Forex Trading In Islam (Permissible or Not) - Page 24
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Thread: Forex Trading In Islam (Permissible or Not)

  1. #231
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    Quote Originally Posted by Killer_Queen View Post
    this is something that normally people do not understand completely. only some traders who understand the law will do this trading carefully by not taking any positive swap as earning. forex trading is haram because of interest since it has been written and not negotiable. if people who are not Muslim they will hardly understand this because this is not their main concern.
    You are right the interest and swap is haram in Islam and no one Muslims is want to trade on forex with these conditions. If you are muslims then you must choose the swap free trading account which Roboforex is provide to its traders then you will be able to earn profit on your trades with Halal way of trading.

  2. #232
    To the best of my knowledge , Forex trading is not forbidden by Islam but what is considered haram is giving and taking of interest and the more reason almost all brokers offer Islamic account so that Muslim traders who are interested in trading will be free to participate in forex trading . Swap free account does not pay any interest and neither does it receive any . If you want that type of account here in Roboforex , I am happy to tell you that it is readily available

  3. #233
    Quote Originally Posted by layigold View Post
    To the best of my knowledge , Forex trading is not forbidden by Islam but what is considered haram is giving and taking of interest and the more reason almost all brokers offer Islamic account so that Muslim traders who are interested in trading will be free to participate in forex trading . Swap free account does not pay any interest and neither does it receive any . If you want that type of account here in Roboforex , I am happy to tell you that it is readily available
    what a relief to know many big brokers in the world now provides such account to help Muslim traders to trade safely without receiving any interests with their trading. it seems like brokers understand what their clients truly needs and this makes the opportunity for another Muslim people to trade in this business because the opportunity still big and success awaits for those who work hard for it.

  4. #234
    Trader ara's Avatar
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    Quote Originally Posted by Silhouette View Post
    I'm one of Muslim traders here but still I'm not really satisfied to trade by choosing Islamic account because there's still fee I must pay for each trade and how much days I hold my trade. Maybe this is one of the term that still related to business which mean there's nothing that completely free for us in trading. I know such amounts are relatively small but then the amount of swap is much smaller than the commisions.
    Do you think I'm not a muslim? I am Indonesian the biggest muslim country in the planet (but Indonesia isn't an Islamic country, we are a multicultural country) , I am also a Muslim although you see my picture that i didn't wear hijab, yes .. i am not a good muslimah (yet). But you must believe that I am a Muslim, at least you may say that I am a Muslim who has not got a "hidayah" yet. And my trading account is not a swap-free account.

    The Commission is not banned in Islam, now I ask you : if true you are a good Muslim, you should choose an account with commission - without swap, rather than choosing an account with swap - without commission, though swap is much smaller than the commissions. Right?

    And, why you didn't choose a non commissions account? You can trade on the account without both (commission and swap), the broker only just take spread on those account.

    Quote Originally Posted by Yayami View Post
    what a relief to know many big brokers in the world now provides such account to help Muslim traders to trade safely without receiving any interests with their trading. it seems like brokers understand what their clients truly needs and this makes the opportunity for another Muslim people to trade in this business because the opportunity still big and success awaits for those who work hard for it.
    Just like banks that provide sharia accounts, brokers also provide sharia accounts (swap-free) for Muslim clients, I think this is fair. But speaking halal and haram (Permissible or Not) from a case in Islam is not that simple. There are several aspects that need to be reviewed.

    Actually I feel uncomfortable to talk about this. But I see this kind of topic in this forum, so why not? Okay, let's discuss about this because this is the function of a thread in the forum, that is to create a good discussion, clear, qualified, and informative.

    Speaking about forex in Islam, nowadays forex has metamorphosed into a popular business not only among the elite or the rich, but also among the middle and lower economic societies. Nowadays many Islamic universities or Islamic colleges make forex as a material in their courses especially for economics majors. I know it.

    Islam is for people who think. And every human being is given a reason to decide a case, but ... the understanding of each person is different, so it makes a difference in interpreting a verse or hadith. Whereas verses and hadiths must be clearly interpreted before they are put into practice. Because of differences in this interpretation so that there are pros and cons among Muslims themselves, including in terms of forex trading. This happened also among Muslim scholars (Ulama).

    Yes, Muslim accounts provided brokers are very helpful for Muslims to trade without breaking the rules of the Shari'a. But still, pros and cons will always be there. Yeah, there are pros and cons among muslims in terms of forex trading. We must tell the truth and don't cover up the matter.

