Is there any halal way of trading forex or commodities? On my search I found some forex market agents that claim to provide halal way of forex trading and they do not deal with interest is this correct? I have recently did trading online but later on going through their terms and about sections I realized that they categorize this kind of trading as margin spread betting or gambling trade, also at end of the day when price roll over to next day the agent charges the interest on invested amount which is clearly not allowed in Islam. Here my questions are:
If we have got some earning through these trades on which we have paid any interest or transaction classed as gambling or betting what is the best way to dispose it?
Can this earning be given to any needy relative and can be used for other purpose?
Answer
(Fatwa: 1717/1119/L=1434)
The major problem of the online forex business on international level, is that when the customer buys goods from the company online, he does not take the goods into his possession after transaction and then sells it before it comes into his possession to others. This is called the selling before taking into possession (bai qalal qabz) which is unlawful as per the Shariah. If you earned anything with such types of business i.e. you bought goods and sold it with profit then this profit will not be halal for you and it shall be necessary for you to give it into charity.
Also the earning which is made by gambling it should be returned to one from whom it was earned if it is possible to deliver it to him otherwise give it in charity to any poor person without the intention of reward. If any of your relatives is needy then you can give it to him without the intention of reward. It is interest and it is not lawful for you to use it.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband