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Mufti menk on forex trading

Is forex trading haram mufti menk,Counseling

3/6/ · In a fast-moving world like today, some of us are often looking for alternative ways to make money. One of the things many people do is FOREX trading, which muftimenk_fx. 56 posts. K followers. 7, following. MUFTI MENK FOREX. 📌GOD FIRST. 📌 FOREX INVESTMENT. 📌FOREX TRADING. 📌24 HOURS TRADING 12/10/ · #ASSIMALHAKEEM _____Access course materials, Test your knowledge & Get certified for FREE at blogger.com Classic Forex trading is regarded Haram by most Muslim scholars as it involves some form of Riba and Gharar (because of the loans used to make large transactions). Although, trading 5/10/ · In this fatwa: Forex, which is a kind of currency trading through the internet, involves some factors that may conflict with the Shari`ah. In his response to your question, Prof. Dr. ... read more

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The stock market is complex, but the Forex market though it may not seem is even more complicated. Forex is more than just trading currencies, it involves many types of contracts futures, forwards, and options , interest Riba , and speculation.

On the flip side, making a profit from currency trading is permissible in Islam. However, this is the short answer, and to truly understand the concept, we will need to dive deeper and ask the more difficult questions. In this article, we will explore Forex trading and whether it is Haram or haram in Islam in the light of fatwas by religious scholars. Classic Forex trading is regarded Haram by most Muslim scholars as it involves some form of Riba and Gharar because of the loans used to make large transactions.

If you want to become a Forex trader, then Islamic Forex accounts that practice Shariah principles are a great place to start. Table of Contents : 1. What is Forex Trading? Types of Tradings that are Haram in Islam 3. Why and When is Forex Trading Considered Halal? When And Why Is Forex Trading Considered Haram? Is Forex Trading Considered to be Gambling? What is Islamic Forex Trading?

Fatwas about Forex Trading Being Halal or Not. Forex stands for Foreign Exchange and is the largest financial market on Earth.

It runs 24 hours a day, five days a week, which makes it a very liquid market to invest in. Forex trading works similar to trading other securities such as stocks with one exception, Forex trading is done in pairs of two currencies. In Forex Trading, investors sell one currency to buy another.

Since currency prices are always fluctuating, they make a profit when the currency they bought moves up against the currency they sold. Participants in the Forex network include brokers, commercial banks, investment bankers, and retail investors. Islam emphasizes fair trading in all business transactions and discourages dealings that have a negative impact on one or the other party. There are four types of tradings that are considered haram in Islam:. The basic idea of Forex is that you make money profit by buying and selling different currencies.

In itself, buying and selling currencies is not Haram, but it is subject to certain conditions. According to the fatwa below and the interpretation of multiple sheikhs, dealing in two different currencies is permissible in Islam as long as the contract and exchange are made in the same sitting.

According to a report narrated by Ubaadah ibn-al-Saamit, Hazarat Muhammad Peace be upon Him said:. In and of itself, currency exchange sarf is permissible, as long as certain conditions are met, such as the transaction be done hand-to-hand without delay. However with respect to forex trading in particular, Mufti Taqi Usmani — leading contemporary Hanafi scholar and Islamic finance expert — believes it to be impermissible, due to various problematic elements associated with this form of trading.

It is not permissible for you to invest the money in these companies that you mentioned in the question because of the forbidden matters in their dealings, like the Mudhaarib i. the one who manages the investment conditioning a percentage from the capital money and not from the profit, and conditioning guaranteeing the money of Mudhaarabah.

In addition to this, currency trading via the internet includes many prohibitions. For more benefit, please refer to Fataawa , and In my view, majority of the retail forex trading platforms do not satisfy the Shariah compliance requirements and are therefore not Shariah compliant.

Retail conventional Forex trading, where individuals are merely speculating on currency pairs, is non-Shariah Compliant. What is more important and crucial to determine is whether there is actual trading and exchange of currencies in Islamic FX products.

After reviewing dozens of materials and speaking to a number of Forex brokers, I am of the view that retail forex practiced by private investors and speculators is a form of non-deliverable trading agreements, where delivery of the currencies never takes place.

