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Ruling On Trading In Currencies - Islam for Muslims - Nairaland

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Ruling On Trading In Currencies by Realismailakabir(m): 6:58pm On Apr 01
Question

I would like to know about investment in curreny (FOREX Market).....


Answer

Praise be to Allah.

Dealing in currencies is permissible so long as the exchange takes place in the same sitting as the contract is made. It is permissible to sell euros for dollars so long as the exchange takes place in the same sitting as the contract is made. But when the deal is concerning the same type of currency, such as selling one dollar for two dollars, that is not permissible because it is a type of riba.  In that case they should be of equal amounts and the exchange must take place in the same sitting as the contract if the exchange is concerning one type of currency. The evidence for that is the report narrated by ‘Ubaadah ibn al-Saamit (may Allaah be pleased with him) who said: The Messenger of Allaah (peace and blessings of Allaah be upon him) said: “Gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, salt for salt, like for like, same for same, hand to hand. If the types are different then sell however you like, so long as it is hand to hand.” Narrated by Muslim, 1587. 

It says in Majmoo’ Fataawa Ibn Baaz (19/171-174): 

Dealing in currency, buying and selling, is permissible, but that is subject to the condition that the exchange be hand-to-hand if the currencies are different. If a person sells Libyan currency for American or Egyptian or whatever currency hand to hand, there is nothing wrong with that, such as if he buys dollars for Libyan currency hand to hand, exchanging it in one sitting, or he buys Egyptian or English currency etc for the Libyan or whatever currency hand to hand, there is nothing wrong with that. But if there is a delay, then it is not permissible, and if the exchange is not done in the same sitting, it is not permissible, because in that case it is regarded as a kind of riba-based transaction. So the exchange must take place in the same sitting, hand to hand, if the currencies are different. But if they are of the same kind, two conditions must be met: they should be of equal amounts and the exchange should take place in the same sitting, because the Prophet (peace and blessings of Allaah be upon him) said: “Gold for gold, silver for silver…”

 The ruling on currency is as mentioned above; if they are different then it is permissible for the amounts exchanged to be different, so long as the exchange takes place in the same sitting. If they are of the same kind, such as dollars for dollars, or dinars for dinars, then the exchange must take place in the same sitting and they should be of the same amount. And Allaah is the source of strength. 


https://islamqa.info/en/answers/72210/ruling-on-trading-in-currencies

1 Like 1 Share

Re: Ruling On Trading In Currencies by AntiChristian: 11:12pm On Apr 01
This makes it haram to exchange old money for new mint as is done in parties.

5 Likes

Re: Ruling On Trading In Currencies by Kherdija(f): 7:32am On Apr 02
Masha Allah

1 Like

Re: Ruling On Trading In Currencies by Bhadmus7: 9:06am On Apr 02
AntiChristian:
This makes it haram to exchange old money for new mint as is done in parties.
No..its not haram. As long as its the same equivalent.
According to the hadith above, A gold for gold, silver for silver..
Which means u can trade $100 for its equivalent in naira

2 Likes 1 Share

Re: Ruling On Trading In Currencies by Carchoice: 9:07am On Apr 02
What is the ruling on killing innocent people in the name of Allah?


Una don rule sotay, una put mannequin for Aso rock make e continue the ruling. Rulers!!!

85 Likes 4 Shares

Re: Ruling On Trading In Currencies by doffman: 9:10am On Apr 02
Masha Allah !

Islam the perfect religion ; It touches all ways of life and beyond !

5 Likes 1 Share

Re: Ruling On Trading In Currencies by TheFacelessMan: 9:11am On Apr 02
This isn't to mock... PLEASE someone enlighten me.

This ruling totally nullifies BDCs.

Correct me if wrong.

3 Likes

Re: Ruling On Trading In Currencies by SirMichael1: 9:18am On Apr 02
doffman:
Masha Allah !

Islam the perfect religion ; It touches all ways of life and beyond !
You are correct! It touches everything but seem to linger around on terrorism and deceit!

29 Likes 1 Share

Re: Ruling On Trading In Currencies by Drwinz(m): 9:26am On Apr 02
Carchoice:
What is the ruling on killing innocent people in the name of Allah?


Una don rule sotay, una put mannequin for Aso rock make e continue the ruling. Rulers!!!

I just hope you find that thing you're looking for very soon.

1 Like

Re: Ruling On Trading In Currencies by oluwaseyi0: 9:29am On Apr 02
Drwinz:


I just hope you find that thing you're looking for very soon.
.
You mean you people will kill him soon?

36 Likes

Re: Ruling On Trading In Currencies by Bakrabas: 9:34am On Apr 02
Realismailakabir:
Question

I would like to know about investment in curreny (FOREX Market).....


Answer

Praise be to Allah.

