currency

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Abu Dawud’s Hadith and Wilayat al-Ijbar

Shafiifiqh.comRead

Foreign Currency Exchange (Forex)

Shaykh Abdullah bin BayyahRead

(1) In Saudi Arabia, the notes currency has the kalima “La ilaha illallahu muhammadur rasoolallah” apears on the currency.

Askimam.orgRead

Currency for Commission

Askimam.orgRead

Can I get a bonus when sending money to India?

Darulifta-Deoband.comRead

How should I handle my savings in India: sell, rent, or give to my kids?

Darulifta-Deoband.comRead

What does my dream of my marhoom grand mother giving me foreign currency mean?

Darulifta-Deoband.comRead

Is it permissible to buy foreign currency in credit?

Darulifta-Deoband.comRead

Should I take loan back at current or past Omani Riyal rate?

Darulifta-Deoband.comRead

Is Forex Trading Halal or Not?

Darulifta-Deoband.comRead

Is same/next-day currency trading halal?

Darulifta-Deoband.comRead

Calculate Zakat when earning/using money? When is one year for calculation?

Darulifta-Deoband.comRead

Is it permissible to exchange 100,000 Dirhams for 165,000 Rupees in Pakistan?

Darulifta-Deoband.comRead

Is it permissible to trade in foreign currencies in Islam?

Darulifta-Deoband.comRead

Is it permissible for Muslims to work in the money market?

Darulifta-Deoband.comRead

Islamic Fiqh Academy

Shaykh Taqi UsmaniRead

Central Bank Employment

Shaykh Taqi UsmaniRead

Forex Currency Trading

Shaykh Taqi UsmaniRead

I am interested in the Forex SPOT trading business and would like to know if it is halal. The trading that I will be doing will be as follows: Let’s say, I invest $1,000, the broker invests or lends $99,000 and together we buy the currency like euro worth $100,000. The broker will not charge any interest on the money that he invested or lend, because it will be a Shariah compliant account. – If the rate of the euro goes up and I decide to sell the euro. The broker will take a small share of the profit and rest is given to me – If the rate of the euro goes down below a certain margin which is determined by the amount I invest, my broker will close the trade and take his money back and I will lose the money I invested. Also, another place were interest may be involved is when the buying and selling is not done on the same day, then a rollover occurs which mean that either we have to pay interest or give interest on the currency you have bought, but the brokers is offering a swap free or interest free accounts for Muslims only, in which, even if you do not close the trade on the same day, they will not debit or credit any interest. I am interested in Spot trading not Future trading. Please let me know if this type of trading is halal.

Shaykh Shafiq JakhuraRead

Pictures in Everyday Life

Shaykh Shafiq JakhuraRead

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