Is Forex Trading Haram or Halal? | An Insider View
Вставка
- Опубліковано 30 лип 2024
- Prior to IslamicFinanceGuru I worked as a corporate lawyer (Ashurst LLP and Debevoise & Plimpton LLP) and advised some of the largest forex brokers in the world on their regulatory issues.
Through this I got a really under-the-skin insight on what this business model actually is, if its truly haram or halal, and if it is actually something you should invest in.
In this video I wanted to share some of my insights into whether online forex trading is haram or halal and whether it is commercially a good idea for the average investor.
I would love to hear your thoughts in the comments below!
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We have previously written extensively on this topic. See here:
forum.islamicfinanceguru.com/...
and here:
www.islamicfinanceguru.com/is...
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TIMESTAMPS
00:00 - Introduction
00:47 - What is Forex?
02:04 - What is leverage and is it haram or halal?
03:37 - But Forex doesn't involve a loan or 2 transactions
05:56 - Islamic Forex accounts
06:51 - How many people actually win in forex?
08:46 - Conclusions
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#forex #forextrading #forexfatwa #Islamicforex #halalforex #investment #startup #investing#shariacompliant #halalinvesting #halalinvestment #islamicfinance #ifg
The messenger of Allah صلی اللہ علیہ وسلم said “You will never leave something for the sake of Allah, but Allah will give you something better in return.”
Masya Allah brohter
Beautiful reminder. Subhannallah
I have devoted to my financial expansion this year, started with ETFs which has given me 12 percent growth so far but I recently diversified into Forex which has made me over 70k with a 100k capital
Wow, I know it is profitable if done well which is a skill that is hard to learn. can you help me get started
Great, as far as the holy book does not forbid trading just as Ibrahim has explained then I am going to give this a try, can you show me how
I can't coach you because I barely know how rather I use an expert for it
Benjamin ravies
That’s his gmal okay
Thanks a lot, I have mailed him and I will be back soon to tell you how my journey is going
I was about to get into this and buy a training worth 12K by one of the top Forex trader. Alhamdulillah I watched your video. I don't want to earn haram money even there is a prospect of earning more money. Whoever, leaves the haram sake of Alloh, he will get something much better in this dunya and hereafter.
Which trader it is ? does he have an IG account ?
الحمدلله
@@faouziajr1416 😂😂🤦♂️ fam 😂😂😂
12k Thats alot money be careful akhi or SIS they Will scam l would advice start bussnies with that money find bussnies thst befit You
@@faouziajr1416 bruv
Jazakhallahukhoiron. I've been looking for this explanation in the last 2-3 months. I think I now have the answer, especially someone directly experiences in both fields.
One of the only true person on youtube who has knowledge of forex and logically explain why it is not halal.
Is it halal or aram
@@IbrahimMohammed-pq9inHaram according to him. And what make it Haram is that leverage charges
@@bilyaminuyahaya8386 if you are pay Interest on leavarage then it's not permissible.Some brokers given leavarage but after the Trade close they own their leavarag.
Same like We do physically Investing and we need more money to buy a products so we say to ours relative or friends give me more money I will invest. This happening by physically and here oh trading its happening digically. We also use digically Credits card, Debit card.
@@bilyaminuyahaya8386but is every broker using the leverage or commission??? Am using exness broker is it also haram?
@@bilyaminuyahaya8386 It's not just leverage, the interest on leverage can be removed by opening a Islamic account. The problem is that some brokers maybe dealing on the price of the asset and no actual transaction is occurring in real life, which is like dealing with derivatives and it's clearly haram. The second problem is, even if the double transaction is happening in real life in background, the broker is adding a condition with the loan amount to buy currency from their platform and give them commission, adding conditions to loan amount is haram in Islam.
This was very clearly outlined & well explained, I feel like a lot of us may not like to hear the fact that this is haram, but Allah knows best. Jazak Allahu Khairan.
In light of the ongoing global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not strongly reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.
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I am so happy that i run into this video and this channel. We as muslims need more smart people to be out there sharing knowledge in a perfect manner.
Peace be upon you, I advise you to trade with Mrs Abigail Johnson she will assist you make huge profits in trading.
+1^2^1^3^9^1^2^3^7^4^2
Kya aap yea mujhe Hindi mai explain kr skte ho??