Dealing in currencies is permissible so long as the exchange takes place in the same sitting as the contract is made. It is permissible to sell euros for dollars so long as the exchange takes place in the same sitting as the contract is made. But when the deal is concerning the same type of currency, such as selling one dollar for two dollars, that is not permissible because it is a type of riba.  In that case they should be of equal amounts and the exchange must take place in the same sitting as the contract if the exchange is concerning one type of currency. The evidence for that is the report narrated by ‘Ubaadah ibn al-Saamit (may Allaah be pleased with him) who said: The Messenger of Allaah (peace and blessings of Allaah be upon him) said: “Gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, salt for salt, like for like, same for same, hand to hand. If the types are different then sell however you like, so long as it is hand to hand.” Narrated by Muslim, 1587. 

It says in Majmoo’ Fataawa Ibn Baaz (19/171-174): 

Dealing in currency, buying and selling, is permissible, but that is subject to the condition that the exchange be hand-to-hand if the currencies are different. If a person sells Libyan currency for American or Egyptian or whatever currency hand to hand, there is nothing wrong with that, such as if he buys dollars for Libyan currency hand to hand, exchanging it in one sitting, or he buys Egyptian or English currency etc for the Libyan or whatever currency hand to hand, there is nothing wrong with that. But if there is a delay, then it is not permissible, and if the exchange is not done in the same sitting, it is not permissible, because in that case it is regarded as a kind of riba-based transaction. So the exchange must take place in the same sitting, hand to hand, if the currencies are different. But if they are of the same kind, two conditions must be met: they should be of equal amounts and the exchange should take place in the same sitting, because the Prophet (peace and blessings of Allaah be upon him) said: “Gold for gold, silver for silver…”

 The ruling on currency is as mentioned above; if they are different then it is permissible for the amounts exchanged to be different, so long as the exchange takes place in the same sitting. If they are of the same kind, such as dollars for dollars, or dinars for dinars, then the exchange must take place in the same sitting and they should be of the same amount. And Allaah is the source of strength. 


https://islamqa.info/en/answers/72210/ruling-on-trading-in-currencies


Being an online FX trader, how can I apply this ruling... As salaam alaequm warahmatulahi wabarakatu

2 Likes

Re: Ruling On Trading In Currencies by Carchoice: 9:43am On Apr 02
Drwinz:


I just hope you find that thing you're looking for very soon.
what are you looking for? I hope you find it

3 Likes

Re: Ruling On Trading In Currencies by Kholar211: 9:44am On Apr 02
Drwinz:


I just hope you find that thing you're looking for very soon.
demonic religion, killers

13 Likes

Re: Ruling On Trading In Currencies by AntiChristian: 9:45am On Apr 02
Bhadmus7:

No..its not haram. As long as its the same equivalent.
According to the hadith above, A gold for gold, silver for silver..
Which means u can trade $100 for its equivalent in naira

Of cos they charge a fee for it.
Re: Ruling On Trading In Currencies by abdsamad(m): 9:50am On Apr 02
Carchoice:
What is the ruling on killing innocent people in the name of Allah?
!

Not to kill innocent people: that's the ruling

3 Likes

Re: Ruling On Trading In Currencies by dele1727: 9:52am On Apr 02
Kholar211:
You fools should take your nonsensical vow from my profile. I am not one of you killers and I will never be, even afterlife. I'm not islam, I don't know any paedophilic MuhamMAD.

Take your vow out of my profile. You can't force your demonic religion on everybody even on social still? That's a shame.

Take it away!

Who forced you to comment on the topic?
Please try and read the bible very well
Understand it , practice it and maybe your penchant for constituting nuisance will decrease

Face your religion, let others face their religion as well
Re: Ruling On Trading In Currencies by sulaimon22: 9:53am On Apr 02
tongue
Kholar211:
You fools should take your nonsensical vow from my profile. I am not one of you killers and I will never be, even afterlife. I'm not islam, I don't know any paedophilic MuhamMAD.

Take your vow out of my profile. You can't force your demonic religion on everybody even on social still? That's a shame.

Take it away!

Who forced you to accept it in the first place? most of you will want to put mouth in something that doesn't concern you and still be ranting for the admin to take off the vow off your profile.


Welcome to Islam my brother!!! grin
Kholar211:
You fools should take your nonsensical vow from my profile. I am not one of you killers and I will never be, even afterlife. I'm not islam, I don't know any paedophilic MuhamMAD.

Take your vow out of my profile. You can't force your demonic religion on everybody even on social still? That's a shame.

Take it away!

Who forced you to accept it in the first place? most of you will want to put mouth in something that doesn't concern you and still be ranting for the admin to take off the vow off your profile.


Welcome to Islam my brother!!!

1 Like

Re: Ruling On Trading In Currencies by abdsamad(m): 9:56am On Apr 02
Kholar211:
You fools should take your nonsensical vow from my profile. I am not one of you killers and I will never be, even afterlife. I'm not islam, I don't know any paedophilic MuhamMAD.

Your complain is best directed at the mods. I think those are the people in charge of groups here, not a kabal of Muslims.

