know if online Forex trading is permissible in Islam or not? We are getting interested in this business of buying currcny and selling it. Many people are doing it and earning good amount of money. So before we start doing it we would like to get expert advice from islamic mufti.
Thank you
Answer
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatoh
The issue of online Forex trading was discussed in the Jameeatul Muftieen meeting held last year. (The Jameeatul Mufteen is a board of 12 Darul Iftas of headed by a prominent Mufti). After analysing the details provided, Forex trading was ruled impermissible, as many of its aspects did not conform to the laws of Sahariah.
However, if you are well acquainted with the transactions that take place in the process of Forex trading and have details on Forex trading that would prove otherwise, then you are kindly requested to forward those details to us. A further analysis can be made if the details differ to the ones available to us.
And Allah knows best
Wassalam
Ml. M. Jawed Iqbal,
Student Darul Iftaa
Checked and Approved by:
Mufti Ebrahim Desai
Darul Iftaa
- Answered by
- Ml. M. Jawed Iqbal
- Checked & approved by
- Mufti Ebrahim Desai
Fatawa SA is an independent, read-only index of fatawa already published by Darul Iftaa Mahmudiyyah (AskImam). It is not a fatwa service. For your own situation, ask the issuing Darul Ifta directly.