currency Archives - Page 2 of 28 - 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.

Online options trading

Answered by Muftionline.co.za

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

Answered by Muftionline.co.za

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 »

Online Forex Trading

Answered by Muftionline.co.za

Q: Is Forex trading allowed in Islam? A: The Shar’ee principle in regard to business transactions is that in a situation where both exchanges are specific commodities (i.e. both have the potential of being a sale commodity (مبيع)), then in order for the transaction to be valid, at least one exchange should be received at the… read more »

Bitcoin

Answered by Muftionline.co.za

Q: Is investing in Bitcoins halaal or haram? A: The ulama have not yet regarded Bitcoin as a currency. Hence, you should refrain from it. And Allah Ta’ala (الله تعالى) knows best.   Answered by: Mufti Zakaria Makada Checked & Approved: Mufti Ebrahim Salejee (Isipingo Beach) Source

Fiat money

Answered by Muftionline.co.za

Q: What is the Islamic position on fiat money which is the reported currency of the majority of the world today as some say that is haram and riba as the Sunnah money and Quran money is gold dinars and silver dirhams which have “intrinsic value” while todays money is backed by interest. What is… read more »

Cryptocurrency and Bitcoin

Answered by Muftionline.co.za

Q: I invested in cryptocurrency last year. What is the Islamic ruling regarding cryptocurrencies? If it is not permissible, what should I do with it? A: The ulama have not yet regarded crypto currencies as currency. Hence, you should not deal in it. If you are able to exchange it with the person you purchased it from… read more »

Takaaful

Answered by Muftionline.co.za

Q: I recently heard about Takaaful insurance and was interested in taking out a scheme to cover my home, business, cars, etc. Takaaful claims to be fully Shari’ah compliant, but when I went to the Takaaful website and saw the different schemes that they offer, I couldn’t see any difference with normal insurance. Also, when… read more »

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