Also, I'm glad you don't know any paedophilic Muhammad cos I don't know any either.

Not to get super picky but umm, you can't be islam the same way you can't be football, for example.

Finally, not sure who these killers are but if you're referring to Muslims in general as killers I guess that makes sense since everyone has probably killed a mosquito/cockroach or two at some point. I guess that makes me a killer. Ooh! Sorry, i think I'm actually a super killer cos I killed a chicken once. I'm so bad!

6 Likes

Re: Ruling On Trading In Currencies by abdsamad(m): 10:00am On Apr 02
SirMichael1:
You are correct! It touches everything but seem to linger around on terrorism and deceit!

Well, well, well. I'm glad you figured it out. Who's a smart cookie! Who's a smart cookie! Yes you are, yes you are!

Islam doesn't linger on terrorism and deceit any more than democratic politicians linger on corruption and deceit. Humans always cheat the system for their own agenda, however good said system is

1 Like

Re: Ruling On Trading In Currencies by Kholar211: 10:03am On Apr 02
abdsamad:


Your complain is best directed at the mods. I think those are the people in charge of groups here, not a kabal of Muslims.

Also, I'm glad you don't know any paedophilic Muhammad cos I don't know any either.

Not to get super picky but umm, you can't be islam the same way you can't be football, for example.

Finally, not sure who these killers are but if you're referring to Muslims in general as killers I guess that makes sense since everyone has probably killed a mosquito/cockroach or two at some point. I guess that makes me a killer. Ooh! Sorry, i think I'm actually a super killer cos I killed a chicken once. I'm so bad!
you probably think this is funny huh?

3 Likes 1 Share

Re: Ruling On Trading In Currencies by Kholar211: 10:05am On Apr 02
sulaimon22:
tongue

Who forced you to accept it in the first place? most of you will want to put mouth in something that doesn't concern you and still be ranting for the admin to take off the vow off your profile.


Welcome to Islam my brother!!! grin

Who forced you to accept it in the first place? most of you will want to put mouth in something that doesn't concern you and still be ranting for the admin to take off the vow off your profile.


Welcome to Islam my brother!!!
May God punish you for welcoming me to your demonic religion. So you people know Islam is pure evil? Btw, why won't you welcome me

1 Like

Re: Ruling On Trading In Currencies by chillychill(f): 10:05am On Apr 02
@realismailakabir u should also talk about mortgage in Islam please.

Assalam aleykum waramoutullah wabarakatu
Re: Ruling On Trading In Currencies by Bhadmus7: 10:06am On Apr 02
AntiChristian:


Of cos they charge a fee for it.
Not on platforms like binance
Re: Ruling On Trading In Currencies by abdsamad(m): 10:08am On Apr 02
SirMichael1:

Stop killing innocent christains!

Truer words have never been said. I stand with you on this though I'm not sure the rest of your "speech" is worth any serious response.
Fun fact, more innocent Muslims are killed by the so called muslim terrorists than Christians are, globally.
Do you want every Muslim to pick up a gun and hunt down Christians or is it okay for the majority of Muslims to choose to be reasonable (as we've been) and instead discuss mundane matters such as rulings on taking bribe.
You really need to choose one cos it seems like you're not okay with Muslims that aren't plotting to kill anyone

1 Like

Re: Ruling On Trading In Currencies by Kholar211: 10:08am On Apr 02
dele1727:


Who forced you to comment on the topic?
Please try and read the bible very well
Understand it , practice it and maybe your penchant for constituting nuisance will decrease

Face your religion, let others face their religion as well

preach on preacher. the same way no one forced me to comment on their nonsense should be a reason you shouldn't have to comment on mine. Devil advocate
Re: Ruling On Trading In Currencies by abdsamad(m): 10:10am On Apr 02
Kholar211:
you probably think this is funny huh?

Are you asking if something that's clearly meant to be funny is funny. I must be a bad comedian! Guess I'm lucky i chose to be a chicken killer instead of a standup comedian
Re: Ruling On Trading In Currencies by abdsamad(m): 10:14am On Apr 02
Kholar211:
May God punish you for welcoming me to your demonic religion. So you people know Islam is pure evil? Btw, why won't you welcome me

Coming soon, on HBO Max: God...The Punisher!
Re: Ruling On Trading In Currencies by AntiChristian: 10:17am On Apr 02
Bhadmus7:

Not on platforms like binance

I mean those who change old notes for new ones charges a fee for their service.
Re: Ruling On Trading In Currencies by Bhadmus7: 10:21am On Apr 02
AntiChristian:


I mean those who change old notes for new ones charges a fee for their service.
Oh..if its that then I don't have idea
Re: Ruling On Trading In Currencies by AntiChristian: 10:29am On Apr 02
Bhadmus7:

Oh..if its that then I don't have idea

It is clearly forbidden.

If one changes N10000 new mint for N10,500 old notes.

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