Many members of society aim to increase their monthly income to help bear the expenses of life that have become difficult for the job salary to bear individually, as many people resort to investing by buying bank certificates with a fixed return or by investing in buying shares, as such that trading in forex had become one means that resort to her many From Yes investment their money and more their income or Whose They have the desire in Investigation Dream affluence.
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But, as it is known, each of us desires that all sources of his income be completely halal. Therefore, when you get to know Forex, the first thing that comes to your mind is a set of questions such as, Is Forex forbidden? Is trading halal? What is the ruling on forex in Islamic law? Then you start searching for the fatwas of Al-Azhar scholars about what is the ruling on forex trading? forex.
Islam’s position on trading in Forex
Forex trading is one of the most discussed topics in Islamic jurisprudence. In order to reach a general consensus, many decrees and fatwas (Islamic ruling issued by a globally recognized Islamic body) have been 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: It was narrated on the authority of Ubadah ibn al-Samit (may God be pleased with him) that he said: The Messenger of God, may God’s prayers and peace be upon him, said: “gold in gold and silver in silver And righteousness righteousness and barley with barley And dates with dates and salt with salt, for example likewise whether equally, hand however, So if I disagreed this is varieties So they sold How you will if It was hand however(Right Muslim 1587)
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What is forex?
Forex trading is, in a very simple way, currency trading. Forex is a decentralized global market where companies, investors, banks, governments and traders come to exchange currencies. Since it is the largest and most liquid market in the world, the trade forex may be receipt to me levels Huge From popular, What result about him modified 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, then he buys it, and when he feels that the value will decrease, he sells it, or he buys expensive currencies and sells them after a while to make a profit.
What is an Islamic Forex account?
There has not been an Islamic forex account since time immemorial in the world of forex, and it is in fact a fairly new account type. Therefore, trading in Forex is constantly evolving and changing. applies this command on me pads trade forex current, and on Regulations and legislation trading in forex (that released about her account forex Islami), It also applies to the different accounts available to traders. The major Forex brokers 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 an Islamic forex account.
Islamic Forex accounts are also known as “swap-free” accounts. These special accounts are offered by many brokerage companies, so that some companies specify these accounts for Muslims only, and others provides it for every From wishes with it. the accounts Empty From exchange no imposed Which fees on me exchange or on me Extension positions until morning today the other. The majority of companies that offer trade-free accounts compensate for these fees in other ways, and some may refer to these accounts as trade-free accounts in disguise.
Theory and practice of Islamic Forex trading
Financial theory and practice in accordance with Islamic principles is known as Islamic finance. Islamic principles define the objectives and operations of Islamic finance. Modern financial theories speak of traditional financial aspects, while ethical imperatives drive Islamic finance. The principles and taboos in Islamic finance are spelled out in Islamic law or Islamic law. Working the benefits usury on me state a burden big on me borrower, And therefore She is not acceptable in Religion. lender Should that Presents Money Building on me his wish own well, to help An individual else in the society. This is a very practical consideration in forex trading, when you consider that the majority of forex broker accounts rely on interest or on 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 the Islamic Sharia law.
Is forex trading halal or haram?
All business and financial contracts in Islamic finance must comply with Sharia rules. taboo the basic in financing Islamic she:
- interest or usury.
- Excessive risk or deception.
- speculation or gambling.
Money out of money is unacceptable and transactions based on interest are considered a sin. The primary sources of Sharia law are the Holy Qur’an and the Sunnah of the Prophet, and they are very clear in their condemnation of this matter. Benefit she that I amount specific prior above the amount basic for loans debt, hate look what that she was this is the benefits imposed on me loans commercial or Character. Islam allows only one type of loan, which is 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 seek to improve their financial situation, and that life contains great elements of uncertainty. In life, we are faced with many choices, and the results are not clear, and we seek to use intelligence and skill in choosing between the available options that will give the best results. However, we must then say that gambling is strictly forbidden in Islam, even if it is in the form of entertainment by playing with small money that the gambler may say he is capable of losing. From During Measure this is Elements competing, Can say that method speculation she that Manufactured the difference. sun authors got up study the topic And he stated that speculation on me Basis analysis basic 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 crowd to influence your behavior, it is considered the essence of gambling, which is forbidden.
It can be argued that this argument is spurious in relation to other market realities. for example, Do you speculator that Believes that dollar The American Will Rises Opposite euro because of The basics Economic binding that get up by circulation immediately Nor Allow for him by doing Bye Procedure for timing Entry trading in Moment suitable Psychologically? The strongest argument could 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 strong reason to believe. An example of this might be tracking trends that have an academic track record of being 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 create, and more likely to have an underlying underlying cause than traditional fundamental economic forecasts that would be refuted by professional economists.
Is trading forbidden?
Islamic religious scholars have set some rules and controls to work in the forex market in order for forex trading to become halal, for example, so every forex trader must avoid trading in shares whose companies deal with usurious banks or manufacture anything forbidden by the Islamic religion, in addition to He added 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 interest, by opening an account compatible with the principles of Islamic law, and the most prominent fatwa on currency trading was through the Fatwa Council The Supreme Court in Al-Quds Al-Sharif, in addition to a fatwa by His Eminence Sheikh/Abdul-Aziz Al-Sheikh (the Grand Mufti of the Kingdom of Saudi Arabia), whose Eminence permitted exchange through modern means, but rather permitted exchange to take place by mere (acceptance) yes, and praise be to God, in addition to the fatwa of Dar Al-Ifta Al-Azhar Al-Sharif, and those who agreed They all agree that it is permissible to trade in forex, and they say that currency trading is permissible if it adheres to the legal controls, which are as follows:
1- Refrain from dealing with usurious interest, by paying or receiving any swap fees
2- Not to trade in unlawful shares, which are with companies that deal with usurious interest 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 must be exactly the same as the traditional account, and there are no different practices between the Islamic account and the traditional account.
Trading in forex is one of the means that can bring you a distinctive additional income, but it is necessary for every Muslim to investigate accuracy when it comes to trading or trading in the financial markets, as a very simple act through the Internet can make you fall into usury and God forbid For this reason, it is necessary when trading forex to know the rule of forex in Islam, what are the caveats of falling into usury in currency trading and how to avoid gambling in trading by risk management and learning forex trading.
Do you trading Across Internet forbidden?
Trading via the Internet in itself is not forbidden, as Muslim scholars permitted electronic exchange, but the forbidden is through various practices such as dealing with interest and trading in shares that engage in some forbidden activities and so on.
Do you trading Type From Species gambling?
It is necessary to know that relying on luck and coincidence in all types of trade is considered a gamble. It is necessary for every trader to study the market and manage risks consciously before entering into trading to avoid relying on luck in a large proportion, as if you depend on luck only in trading, that is a type types of gambling.
How Can making sure From that your account according to Islamic Law Islamic?
You can make sure that your trading account is Islamic by contacting 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 into an Islamic account as soon as you request to open an account without asking for it.
What the difference between Benefits castling And the spread?
Rollover benefits 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, which 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 when opening a new deal each time.
What she Negatives the account Islamic and its effect on me trading?
There are no negatives in the Islamic Forex account in the vast majority of currency trading companies, but in some currency trading companies they may impose a commission or additional fees other than 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 in the account Islamic?
You can trade gold, trade forex, trade indices and bonds contracts, in addition to oil, cryptocurrency and stock trading.