Alhamdulillah, I have also paid for a forex course trying to learn it and start earning hugely.
But Alhamdulillah, our Sheikh has made it very clear.
I have stopped just now, inshallah, may Allah forgive us.
@@qarinew assalamualaikum sir sir forex is halal or haram according to ur sheikh
Very well and simply explained. Jzk for enlightening us on this subject. Best video I have watched on this subject.
Masha Allah...may peace and blessings of Allah SWT be upon you and on all muslim ummah... Great video thank you for enlightened us with your expertise and knowledge.. Appreciate 👍
Assalamu alaikum, maa shaa Allah. The video was indeed timely and educative. May Allah increase you in knowledge. Jazaakumullahu Khair.
Appreciated
@@IFGuru forex trading haram or halal clear in one word plZ
Forex trading haram or halal clear in one word please
@@babydevadiga9838 its haram
I watched your video and today I closed my forex trading account and I will give all the money to charity. Thank you
peace
Yes I'm planing to go into forex as well, but I think I'll just give it to charity, the best trade is trade with Allah
The money you made while you was ignorant is halal for you but not any made after you got the message.
A good step. My fience also did it. Left the fx trading
There are shariah complient brokers. WITH SIGNITURES. research yourself vantage fx if you dont believe me.
Probably the best video explaining forex in Islam. Thank you brother JazakAllah. May Allah guide and keep us on the halal path.
Kya aap mujhe yea Hindi mai explain kr skte hai
@abdull Maleek forex trading ki halal or haram?
@@lowpricebestproducts334 halal nhi ha
Ibrahim Thank you so much Today i was going to invest in FOREX Trading but then a saw a video and one led to another and i reached here. You explained a lot to me Thank You so much!!!
So is forex trading halal or Haram?
@@osmannaeemrana it has been summarised in the video
Thank you so much brother ! May Allah SWT reward you for the effort you put in to make this video, which will be useful for many Muslims who are willing to follow Halal way.
Your videos are very informative - keep up the good work. I rarely ever subscribe to youtube channels but your channel is worth subscribing to. May Allah accept.
Shukran Jazillan I didn’t had any clue regards to wrong decision I was about to put my savings into.
Masya Allah, how come this channel doesn't have like at least 1 M subs?
why does it need 1m?
@@uknasa007 its underrated bro
Peace be upon you, I advise you to trade with Mrs Abigail Johnson she will assist you make huge profits in trading.
+1^2^1^3^9^1^2^3^7^4^2
Alhamdulillah I came across this video. Shukran jazzakallah kheir brother.
beautiful!
I would like to add that trade on a standard for value measurement is like changing your standard or having a different mass standard to weight on the Mizan.
Thank you, it was very infromative. What about Bitcoin and NextGen currency. Are they permissible according to Islamic Law?
Excellent video. It takes great skill to simplify complex information as you did. Mashallah 👍👍 well done.
Forex halal and haram??
Halal than type yess
Haram than type no
This is so helpful! Thank you so much!!
Thank you for this informative video brother. You guys should really release content much more frequently. There is a dire need for personal finance content for Muslims. We need a credible knowledgeable team to share knowledge.
Thank you for the detailed explanation. However isn't there a more fundamental argument that since money is not a commodity (but only a medium of exchange), it must not be traded simply for the end goal of making money with no connection to the real economy? The need for foreign exchange transactions by companies that are actually trading goods internationally and by travellers who need local currency in their travel destinations wouldn't classify as trading as they are doing it out of necessity for a real-world transaction to take place.
I have been having lots of thoughts on this lately l, having learned the skills and started making some money then this occured to me from pious friends. Alhamdulillah, may Allah help me get rid of Forex totally from my mind. Ameen
Great explanation from EVERY angle
Am so grateful that i landed on this video, thanks a lot for the info..
I'm not getting the loan to use the service though. All brokers give the loan. I chose the broker BECAUSE of their service. Do you know how much it should cost to place a market order? Is the delivery fee at a restaurant riba? No, you are paying for a service, one they don't offer if you don't buy their food. I'm not trying to argue I'm just telling you that modern life is full of transactions like this. A discount card at a gas station will only be currency at that gas station chain. So if this is your belief... be careful of all such transactions.
