Is Islamic Forex Allowed?
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Forex trading involves buying and selling of gold, silver, currency, cotton, wheat, gas, crude oil, animals and many other commodities. According to our knowledge, the current methods of “forex trading” are illegal due to non-observance of Shariah principles and the presence of Shariah fraud.If gold, silver and currency are traded in forex trading, then as Shariat has imposed some conditions in the exchange of gold, silver and currency. One of the important conditions is the possession of both the assets of the case which means that the case is actually being conducted as a case. In which the negotiators want their place in exchange for both. The purpose of exchanging different currencies in an online forex business is usually neither the actual buying or selling of currencies.(Rather, the gain on the rise in prices is implied, in which the difference is eventually equalized, although in some cases gold, silver is also referred to on demand), Nor is possession found on its own terms, so this transaction will not be permissible.
If forex trading involves trading in commodities other than gold, silver and currency However, since buying and selling in this business is usually only a paper transaction, the goods purchased are neither seized nor intended to be seized. Rather, profit and loss are simply equalized, as if it is only intended to play sata, In such a case, in the case of selling back the purchased item, it is necessary to “Bay Qabl Al Qabz” (selling the item before taking possession and ownership of it), which is prohibited in Hadith Sharif.
God knows bestÛ”Û”Û”