Is Forex trade permisible in islam?
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
The issue of online Forex trading was discussed in the Jameeatul Muftieen (is a board comprising of 12 Muftis of South Africa). After analysing the details provided, Forex trading was ruled impermissible, as many of its aspects did not conform to the laws of Shariah.
And Allah Ta’āla Knows Best
Hussein Issa,
Mozambique
Checked and Approved by,
Mufti Ebrahim Desai.
www.daruliftaa.net