I'm very confused
Brother I do have the same reasoning as you
Asalamualikum can you help me out here brother I opened my trading account in exness where i traded with with leverage and made about 1.30usd and then i tried to withdraw the money to find out if they charge in commissions or not but while withdrawing the money they do dont charge any commissions at all… its like i asked my friend for moeny then later gave him back with zero interest and commissions but at the same time im confused about how they are earning then is there something that im missing out here please clear my confusion 🙏
I've always wondered! Many thanks for explaining
jazakallah khairan for your explanation baarakallah fihi
I was about to start trading today. Thank you my brother.
Halal hai ya haram?
@@blackflags7668 haram he bhai
Yar spot trading b haram ha forex pa?
Excellent video. I used to be involved in forex trading myself years ago but I stopped because something just didn't feel right. This video reiterates the Shariah standing on forex, but unfortunately many people are still attached to it, and unfortunately some of my own relatives are involved and frequently and selectively quote imams who say it is permissible with very weak reasoning because they don't fully understand how it works, but people still follow them because how influential those imams are.
Halal stock picking ...check it out inshaAllah.....ua-cam.com/channels/grsr-hW1F7UmH320z3q-1Q.html
what do you do now? i spent so much time and got good at it now I'm very lost
Very helpful explanation, Jazak Allah khair
JazakAllah khairyun kaseer, cannot appreciate enough your content and your channel. Keeping creating content and educating people.
👌🏻💯
if you go through a pot and mortar money changer, you will be charged some form of exchange fee. That is not interest, its a service fee.
somebody needs to pay for the service to provide the trader a platform to trade, the charts, analysis tools, data, processing those trades on behald of the trader etc.
In terms of leverage, as mentioned its a type of loan that you pay back at the end of the trade, together with a service fee or margin fee or so. Now thats debatable as a muslim borrowing money from a conventional bank to buy a house or using a so called islamic bank for the same purpose. You can avoid that part of the business and trade spot with no margin. Money per se is actually created from nothing anyways, just numbers that we use in exchange of goods and services. Im suprised why some shares are considered halal and forex considered haram while they have the same principle, both produced nothing. The shares cannot be used to buy any goods or services until it get sold in the market and translated into cash or currency. Same as pips in the forex workd.
Overall the argument is pretty basic and does not look at the fundamental concept of money/currency. However, its good effort from a brother who has a sincere intention to educate us.
All the best
Thanks for the explanation It was on my birth day, today I began my new year with prayer, and I followed it with tears I am now not in my country since the beginning of this epidemic. I have focused on fracts from that time for more than a year and have lost all the money that I have and which I do not have I don't know what to do after I saw this video Can I switch to the stock market at 0 for levrege ?
Peace be upon you, I advise you to trade with Mrs Abigail Johnson she will assist you make huge profits in trading
.+1^2^1^3^9^1^2^3^7^4^2
Can you observe credit score system ?
I heard that if you live in Usa you should get more loans and improve your credit scrore in order to get particular services or benefits
Convincing explanation, many thanks
Successful people don't become that way overnight. What most people see at a glance wealth, a great career, purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life.....
The thing about been successful is working toward it and not going the other way round
It's obvious everyone is doing this online Investment
Investment is the key to achieving success with the current pandemic slowing down so many businesses aww
Yes I'm a living testimony of Stacy Griffin, her platform has also done a great thing for me
She have changed my life and financial status for the best. All thanks to my aunty who introduced me to her.
She is obviously the best, trading with her gives me joy of earning
I have a question, I was trading forex and stopped now, If I want to go with stocks is it OK to use the same broker and change the leverage to 1:1? does this means no loan and no margin? Hope you can help.
I want to ask the same thing
What broker ?
Question, if I do have Bank account in two different currencies, USD & JPY as your example, and I transfer amount from USD -> JPY account, and later a few days/months/years, I do another transfer JPY -> USD, which in both cases happens immediately from customer perspective. How do you understand this?
This way of forex is halal. The online forex trading system doesn't work this way
Jazakhallah khaire, very good topic. Brother what about if you're not doing yourself the transaction, instead your invested in a company that do multipl trading at the end you get 1% daly of your investment. What do u thing about this type of trade.
Thx
@Islamic Finance Guru
Thanks for this brother.
I have one question. If I invest with a company that trades forex at 20%ROI in a month, is it haram?
