Forex trading

Answered according to Hanafi Fiqh by Muftionline.co.za

Q:

1. I want to say one more thing here that trading in gold online is a forex trading. It is like shares of gold. If I buy it, I will get like gold lots/shares (electronic form) and when I will sell it, my broker will sell those shares (gold lots) to forex. and I will get money. So gold rate in forex are changing by international market rates. And I am not selling these electronic gold every day, it will be once in a month or after 15 days. Mean it is not like everyday game as I saw shares are not allowed if done on daily basis but long term are permissible in Islam.

2. As or the possession, I am believing that if I have gold or as form of shares in my electronic account, I have possession of it and when my broker sell to other company, possession is given to the new buyer or forex company. And if you emphasize that physical possession is necessary, can you please tell me in the shadow of hadith or Quran verses where it is clearly mentioned that physical possession or just possession?

3. What is the punishment of eating Haram on day of judgement? Is it depends on Allah will? Like many sins will depend on Allah, if he wants, he will forgive them but the sins like haqooq al ibaad, only we need to clear them with other people.

Bismillaah

A:

1. http://muftionline.co.za/node/3338

2. This is established in the Hadith. The Hadith appears in Muslim Shareef #1525. You may refer to it.

3. The one who consumes interest will wake up on the Day of Qiyaamah in such a state of bewilderment and shock that it will seem as if he has been affected by the evil touch of Shaitaan. Allah Ta`ala says: “Those who consume interest will rise [on the Day of Qiyaamah] like the one who has been afflicted by the evil touch of Shaitaan.” The Hadith explains that the one who consumes haraam, his ibaadat and duas will not be accepted for forty days.

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

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