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Forex Trade In Islam - Islam for Muslims - Nairaland

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Forex Trade In Islam by slimmyjv(m): 5:11pm On Apr 08, 2012
how does forex trade affect islam is it good or bad for a muslim to do forex trade
Re: Forex Trade In Islam by maclatunji: 10:51am On Apr 17, 2012
Re: Forex Trade In Islam by maclatunji: 10:57am On Apr 17, 2012
Question:
Buying and Selling currency on line is it permissible in shariah or not?

Answer:

بسم الله الرحمن الرحيم

In the Name of Allah, Most Gracious, Most Merciful.

الجواب حامداومصليا
Trading currencies on different rates is allowed as long as the exchange takes place between the currencies of two different countries. If one exchanges currency of the same country then difference of value will not be allowed. i.e. making profit while trading currencies of the same country is not permissible.
Leading contemporary Islamic scholars do not consider online forex trade to be permissible because of the presence of a few violations of principals of Islamic trade such as forward sale, short sale etc...
And Allah knows best.

Mufti Ikram ul Haq
Darul Ifta of Rhode Island
19 Rajab 1431/ July 1 2010

Source: http://www.askamufti.com/Answers/ViewQuestion.aspx?QuestionId=436&CategoryId=26&CategoryName=Business%20and%20Trade%20%28%D8%A7%D8%AD%D9%83%D8%A7%D9%85%20%D8%A7%D9%84%D8%A8%D9%8A%D9%88%D8%B9%20%D9%88%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9%29
Re: Forex Trade In Islam by slimmyjv(m): 11:12am On Apr 18, 2012
ok,bt if i do it how will i be show am nt in sin.

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