I need to know this
@ seems like to me everyone wants it to be halal so much they will try and find any loophole to make it halal. I get it we all want to wealthy but is it worth it if we go against our religion
@@kirbi888 its hard because most major bank in any country do forex with out money and then return it as devident. Isnt this almost the same as investing to a company that do forex?
yes absolutely. it's HARAM. fixed ROI is impossible in real business, so it's RIBA.
Fixed rate is haram ..but wht about percentage of profit....,?if someone asks 10000 per month for his money.. its haram .what if someone asks 20 percent of profit..is it haram too..?it depends on the profit huh...maybe it will be high or less.. it depends on profit.. then how it becomes haram?
I have a question and I’ll really appreciate if you answer. These days there is facility where any person can become an investor and can invest on professional forex traders who do all the trading. It is also called copy trading system. If a trader losses the investor also bears loss on other hand if trader gain any profit investor also gains profit. In return investor has to give a small % of profit to trader. Is this type of investment is Halal or Haram? As the invester is not doing trading he/she is only investing.
money is coming from haram source though
@@Skclearr agreed it is prohibited
Aslam o alaikum
The most reverend sir is this order would be applicable to ht fox trading in same way..
That ht fox, octafox both are haram.
Shukran. Very informative video & clears my doubts. Jazakallah
Peace be upon you, I advise you to trade with Mrs Abigail Johnson she will assist you make huge profits in trading.
+1^2^1^3^9^1^2^3^7^4^2
One of the great video. Thanks for sharing the knowledge and saving us from this Haram deed. Stay blessed. Thanks again
Halal stock picking ...check it out inshaAllah.....ua-cam.com/channels/grsr-hW1F7UmH320z3q-1Q.html
One of the best videos thanks for saving me from such a big sin
Leverage in future trading in Binance is halal or haram?
@@uzeyirktk4945 all I know, leverage is always haram
@@user-kp6rf8nz7y but they give leverage to support you in investment
@@uzeyirktk4945 still it is haram since inance charges you interest. avoid at all cost.
@@doubleshah6281 islamic accounts have no interest bud.
thank you so much. educative
Jazak Allah khyren I was trying to find this for a long time.
Salaam, currently a trader, with the Islamic accounts you explained there’s no interest however you didn’t explain the other non complaint shariah elements which are present in the Islamic account?
Hi, I’m a Muslim Brother that trades myself and this guy has talked with little to no knowledge, he said that for USD/JPY you borrow the other currency when doing the transaction, which is wrong if you understand the concept of base currency and Quote currency, a lot of what this guy talks about is from pure opinion
@@vbandz2645 no, you are trading cfd's. You don't buy any currency. You just say if it will go up or down. You don't own any asset. This is gharar money. Cfd trading in general is haram
@@omarpip8641 according to the book of fiqh, the buying and selling on non-physical products is permissible if it can be a physical thing, this is accustomed to this day and age
It is easy to tell us what is halal and haram. The question is in the modern world of "interest-based" banking, what are the options, the common Muslims have to get rich? That is the part where scholars can't talk anymore, because telling someone what is wrong is easy, but giving someone a plan of action is difficult. The truth is you cannot avoid interest in any business unless you chose to live on a fixed salary.
No problem bro, when Allah asked you why did you get rich from Haram, you can say the same reasons as well
The problem is in your reasoning, you just want to get rich… A halal modest income is better than having a Haram wealth that was built by waging war against Allah (Interest)
Good video brother, keep it up
Thank you for your advice brother! I wanted your opinion on whether it is halal to use a Trading 212 investment account?
after watching the video i'm closing my xm account , thanks for your advice
can you do a video about dropshipping ?
Forex is haram ? ( i’m french)
@@kosovcty1461 yes😁
@@mylife7764 but french islam say is not haram
✌ I'm not Surprise that you guys know him, he good work/services speak for him.
Jazak’Allah Brother
God Bless You ! ❤
AsSalam, thank you for the explanation and clarification. Wassalam...
I looked into fees associated with using leverage, you aren't charged for using leverage there's no fee associated with it. Can you follow up with a reply please.
Please are you serious ??
