Currency Trading Islam
What is the Ruling on Currency Trading (Forex) in islam ?
What is the Ruling on Currency Trading (Forex) in Islam ?
Thank You for the answers friends,
ill choose the best answer also.
Peace be with you
General consensus is that foreign exchange markets trading is permissible under Islamic law where the trading is of one currency for another. However, there is some debate whether forward trading on foreign exchange markets is prohibited under the Riba prohibition rules of Islamic law. Some of the differences in opinions are because of the varying interpretation of Fiqh by the various schools of thoughts.
So scholars vary some say online forex trading is essentially forbidden because of the requirement of full delivery or both currencies at the time of the contract. This requirement is mentioned in a correct saying of the Prophet. Consequently, any contract in which you pay an amount that is smaller than the exact value of the other currency (margin) is not permitted.
Allah knows best weather it is or not, but personally I would play it safe
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