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Is same/next-day currency trading halal?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
ASAK!! Is Currency Trading is Halal? if Halal! currency trading in future that is buy today sell tomorrow or day after is Halal? the possibilities of profit in currency trading only on future that is taking to next day or two. I learned from dfferent articles that taking to the future is Haram or Najayaz. But sorry to say more risky and more benefficial in the friction of seconds. Kindly write in detail please….. =============================================== Last Day I found a website http://forexsolutionsllc.com which describes about Electronic Gold Trading under different profit basis, that is 10% – 15% Daily on Your Investment, as I also have an experience in trading currencies and gold that this company makes profit both in raising and falling market. By using our investment they make plenty of profits/loss (Allah Knows Better) but they are allocating ONLY 10% – 15% (on their basis)out of it, and crediting after 24 hours and period of Investment takes a DAY / a WEEK / a FORTNIGHT / a MONTH /.(different plans) Is this is Allowed in Shariah…. Do You think is there any Involvement of Riba? Does we mean a fixed profit as Riba? Here Market fluctuates like waves or layers!!!! Since we dont posses any risk yet if market CRASHES unfornately our amount is under risk!! And one more thing after deposits for example if A deposits 400$ on 10% Daily basis he gets back daily 10% = 40$ for 15 days. So 40$ x 15 days = 600$. He is not getting his capital amount that is 400$ and In some plan they are giving back the capital amount also. Fortunately I traced your website and found the source write you at once. Kindly help me to know and to avoid centain feature in Currency Trading???? Looking to hear from you Soon!!! Assalmu Alaikum! Shuaib

Answer

(Fatwa: 1070/1025=D/1429)

It is essential to exchange currency in cash; exchanging currency on credit is unlawful. Please, write the complete detail of the Electronic Gold Trading clearly, the question is not clear.

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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