Albalagh Logo

Bismillah hir Rahman ir Rahim

Hadith: The best of you is the one with the best character.

Current Affairs | Food for Thought | Q & A | General Articles | Audio | Children | Letters | Bookstore
Halal | Education | Islamic Economics | Prophethood | Women & Family | Population | Book Review | Links

 
  Albalagh Home Q & A Forex Currency Trading
  

S E A R C H

Text:


A L B A L A G H
N E W S L E T T E R

Email:
Subscribe
Unsubscribe

Please make sure your email address is correct.

The newsletter will inform you of updates to this page, as well as provide other useful information.


Forex Currency Trading

By Mufti Muhammad Taqi Usmani


Q.) Is Forex Currency Trading halal? I have attached a document detailing the aspects of the business.

A.) I went throught the papers sent by you. I am of the opinion that these transactions are not compliant with Shariah. The very condition that you cannot take delivery of the purchased currency makes it impermissible. Morever, there are other elements according to my knowledge that makes this trade unlawful in Shariah, such as, forward sales, short sales etc. This is in addition to the fact that the currencies are originally a medium of exchange and should only be exchanged for personal use in different countries. To make them a tradable commodity only for earning a profit is also against the basic philosophy of Islamic economics. I would therefore not advise you to indulge in this trade.


    Albalagh Home Q & A Forex Currency Trading
 
No Copyright Notice. All the material appearing on this web site can be freely distributed for non-commercial purposes. Acknowledgement will be appreciated. The audio files may be copied to tapes, etc. for your listening convenience.