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Answers with Tag: currency

Zakat on short and long term loans

Paper money in Islam

Have not been giving zakat for ten years

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.    

Student Loans and avoiding an interest based loan

Is it permissible to grade coins or is it gambling?

Buying and Selling the Iraqi Dinar

Visa Money Travel Card

What is meant by Firasah in Islam?

Zakaat on Gold and Silver

Compulsory Deductions for Provident Fund

Zakat on Gold: 2.5% of Total Converted to Local Currency

How will zakaat be paid on gold and silver?

Is online Forex trading aloud in islam?

Trading in Foreign Currencies