Yes i also looking for it a fees
@@bilyaminuyahaya2219 Ive reached contact with an employee at vantagefx, there’s no charge for the extension of leverage. The only fees are for swap and for placing a trade under the brokerage
I think the charges are for you placing a trade and also making use of their platform....something applicable to bank account.. You are charged for transfer, ATM charge and all the rest
@@nurudinabdkarimajose3035 that is exactly what the Scholar are saying the problem lies. since leverage is a loan, the loan provider who is your broker cannot benefit from you in any way shape or form even if the charges they charge is to do with your usage of their platform. The logic is, if the loan has go no condition attached to it for example, the condition could be , you can only access the loan via the broker's platform- than its permisable and halal but unfortunetly, no broker will accept this as there is no commercial advantage for them. Literely, they are giving you the leverage to use thier platform and trade through them so that they get benefit from you.
Thanks for the video, it was very informative. Could you do a similar vide on cryptocurriences?
Some say cryptos are more like virtual gold and aren't depended upon a 3rd party
Peace be upon you, I advise you to trade with Mrs Abigail Johnson she will assist you make huge profits in trading.
+1^2^1^3^9^1^2^3^7^4^2
What do you think about Garrett Gunderson's Cash Flow Banking, and what is the halal equivalent of whole life insurance for USA citizens?
Jazakallh brother❤️
My only issue is how can you compare leverage and loan, as being two similar things. Leverage doesn't fulfill the conditions of a loan, as it is not given to you directly, like a loan. And it doesn't have to be paid back. The broker is simply boosting your investment so that you can make good returns, irrespective of how much you invest. So, I don't see how those two can be equated.
Irrespective though, they still take a fixed cut. Which in itself is interest
@@coachingkusi what fixed cut? if you talking about the commission. you need to pay the commission for every single, because no one is giving you free lunch. The broker exists to make money, how will exist if it does not even charge for its services.
I have also seen this issue. the guy says he is a corporate lawyer and does not even differentiate between leverage and loan. brother, if you trade forex and have some knowledge on this topic, i would like to talk to you if you mind. your email?
@@MoKadir96 True, I could be speaking ignorantly. Do you have sources to prove it's halal though, as it seems that's the standpoint you are coming from?
As my broker only charge for spreads as i know . And spread is the difference between buy price and sell price .
Sir I have a question ? You said that leaverage is haram because the broker also take interest on that amount which he give to you. So what about investing in a shop ? A man give some money to the owner of the shop and then take 20 or 30 percent from it as a partner in that business? Kindly clear about it
In your example there is shop between, but here if they are giving money, than they are getting money by money, there should be ant assets between
@@infotreetv1379 thanks 😊 now I will stop forex trading
@@infotreetv1379 by using the same logic if there is a shop there also in forex there is exchange=shop
Thanks bro Ibrahim very educational video,Love it
Peace be upon you, I advise you to trade with Mrs Abigail Johnson she will assist you make huge profits in trading.
+1^2^1^3^9^1^2^3^7^4^2
I'm in forex business..i want to clearify that there is interest free account available in which there is no interest charged nor swap charged..then your first condition is fullfilled by this?? Right
@Islamic Finance Guru
Excellent video...
Few questions:
What if the leverage is 1:1
I know they would still charge (spread), but it wont be as a return for the loan they provide.
regarding possession of the currency, when we buy the currency pair, we do have the right to keep until we want
Also most of the things nowadays are not completely acquired physically but we do have full control over them
I am only referring this for buying and not selling (as short selling is clearly haram)
Please advice
You have wrote down exactly what I was asking buying and making money and 1:1 leverage doesn't that make it halaal
Forex leverage is not haram because it doesn’t come with interest. Same thing with short selling there’s no interest in it.
@@SaadArshad17 Forex products are CFD, meaning contract for difference. referring to Product disclosure statement, you merely speculate on price, there is no exchange of money or asset between buyer and seller. no matter if you use leverage or not.
Thank you brother, I have listened to some videos by some sheikhs who only made it more confusing because most of them are not well versed in finance. this video made it really clear. Now I know I should just stay away from forex. is there any Islamic investment you would suggest that is halal, jazak Allah khair brother.
Try out real estate but the halal way without any interest based
Thanks for the insight
JAZAKALLAHU KHAIRAH for your great explanation.
Peace be upon you, I advise you to trade with Mrs Abigail Johnson she will assist you make huge profits in trading.
+1^2^1^3^9^1^2^3^7^4^2
man, finally i got a better understanding of what happen inside forex trading. thanks a lot Ibrahim.
