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Forex Trading in Islamic Account: Swap-Free and Leverage-Free

Answered as per Hanafi Fiqh by Muftionline.co.za

Q: I do forex trade in Islamic account which is swap free and I don’t take any leverage. For example if I deposit 10000 rupees in my account I will buy dollars from these rupees and will sell them when the price of the dollar increases. Is this profit permissible for me?

Bismillaah

A: If you do not get possession of the dollars then such a deal is impermissible.

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

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)


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This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.