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mohammed

Hanafi Fiqh

Intraday trading

Assalamo Aleykom Wa Rahmatullahi Wa Barakatho

Hope this message reaches all of you in the best of iman and health….  The whole history and question is below with attached pictures. Please read from bottom (18 January) so the whole story will be clear. And if the answer to main question is that it is permissible, then i would be grateful if you could answer to this follow up question (given that the answer to main question is permissible): If buying and selling at same day is permissible, will it be necessary to give anything as Sadaqah (regarding the loan etc the company has on it – company that has main business as halal but loan under 33% on itself) from the profit from that buying and selling on the same day? As i have understood, this is given when we recieve dividents and not from Short term capital gains like intraday trading from the fatwa below.

I came across the fatwa from Mufti Mohammed Tosir Miah (Darul Ifta Birmingham).  Link to fatwa: https://islamqa.org/hanafi/daruliftaa-birmingham/136159 Here it is said that it is not necessary to give. JazakAllah khair

Assalamo Aleykom Was told by Mufti Saab that his students was looking into the case and wanted to send some more additional information that might be relevant and more clear in what i’m asking. I came across a video adressing the exact issue that i was asking about. This is from a Mufti Akbar Hashmi from India, but i don’t know anything about his background. He is talking about the possession of the share related to intraday trading. I might have explained my question little bit confusing, and wanted to send this video where the issue was asked more clearly than i e-mailed you. If you want to take a look at it if you have time. (11min50sec video). 👇

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https://islamqa.org/hanafi/muftionline/113867 Answer from the link above 👆🏼 If you gain control and ownership of the shares and it is just a matter registering it on your name then you may sell it before the third day. And Allah Ta’ala (الله تعالى) knows best. Answered by: Mufti Ebrahim Salejee (Isipingo Beach) Maybe this is also relevant to the question i’m asking? JazakAllah khair  Sendt fra min Galaxy ——– Opprinnelig melding ——–

Assalamo Aleykom Mufti Saab  I had some additional information that may be important to take into consideration when giving an answer. The main reason i’m asking all of this is because i want to buy and sell shares on the same day (daytrading/intraday trading).  I have read some fatwas and there is especially one thing that i’m very unsure about. And that is when it comes to take possession over the share before selling it. As you can see the conversation between me and the representative for the company in the attached file, he says that i get ownership over the share as soon as i buy the share. Will this be enough to cover the criteria that says that a stock/share has to be in my possession before selling?

So my question is actually, will it be permissible for me to buy and sell shares on the same day when using a Equity account?