currency Archives - IslamQA

Find answers to your Islamic questions 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.

The Shar’ee ruling regarding futures

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Q: What is futures and is it permissible? A: Futures are contracts where a person agrees to purchase (offer and acceptance) some commodity or currency etc. at a future date. However, in practice, both parties do not intend to actually exchange that commodity. Rather at the due date (date of maturity), the difference between the… read more »

Online options trading

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Q: My question is about online options trading. In this we trade between currencies. It is like tearing currency for 1, 5 or 15 minutes. So if the value of the currency goes up in that time frame (which we can predict by doing some calculations and indicators) and if the currency goes down we… read more »

Forex trading

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Q: Is forex trading halaal or haraam? While I use an interest free account, I use a swipe free and no commission account. My broker says its 100% according to Islamic Shariah. Kindly tell me about it in detail. A: The Shar’ee principle in regard to business transactions is that in a situation where both exchanges… read more »