In speculative trading, nobody actually wants to do the currency exchange, so at the end of each day, to avoid the exchange in two days, they offset their open position, and then re-open to start the new trading day.

The carry is the difference between what you pay on the loan and what you receive on the deposit. When you close out your trade you reverse the process.

Some brokers handle carry separately, while some incorporate it into the position rollover. Thus, in retail forex, there is no actual trading of any currency. The entire industry is speculative. There are multiple products offered by conventional brokers in non-deliverable FX trading such as:.

There is gross Gharar uncertainty in forex trading. The outcome of the open position where money has been staked is subject to Gharar. This Gharar is in the interim of a transaction and a component of the actual trade.

This is different to purchasing shares, as one actually purchases a known subject matter. The transaction of purchasing shares is therefore free of Gharar. Uncertainty in shares is therefore ex-post, whilst in FX trading it is ex-ante and during the trade. Further, an FX trade does not involve any valid Shariah compliant commodity. One is taking a position on the movement of a currency pair. This is a Qimar gambling transaction as one is staking his wealth against his broker.

The one who speculated correctly makes a profit at the expense of the other. In futures transactions, because neither counter-value, is present at the time of contract, it is a mere exchange of promises. Futures trading, where both counter-values are deferred, is exchange of one debt for another, i. The deferral of both counter-currencies results in a deferred transaction.

Deliverable Forex, which is open to companies and big firms, is different. In deliverable FX, there is actual trading of currencies.

We present views from IslamQA, Seekersguidance, and Islamweb, then our resident expert Mufti Faraz Adam presents his views, and finally IFG present a commercial perspective on the matter.

If the Forex system involves leverage or margins, then it is haraam, because this is combining payment in advance and brokerage. This has already been discussed in the answer to question no. If it involves margins and rollover fees, then it is even more emphatically haraam, because it is combining payment in advance and brokerage with riba-based loans. Please see the answer to question no.

If the transaction is free of the things mentioned above, and a person deals with his own wealth only via the Internet, then that is permissible, subject to two conditions:. See the previous reference, and the answers to questions no. The Islamic Fiqh Council in Jeddah, no. an agreement between two parties, who are usually referred to as the purchaser and seller, the value of which is based on the underlying asset for example, the stock index, stock or futures contract at the end of the contract, or when the parties concerned decide to close the deal.

At that point, the seller pays the difference between the current price of the underlying asset and its price when opening it for the purchaser. That applies if the value of the underlying asset has risen. In the event of the opposite, if the value of the underlying asset has dropped, then the difference between the current price and the original price is negative, in which case the purchaser pays the difference to the seller.

This is in addition to the fact that the Islamic Forex account on the website includes leverage, so it is haraam, as noted above. In and of itself, currency exchange sarf is permissible, as long as certain conditions are met, such as the transaction be done hand-to-hand without delay.

However with respect to forex trading in particular, Mufti Taqi Usmani — leading contemporary Hanafi scholar and Islamic finance expert — believes it to be impermissible, due to various problematic elements associated with this form of trading.

It is not permissible for you to invest the money in these companies that you mentioned in the question because of the forbidden matters in their dealings, like the Mudhaarib i. the one who manages the investment conditioning a percentage from the capital money and not from the profit, and conditioning guaranteeing the money of Mudhaarabah.

In addition to this, currency trading via the internet includes many prohibitions. For more benefit, please refer to Fataawa , and In my view, majority of the retail forex trading platforms do not satisfy the Shariah compliance requirements and are therefore not Shariah compliant.

Retail conventional Forex trading, where individuals are merely speculating on currency pairs, is non-Shariah Compliant. What is more important and crucial to determine is whether there is actual trading and exchange of currencies in Islamic FX products.

After reviewing dozens of materials and speaking to a number of Forex brokers, I am of the view that retail forex practiced by private investors and speculators is a form of non-deliverable trading agreements, where delivery of the currencies never takes place. In speculative trading, nobody actually wants to do the currency exchange, so at the end of each day, to avoid the exchange in two days, they offset their open position, and then re-open to start the new trading day.

