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currency

This answer was collected from the official website of Darul Uloom Deoband Waqf. The institution is based in India and the answers are provided in accordance to the Hanafi Fiqh.

Is Bitcoin Halal or Haram, as it is completely computerized money. It has no physical existence … issued or controlled by any bank or government.

Answered by Darulifta Deoband Waqf

Is Bitcoin Halal or Haram, as it is completely computerized money. It has no physical existence and is not issued or controlled by any bank or government. Answer: Ref. No. 40/1177 In the name of Allah the most Gracious the most Merciful The answer to your question is as follows: When the bitcoin is not… read more »

ONLINE FOREX TRADING

Answered by DarulUloomTT.net

QUESTION: As Salaamu Alaikum, Is it permissible to do online Forex trading? Also is it permissible to do it using the site IM Academy? جزاكم الله خيرا ANSWER: Wa Alaikum As Salaam, Trading in currencies (foreign exchange) is permissible in Islam with the following:- The Transaction between the two parties must be done immediately without… read more »

MONEY EXCHANGE

Answered by DarulUloomTT.net

QUESTION: As Salaamu Alaikum, If someone gave me $100 US and someone else offered me $750tt for it can I sell it at that price? ANSWER: Wa Alaikum As Salaam, If you are doing money exchange, then it will be permissible for you to sell $100 US for $750. TT when that is the market… read more »

FOREX/BITCOIN TRADING ONLINE

Answered by DarulUloomTT.net

As Salaamu Alaikum Question: What is the Islamic view on forex and bitcoin trading and any form of online trading. Wa Alaikum As Salaam, Answer: It is not permissible to do forex trading or bitcoin trading online. Both of these fall under the laws of ‘money exchange’ and ‘currency exchange’ in Islam, and cannot be… read more »

Is Forex Trading Permissible?

Answered by DarulUloomTT.net

QUESTION: Assalamu Alaikum, Mufti, My question today is based on if Forex Trading is Permissible in Islam? I have been doing some research for myself but i need advice from you. From certain articles online it is said that the prophet pbuh said it was permissible to trade currencies once it is done immediately and… read more »

Nisab for Zakah

Answered by DarulUloomTT.net

Nisab for Zakah By Mufti Waseem Khan The term ‘Zakaah’ in Islam comes from the Arabic word ‘zakaa’ which literally means to purify, to increase, to grow and to be good. In Islamic terminology, it refers to that portion of ones’ wealth which is given as an act of worship to a particular person or… read more »

Zakaat On Loans, Gold And Silver

Answered by DarulUloomTT.net

Question:   1.What is the Shariah ruling with respect to a loaner, who has loaned a certain amount of money, would he have to pay zakat on the total sum that is loaned or only on the amount that he receives from the debtor annually? What is the Nisaab for Zakaah (pres. currency) Nisaab of gold… read more »

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