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Is forex halal or haram. If halaal please explain why is it so?

Mu' meneen Brothers and Sisters,

As Salaam Aleikum wa Rahmatullahi wa Barakatuh.  (May Allah's Peace, Mercy and Blessings be upon all of you)

 

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Is forex halal or haram. If halaal please explain why is it so? 

 

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Forex Currency trading

In the name of Allah, We praise Him, seek His help and ask for His forgiveness. Whoever Allah guides none can misguide, and whoever He allows to fall astray, none can guide them aright. We bear witness that there is no one (no idol, no person, no grave, no prophet, no imam, no dai, nobody!) worthy of worship but Allah Alone, and we bear witness that Muhammad (saws) is His slave-servant and the seal of His Messengers.

 

In light of the guidance of the Quran and the Sunnah, the majority of the scholars and jurists in Islam are of the opinion that the buying, selling and trading of foreign currencies is permissible in Islam, provided the trading and exchange is done on spot payment and exchanged. Please note here that margin-trading, puts, calls, straddle or any of the derivatives other than spot exchange are held unlawful and prohibited in Islam.

 

Whatever written of Truth and benefit is only due to Allahs Assistance and Guidance, and whatever of error is of me alone. Allah Alone Knows Best and He is the Only Source of Strength.

 

 

Your brother and well wisher in Islam,

 

Burhan

 

 

 


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