The carry is the difference between what you pay on the loan and what you receive on the deposit. When you close out your trade you reverse the process. Some brokers handle carry separately, while some incorporate it into the position rollover. Thus, in retail forex, there is no actual trading of any currency. The entire industry is speculative.

There are multiple products offered by conventional brokers in non-deliverable FX trading such as:. There is gross Gharar uncertainty in forex trading. The outcome of the open position where money has been staked is subject to Gharar. This Gharar is in the interim of a transaction and a component of the actual trade.

This is different to purchasing shares, as one actually purchases a known subject matter. The transaction of purchasing shares is therefore free of Gharar. Uncertainty in shares is therefore ex-post, whilst in FX trading it is ex-ante and during the trade.

Further, an FX trade does not involve any valid Shariah compliant commodity. One is taking a position on the movement of a currency pair. This is a Qimar gambling transaction as one is staking his wealth against his broker.

The one who speculated correctly makes a profit at the expense of the other. In futures transactions, because neither counter-value, is present at the time of contract, it is a mere exchange of promises. Futures trading, where both counter-values are deferred, is exchange of one debt for another, i.

The deferral of both counter-currencies results in a deferred transaction. Deliverable Forex, which is open to companies and big firms, is different. In deliverable FX, there is actual trading of currencies. Deliverable FX has the potential to be Shariah compliant if other requirements of Shariah are fulfilled.

We have previously written extensively on forex here and here. This writing is shaped by experience of working with forex companies as clients during our previous careers as lawyers. We would strongly advise against getting into forex for Muslims, but also for non-Muslims due to the deep risks attached to it. Forex is at heart a financial instrument as opposed to dealing in the currency itself and for it to be worthwhile there is leverage involved.

Most people who engage in forex lose money — and they lose it to people like eToro and other providers who can make money off losing trades. If you would like to learn more about each investment and how to structure your investment strategy - check out Halal Investing Course here.

AsalamuAlaykum, I was just enquiring about Vantage FX who claim to offer Islamic Forex accounts and are SSB Approved. In regard to Vantage FX, I had discussed this matter with them and their Shariah board a few months ago, they gave me the following reply:. The Vantage FX products have been certified by the Shariah Board and headed by Sheikh Hasan Qamra from Kuwait. With regards to your specific queries, we can confirm all the laws and principles of Bay al-Sarf are applied to all transactions including that of Milkiyyah and Taqabudh.

This is done via actual liquidity providers through operational mechanism approved by the Shariah Board. Vantage FX serves as the agent Wakeel on behalf of the traders to manage the actual liquidity provided by the liquidity providers and such funds are segregated in a specific bank account.

All the trades are executed in real time and have a direct effect on the real market. That is a matter for you to consider. Jazakallah for the reply. From what they have mentioned in their Q and A, does it appear to be Sharia compliant? I have been enquiring alot from vantage FX about what they offer but due to my ignorance in this field, I am unable to judge weather it is permissible or not.

I believe more transparency is required on how things actually work. The processes are still obscure somewhat. That is not due to doubt in the Shariah scholars at all, but just that the level of curiosity is very high in this structure and therefore Vantage should provide as much as transparency as possible. and I would love to hear your opinion regarding whether you think his method is considered shariah-compliant or we should solely focus on the AAOIFI standard or other well-known standards.

I researched a broker called fp markets very deeply and talked to them, and they gave me the following answer:. According to Islam, gambling is prohibited but trading forex and other financial instruments can be considered an educated game of chance which involves the buying and selling of assets based on forex market analysis and using a variety of concepts and trading strategies.

Usually, when a trader holds open positions at the close of a trading session, FP Markets charges a swap commission linked to an interest rate which is in turn related to the fact that traders receive an indirect loan through leverage.

This leverage usually results in profit for the forex broker and therefore why a standard trading account is classified as haram given it includes interest payment whereas an Islamic trading account would be halal as it does not feature payment of these swap interest rates and therefore satisfies the riba threshold. One of the principal concerns about trading is the element of shared risk.

