Q: The question is regarding online stock trading. To understand below are the few details:
CNC (Cash and Carry): Delivery trade using CNC with no leverage. Once bought, shares will get delivered to your demat account and if sold, shares will get debited from your demat account.
MIS (Margin Intraday Square off): Intraday trade using MIS for additional leverage between 9:15 AM and 3:20 PM. All open MIS positions get squared off at 3:20 PM.
The Question is regarding CNC and MIS. MIS is Haraam as the stocks will be squared off by the broker if not sold on the same day.
Regarding CNC I want to make it clear. When we buy the stocks via CNC The stocks will be confirmed like a bill generation and we get the right to sell it in the next minute and also if we want we can keep the stock for selling it later. Please let me know, whether we can do this delivery based trading or not? the complete rights are given to sell to buyer.
A: If the product is halaal and there is nothing else that is doubtful in this contract then it seems permissible.
And Allah Ta’ala (الله تعالى) knows best.
Answered by:
Mufti Ebrahim Salejee (Isipingo Beach)