We would like to know if online Forex trading is permissible in Islam or not?

Answered according to Hanafi Fiqh by Askimam.org

We would like to know if online Forex trading is permissible in Islam or not? We are getting interested in this business of buying currcny and selling it. Many people are doing it and earning good amount of money. So before we start doing it we would like to get expert advice from islamic mufti.

Thank you

Answer

In the name of Allah, Most Gracious, Most Merciful

Assalaamu `alaykum waRahmatullahi Wabarakatoh

The issue of online Forex trading was discussed in the Jameeatul Muftieen meeting held last year. (The Jameeatul Mufteen is a board of 12 Darul Iftas of headed by a prominent Mufti). After analysing the details provided, Forex trading was ruled impermissible, as many of its aspects did not conform to the laws of Sahariah.

 

However, if you are well acquainted with the transactions that take place in the process of Forex trading and have details on Forex trading that would prove otherwise, then you are kindly requested to forward those details to us. A further analysis can be made if the details differ to the ones available to us.

And Allah knows best

Wassalam

Ml. M. Jawed Iqbal,
Student Darul Iftaa

Checked and Approved by:

Mufti Ebrahim Desai
Darul Iftaa, Madrassah In’aamiyyah

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