Interest ensures a reward for the lender and the borrower is the one who incurs the risk. Excessive or a high level of risk gharar is prohibited in the same way that excessive gambling is.

Financial activity must also be seen to promote social and economic activity and justice as well as happiness. With an Islamic trading account, all interest charges are waived. In times gone by this meant face-to-face but in the modern world and with the advent of online trading and e-commerce, which involves an almost instantaneous transaction between broker and trader executed in seconds, is considered halal under Shariah and is therefore permissable.

what is your opinion? is it forbidden for me to trade here? Fatwa: Is forex haram or halal? A comprehensive fatwa compilation Islamic Finance Fatwa. This is iA the most comprehensive resource for this question on the internet.

Forex trading permissible with halal broker. Thoughts regarding Shariah compliant trading accounts. FP markets Forex trading. They have a FAQ towards the end of this link explaining why it is permissible. I would appreciate it if you would look into this and clarify. Assalaamu alaykum, we pray you are well. In regard to Vantage FX, I had discussed this matter with them and their Shariah board a few months ago, they gave me the following reply: "Wassalamu Alaykum Respected Mufti Faraz Adam, The Vantage FX products have been certified by the Shariah Board and headed by Sheikh Hasan Qamra from Kuwait.

You are welcome to contact us should you have any further queries. For more information on Forex, kindly see:. Assalaamu alaykum, I believe more transparency is required on how things actually work. Assalamu aleyküm is vantage forex trading halal? is it allowed to open leverage or short positions? I researched a broker called fp markets very deeply and talked to them, and they gave me the following answer: About Halal Forex Trading - Halal Trading with Islamic Forex Accounts Islamic finance is guided by four basic principles: 1 Prohibition of gambling According to Islam, gambling is prohibited but trading forex and other financial instruments can be considered an educated game of chance which involves the buying and selling of assets based on forex market analysis and using a variety of concepts and trading strategies.

Assalamualaikum in one word please answer me in Islamic view Forex halal or haram? Conventional, retail, non-deliverable Forex is not Shariah compliant.

Is Forex Trading Halal or Haram in Islam?,View One: Islamqa

5/10/ · In this fatwa: Forex, which is a kind of currency trading through the internet, involves some factors that may conflict with the Shari`ah. In his response to your question, Prof. Dr. 16/4/ · We present views from IslamQA, Seekersguidance, and Islamweb, then our resident expert Mufti Faraz Adam presents his views, and finally IFG present a commercial 3/6/ · In a fast-moving world like today, some of us are often looking for alternative ways to make money. One of the things many people do is FOREX trading, which 12/10/ · #ASSIMALHAKEEM _____Access course materials, Test your knowledge & Get certified for FREE at blogger.com There is also the “crypto” trading strategy, which is used to make a profit on crypto. We can say that the whole cryptocurrency community, including the majority of the financial experts, lost muftimenk_fx. 56 posts. K followers. 7, following. MUFTI MENK FOREX. 📌GOD FIRST. 📌 FOREX INVESTMENT. 📌FOREX TRADING. 📌24 HOURS TRADING ... read more

The only entity who has full control over the currency is the owner of bitcoin. Cryptocurrencies have been rising in value for some time. In an Islamic Forex account, all transactions including the transaction costs take place immediately and without any delay. We would strongly advise against getting into forex for Muslims, but also for non-Muslims due to the deep risks attached to it. However, this is the short answer, and to truly understand the concept, we will need to dive deeper and ask the more difficult questions. Why and When is Forex Trading Considered Halal?

Once again, borrowing money for forex trading in itself is not haram. After this, we also have the exchanges that were created for bitcoin cash that had their exchanges shut down by the community. A comprehensive fatwa compilation Islamic Finance Fatwa. Dealing in the same type of currency for example, one USD for two USD is considered Riba and is not permissible in Islam. Assalaamu alaykum, we pray you are well. If you are new to it, mufti menk on forex trading, or you are new to bitcoins, this will give you a better understanding of it, how it works, what are its uses, what are the possibilities it mufti menk on forex trading have in our everyday life and how this can make a real difference to your everyday life.

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