Many members of society aim to increase their monthly income to help bear the expenses of life, which have become difficult for the salary to bear on their own, as many people resort to investing by purchasing bank certificates with a fixed return or by investing in the purchase of shares, as such that Trading at Forex has become one means Which resort to her many from Okay investment their money and more their income or for whom They have the desire at Investigation dream get rich.
But, as it is known, each of us desires that all his sources of income be completely halal, therefore, when you learn about forex, the first thing that comes to your mind is a set of questions such as, is forex haram?, is trading halal? What is the ruling on forex in Islamic Sharia?, and then start searching for the fatwas of the scholars of Al-Azhar Al-Sharif about what is the ruling on Forex trading? For that, we will work on providing you with a summary of the fatwas on the ruling on trading in currencies, taking into account how to avoid falling into usurious interests in Forex.
Islam’s position on forex trading
Forex trading is one of the most discussed topics in Islamic jurisprudence. In order to reach a general consensus, several decrees and fatwas (Islamic rulings issued by a globally recognized Islamic body) were issued on this matter. Based on the following hadith, the majority of Islamic religious scholars agree that currency trading is permissible within the framework of Islam, and it has been practiced for years: “gold in gold and silver in silver and the land in the wild and barley with barley and dates with dates and salt with salt, for example like, whether alike, hand hand, So differ This is amazing Categories they sold How do you like if It was hand hand(correct Muslim 1587)
What is forex?
Forex trading is, very simply, currency trading. Forex is a decentralized global market where companies, investors, banks, governments and traders come to exchange currencies. As it is the largest and most liquid market in the world, then trade Forex may be Link to me levels Huge from popularity, What result about him an average trade daily Exceed around 5 trillion dollar American. If the person who intends to trade currencies feels that the value of a particular currency will rise, he buys it, and when he feels that the value will decrease, he sells it, or he buys the expensive currencies and sells them after a while to make a profit.
What is an Islamic Forex Account?
There hasn’t been an Islamic Forex account since time immemorial in the Forex world, and it is in fact a fairly new account type. Therefore, forex trading is constantly evolving and changing. and applies This command on platforms trade Forex current, and on Laws and legislation Trading at Forex (Which chest about her account Forex Islami), It also applies to the different accounts available to traders. The major brokers in the forex market offer a wide variety of trading account types to choose from. It includes many types of forex demo account, mini accounts, standard accounts, premium accounts, and Islamic forex account.
Islamic Forex accounts are also known as “exchange-free accounts”. These special accounts are provided by many brokerage companies, so that some companies specify these accounts for Muslims only, and others provides it for every from wish with. the accounts empty from exchange no impose Which fees on exchange or on extension positions Until morning today the other. The majority of companies that offer trading-free accounts offset these fees in other ways, and some may refer to these as crypto-free accounts.
Theory and practice of Islamic forex trading
Financial theory and application according to Islamic principles is known as Islamic finance. Islamic principles define the objectives and processes of Islamic finance. Modern financial theories speak of traditional finance, while ethical imperatives drive Islamic finance. The principles and taboos in Islamic finance are explained in Islamic law or Islamic law. Working the benefits usurious on put a burden Big on borrower, And therefore she is Non acceptable at Debt. the lender He should that Offers Money building on his wish own well, to help An individual else at the society. This is a very practical consideration in forex trading, given that the majority of forex broker accounts rely on interest or exchange fees to support the brokers. It is clear that the brokerage company that offers Islamic Forex accounts still aims to make a profit, and therefore it will find other ways to achieve this, while adhering to Islamic Sharia law.
Is forex trading halal or haram?
All business and financial contracts in Islamic finance must comply with the rules of Sharia. taboo the basic at Finance Islamic she:
- interest or usury.
- Excessive risk or deception.
- Speculation or gambling.
Money out of money is unacceptable and interest-based dealings are a sin. The primary sources of Sharia are the Holy Qur’an and the Noble Prophetic Sunnah, and they are very clear in their condemnation of this matter. Benefit she that I amount specific prior above the amount primary for loans and debts, hate look amazon that she was This is amazing the benefits imposed on loans commercial or Character. Islam allows only one type of loan, the interest-free loan or the good loan.
- if, Do you trades Forex halal Mother forbidden According for Sharia Islamic?
