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Is online forex trading halal or haram
is forbidden. Interestingly, this could suggest that all non-market trades (i.e. The question as to whether Forex trading is permissible according to Islamic law is a difficult question to conclusively answer. In fact, one could extrapolate that it was natural and accepted for a deal to made between two different parties. However, this argument can certainly be criticized as spurious as related to market realities. There are many Islamic Forex brokers who ensure all of this is taken into account when a Muslim would like to open Forex account and trade. One author suggests that is the method of research used for the currency speculation that makes Forex trading either permissible or banned. If you are interested in doing further research on the issues touched upon within this article, we suggest that you take a look at our list of top Islamic brokers and then reach out to the broker (or brokers) directly to determine how they handle. Arguably, this in itself is just a camouflaged interest component, and if this view is taken, it makes Forex trading problematic according to Islamic law. Dollar will rise against his Euros due to economic fundamentals bound to simply make the trade immediately, and forbidden to take any action to time the trade entry to a psychologically opportune moment? Lets examine the issues one by one after looking at the saying on the subject by the Prophet Mohammed (peace be upon him Gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, salt for salt, like for like, same.
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We would seem to be on solid ground here, as when a trade is made with a Forex broker, it takes effect immediately. Once youve done your research thoroughly, you can decide whether Islamic Forex is right for you. A stronger argument could be made that a Muslim has no business speculating on the currency markets unless he or she has a firm basis upon which to anticipate success. A solid and respectable Forex broker will have concrete answers and will make you feel at ease, not uncomfortable). These brokers maintain profitability by increasing their commission on spot Forex trades, so they can recover the losses of not having commission on other positions. However, this fee schedule is not permissible in Islam due to the laws of interest, which prompted many Forex brokers to offer Islamic or Shariah Forex Accounts that do not charge or pay part time work from home online jobs standard interest. However, regular spot Forex trading offered by Forex brokers, with no overnight interest payments or charges, could clear the hurdle of riba. If the types are different then sell however you like, so long as it is hand to hand. In standard Forex trading, online brokers tend to charge or pay the interest differential between the two sides of any currency pair whose position is held overnight.