Do you guys invest in Africa ?@IFG
I mean investing in Africa business and ideas
Halal stock picking ...check it out inshaAllah.....ua-cam.com/channels/grsr-hW1F7UmH320z3q-1Q.html
I finally came across a simplified explanation about this forex trading. JazaakAllahu khayraa brother. Most muslims try to paint it fine to make it look halal. May Allah continue to guide us
What is we use ECN account with no leverage?
ECN means that the actual trade will be place immediately.
and no leverage, means that we are not borrowing from the broker.
Is it halal then?
Sir please do a video on commodity trading in gold silver n oil
Trading gold silver and oil is directly haram
Hello. I am a forex trader for 7 years now. And I think what makes forex trading haram is putting our hard earned money to gamble. I think trading in general or anything that is harmful in terms to our financial, emotional and psychological health is haram. Trading in fact must be treat like other traditional business out there. Not a get-to-rich quick scheme, not a hobby but more of a profession that requires knowledge, practice and experience.
Since you are trading forex you have knowledge, most ismamic scholars have little knowledge about it.
So is everything related to forex true in this video?
@@elyanhamad3469 No, most people want to be ignorant and say that islamic scholars know nothing. He explained it clearly and many other scholars did too. Derivatives like forex,options and futures are forbidden cause they're purely made for speculation. While spot trading is actually real trading, so exchanging things for something else. Thats why spot trading stocks, crypto and real currency trading is considered be halal
@@omarpip8641 how about kot4 is that a halal broker?
@@abda200 no, every online forex cfd broker is haram. Only online forex halal trading is converting currency in paypal with your own money
@@omarpip8641 and how do we do that?
Assalam walekum brother is intraday allowed in equity
I really love you as a Islamic brother
Allah give you success and jannah
Peace be upon you, I advise you to trade with Mrs Abigail Johnson she will assist you make huge profits in trading.
+1^2^1^3^9^1^2^3^7^4^2
Thank you soo much. I received an message from a sister who was talking about making money from home on your own terms etc and when i looked into it it was a forex group. I was really considering it due to financial situation however was curious if it was halal or not. Im really glad i came across this video as a lot of the articles online claim its halal but are often written by the 'islamic accounts'
Kia Mujy Yh Urdu Mn explian kr degi
@@Mrzk98 forex halal nahi hai is ki puri tafshesh video me hai ke forex halal kyun nahi or kyun koi log galatfemi rakte h ke halal h
Thank🥰 you
This is the good content I have ever encountered since I have known forex Market
Peace be upon you, I advise you to trade with Mrs Abigail Johnson she will assist you make huge profits in trading.
+1^2^1^3^9^1^2^3^7^4^2
Excellent video that makes the matter very clear. I particularly liked what you highlighted re. "Islamic accounts". I have come across one broker with an "Islamic account" that shows a certificate signed by some sheikh called Hassan Qamra, who is supposedly chairman of a Sharia board, but they don't mention where or of what, and googling Hassan Qamra doesn't bring up any results in either English or Arabic. Jazaak Allahu khairan for this video.
Yeah there is no record online of who this scholar is
What if we paid a third parties to trade for us. Is it considered trading without knowledge?
It’s Haraam. End of. Let’s move on from this. Some people are way too attached to this.
How
@@skeptage5136 Most Forex trading is A) Leveraged ridiculously, I'm talking 10-100x so you can only sustain a small downturn before your capital is wiped B) You're not even buying the actual currency.
As explained they're usually market makers IE the company just sets a price that's somewhat linked the current market rate but the actual broker sets the rate and you're just buying and selling on their platform against them.
well clearly this isn't for you, enthusiasm and confidence is something required and clearly you do not have either!
if almost everything is like that and haram, if even the banks cut a certain amount when carrying out a certain withdrawal, and they have a fee called annuality,
the only thing you should avoid in forex is interest,
margin has no problem because the broker only lends you the amount and not the interest on it
@@m-doser424 true true I woukd just be wary of investing with margin as is. It's extremely risky and not a sound strategy for novice or retail investors.
Hai iam from india..so can I trade in stocks like intraday trading...hope you will reply my comment🙏
Intraday is haram go for delivery trade..
if ther's no laverage 1/1 and they still charge for commission for the service. and ther's no swap , no interest . is it halal now or still haram
Brother
May i ask is it halal or haram the trading done on commodity on similar online brokerage platforms?