It is very difficult to answer this question, but we can start by saying that Islam recognizes that almost all human beings strive to improve their financial situation, and that life contains great elements of ambiguity. In life, we are faced with many choices, and the results are not clear, and we seek to use intelligence and skill to choose between the available options that will give the best results. However, then we have to say that gambling is strictly forbidden in Islam, even if it is in the form of entertainment through playing with small money that the gambler may say he is able to lose. from Through Measurement This is amazing Elements competing, Can say that method speculation she Which Manufactured the difference. one authors did studying the topic and stated that speculation on Basis Analysis primary permissiblebut not on the basis of technical analysis, and the interesting explanation is: betting on the basis of technical analysis is betting on the bets of others, relying on the behavior of the public to influence your behavior, it is considered one of the essence of gambling, which is forbidden.
This argument can be argued to be false with respect to other market facts. for example, Do you speculators Which Believes that dollar American Will Rises Opposite euro Because The basics Economic binding that get up trading immediately Nor Allow for him by doing WL Procedure for timing Entry Trading at Moment suitable psychologically? The strongest argument can be that a Muslim should not engage in speculation unless he has strong grounds for expecting success. This means that trading should include either an element of fundamental analysis or technical analysis that the trader actually has a strong reason to believe in. An example of this might be tracking trends that have an academic track record as a successful trading method in the financial markets, and trading these trends using Islamic Forex brokers. A trader can argue that a strong trend is easier to form, and likely to have a more fundamental reason behind it, than the traditional fundamental economic forecast that would be refuted by professional economists.
When is forex trading permissible?
Islamic scholars have set some rules and regulations for working in the forex market in order for forex trading to become permissible. That the trader must study the financial market and not rely on luck in trading, and not gamble in the forex market, in addition to avoiding dealing with usurious interests, by opening an account that is compatible with the principles of Islamic Sharia. The Most High in Al-Quds Al-Sharif in addition to a fatwa of His Eminence Sheikh/Abdul-Aziz Al-Sheikh (the General Mufti of the Kingdom of Saudi Arabia), whose Eminence permitted the intercourse through modern means. In addition to me advisory opinion Dar: house Ifta Al-Azhar the sheriff, and who Agree all on passport Trading at forex, and say that trade Currencies halal if stick with the controls legitimacy Which as such following:
1- Not to deal with usurious interests, by paying or receiving any overnight fees
2- Not to trade on forbidden shares, which are with companies that deal in usurious interests or manufacture forbidden things
3- Not to gamble in trading and study the market well before investing in it
4- The absence of any additional commissions, when opening an Islamic account that differs from the traditional account
5- Not forcing customers to do any practices or open contracts because of opening an Islamic account
That is, the Islamic account should be just like the traditional account, and there are no different practices between the Islamic account and the traditional account.
Do you Trading via Internet forbidden?
Online trading in itself is not forbidden, as Muslim scholars have permitted electronic exchange, but it is forbidden through various practices such as dealing with interest and trading in shares that engage in some prohibited activities and so on.
Do you Trading Type from Species gambling?
It is necessary to know that relying on luck and chance in all types of trade is considered a gamble. It is necessary for every trader to study the market and manage risks consciously before engaging in trading to avoid relying on luck by a large percentage, as if you rely on luck only in trading, that is a kind Kind of gambling.
How do Can making sure from that your account according to Islamic Law Islamic?
You can make sure that your trading account is Islamic by communicating with the customer service of the trading company and asking directly whether your account is Islamic or not, or by opening trading contracts and watching whether interest is calculated after twelve o’clock in the middle of the night or not.
The best Islamic currency trading company allows you to convert your forex account to an Islamic account by simply requesting to open an account without you having to do so.
What the difference between Benefits castling And the spread?
Overnight interest is the commission that the client pays when he rolls over his trading contracts to the next day.
But when the client closes the contracts on the same day, he does not pay the swap interest, or through the Islamic forex account that is exempt from the swap interest. The spread is the commission that the client pays, or what is known as the difference between the buying and selling price, and it is a fee that the client pays this fee when he opens a new deal each time.
What she Negatives the account Islamic and its effect on trading?
There are no negatives in the Islamic forex account in the vast majority of currency trading companies, but in some currency trading companies may impose a commission or additional fees other than the price differences on Islamic forex accounts, but the vast majority of currency trading companies offer an Islamic forex account without any conditions .
what Can that we trade at the account Islamic?
You can trade gold, forex, indices and bonds contracts, as well as oil, cryptocurrencies, and stocks.