Online forex trading

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: Please advise regarding online forex trading. I have read other nodes but answer is still not clear. It is a swop free account – so no interest is charged if trades are kept overnight. I only trade forex and stay clear of individual stocks. When a transaction takes place I am purchasing a contract to exchange the difference between the opening price and the closing price of that contract. Please provide a clear yes or no answer.

Bismillaah

A: This type of trading is not right.

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

 

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)

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