I knew currency against currency trading is haram for large scale business only purpose.
But i am not sure about commodity trading based on online platform similar to forex ...?!
I don't see why it's not permissible in Islam to use leverage (to borrow money from a broker) as we are bounded to the broker's t&c's such as commission, fee or spread whatsoever. it's the same story for if we're borrowing money from a bank to buy a house, we're bounded to the bank's term. Can somebody show me the dalil / reference?
Its haram because you trade contracts, not real currencies (cfd trading)
@@omarpip8641what? Your money in your ewallet is contract too because its not a value on paper note form?
Salam alaykum very clear and now I understand more why it is haram but is there any way to build a brokerage company which is 100% shariah complient because if Muslim don’t try to find a solution for forex we will be left broke
Thanks for this comment @baba Cisse.
My view is that there are many sharia-compliant options for both long-term investing and short-term trading other than forex.
These halal options are:
Short-term trading: stocks and shares, crypto
long-term: everything you can think of
For the long-term options in particular check out: www.islamicfinanceguru.com/halal-investments/
The only way to trade FX in a halal way is to buy the currency outright and exchange the currency literally. Either by going to a money exchanger and buying/selling the currency hand to hand. Or doing the same online via your bank account. Obviously you will need huge amounts of cash to make this profitable as no derivative products are invovled and therefore it is not tenable.
www.vantagefx.com/trading/trading-accounts/islamic/ I found a sharia complaint with a certificate from a sheikh of the Sharia Supervisory committee signed by him
Also the brother in the video mixed a lot of concepts up especially the Base and Quote Currency bit, to let you know, interest is only involved when the swap fee charge is incurred for overnight positions taken
@@vbandz2645 Its fake, i emailed them. That sheikh is not known. They just paid a random person to sign and say that it is halal. A manipulvative way to get muslim customers.
Can you make profit from the currency by hoarding it Is it hallal??
As imam of fiqqah sets conditions for the currency in which one is that currency is used for the transaction purpose not for profit making(hoarding)
Shukran for explaining this in details in the Islamic perspective. I open an account and closed 🔐 now. Will never ever do forex trading.
May Allah protect us all from the temptation of making easy but haram money
Clear and concise. What about binary? Binary is base on pairs say EUR/USD. Binary traders we trade base on a candlestick.
Binary in general being project as a gambling. And being the first hand trader, i agree to it. But, after putting some effort, years after years, we minimize the risk of losing by decreasing the quantity trade and money wise, while doing quality trades instead of gambling.
But i'm not sure if there any interest to it. The idea is the broker set a percentage say 85%, we trades with $5, on expiration time we profit $4.25 back.
Please advice.
No one answer this question ⁉️ why
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Alhamdolillah your knowledge is immense and commendable. Keep up good work.
Thanks for watching
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I always just thought forex was just a bit more x than threex
I think this could deserve another video ;)
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@@ianrochaz6454 halal or haram clear in one word plz
Thanks for the video, it's very informative. Binary Option is gambling , that's why you are not to invest with money you are scared of losing because it actually attracts reward and also losses .
Bitcoin Trading is actually gambling, because the number of my losses is more than that of my wins so I prefer to Mine thou it might be very expensive
@@carmenm.lybarger4002 Yeah, but with a professional like Mrs Karl Anja, possibility of losing is at minimal when trading so I advise everyone go for Bitcoin Mining option.
It's easy and very reliable in this time of the virus out break you can work from home and earn from home differently from your salary.
I thought it were all lies people say on the internet about her and her investment plan until I gave a try. now I can join the chorus to testify boldly.
I ran into loss four months ago when I tried doing it alone but I think this time I really need an expert to guide me through.
What’s the problem of paying an administration fee to use their platform? Vantage fx charges no interest
Great explanation, I have questions
What if you're using your own money at 1:1 leverage.. I.E you are risking only your own money?
Like you said, we have islamic accounts which are SWAP free i.e no interest payments?
And someone actually spends a while in forex and takes the time to learn whats required to succeed..
Does forex then become halal if these conditions are met?
Furthermore, whats your take on prop firms which use their own firms money and have their own charts and feeds? such as FTMO.. who do use leverage yes but we are essentially working for them instead of trading our money and they are their own broker so the money is not getting loaned.. instead the leverage is out of their own money.. with the SWAP free account ofc.