According to Mufties, forex trading is not permissible
but what about if you don’t do this your self and you just invest and then company does the trades for you, is thi still
haraam? in this case the company guarantees the profit as they have bots and automated softwares that does all the trading for you from the money which you invested.
so you just invest a certain amount and then you just sit back, everything after that is automated, the company takes your money, put it in to work and once they start making money, they start paying you back in profit, you make all your money back but you also make profits
So is this allowed?
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
The permissibility or prohibition of dealing in forex is not based on one personally dealing in forex. The ruling depends on the actual forex procedure. If the forex procedure is not shariah compliant, it will be prohibited even though it is conducted through by a company or an agent.
And Allah Taala Knows Best
Mehrazur Rahman
Student Darul Iftaa
Brooklyn, NY, USA
Checked and Approved by,
Mufti Ebrahim Desai.