    The law of foreign currency barter in the cash market is basically allowed.

    "Don't sell gold for gold unless equal in weight, nor silver for silver unless equal in weight, but you could sell gold for silver or silver for gold as you like." - Sahih Bukhari - hadith 383

    A sale and purchase transactions are allowed when goods traded are not forbidden goods, no deceptive elements, concealed defects, and contains gambling (maisir) / speculative elements. The purpose of this speculative is sort of guessing the price. If lucky then you get a good item, if not lucky then get a bad item.

    Forex trading in the cash market can be legal. But in the online market, the law is detailed:
    1.Haram (forbidden), when the price is not in accordance with the time the buyer decides to make transactions with when the transaction is received by the seller (broker).
    2. Halal (allowed), when the price when purchasing is the same as when the transaction received by the seller (broker).


    But like what I said before that the difference in interpretation in each person is normal in life.
    And there are difference is between Indonesia and Malaysia ( I don't know in other country, I just know both countries only).
    As I know, In 2012...., Malaysian National Fatwa Council issuing a ban on forex trading or individual forex trading for Muslims. Malaysia's highest shariah agency assesses, forex trading violates the teachings of Islam.
    While The Indonesian Ulama Council (MUI) insisted that it would not interfere with changing the foreign exchange trading fatwa (forex) to be completely haram as did Malaysia. MUI already has its own fatwa and will not be changed. There are four types of forex transactions in Indonesia (spot, forward, swap and option), three of which are in forbidden categories (forward, swap and option). While the other one is still allowed (spot).
    Spot transactions are not forbidden category because they are foreign exchange purchase and sale transactions for delivery at that time (over the counter) or settlement within the next two days. While the other three transactions contain elements of price speculation so forbidden by the MUI. Basically, there are some things in forex transactions are allowed.

    In 2012, two neighboring countries (Indonesia and Malaysia) have different fatwas about forex trading for Muslims (Indonesia allows, Malaysia prohibits).

    So the difference will always exist, because interpreting verses and hadith is not as easy as turning the palm of the hand. If you are a Muslim, just follow your heart and your understanding of forex trading because there are 2 opinions in this case among Muslims, allow and prohibit.
    Last edited by ara; 07-22-2018 at 07:36 PM. Reason: add text

  5. #235
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    Forex trading is very risky business and in this business interest is involve which is not allowed in Islam. So If traders are not take the interest and open the interest free trading account then they can do work on forex trading and when you are work on forex without interest then you are allowed o work on forex trading.

  6. #236
    Trader Killer_Queen's Avatar
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    Quote Originally Posted by geng View Post
    Forex trading is very risky business and in this business interest is involve which is not allowed in Islam. So If traders are not take the interest and open the interest free trading account then they can do work on forex trading and when you are work on forex without interest then you are allowed o work on forex trading.
    choosing swap free account is the best choice to do this business so traders will not receive any profits from positive interest or swaps and next thing to worry about is to trade properly with good trading system. once we can follow this simple rules, everyone can trade forex market with no more worries as every transactions should be made through analysis as well, not gambling.

  7. #237
    Trader Batavia's Avatar
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    Quote Originally Posted by Killer_Queen View Post
    choosing swap free account is the best choice to do this business so traders will not receive any profits from positive interest or swaps and next thing to worry about is to trade properly with good trading system. once we can follow this simple rules, everyone can trade forex market with no more worries as every transactions should be made through analysis as well, not gambling.
    yes to choice a swap free account is the good option for traders muslim and am muslim and i used this account for my trade and i think many of brokers now available for account swap free and muslim traders no need to worry or confused if want to trade in this business. and which i for the rules of muslin the field of capital market especially for forex is allowed or halal and not haram.

  8. #238
    Quote Originally Posted by Batavia View Post
    yes to choice a swap free account is the good option for traders muslim and am muslim and i used this account for my trade and i think many of brokers now available for account swap free and muslim traders no need to worry or confused if want to trade in this business. and which i for the rules of muslin the field of capital market especially for forex is allowed or halal and not haram.
    Those Islamic account sometimes also give another issue for traders who use the account type because when we hold our trades overnight, we'll be charged by some commissions we must pay and this ammount is way bigger than the negative swaps if we hold our trade with the same method. I hope this is considered by the company so traders who use Islamic account can feel safer and joy while trading without worrying to get big commisssions to pay.
    rules made to be followed, not to be broken

  9. #239
    Islam does not forbid forex trading but the only aspect which I think Islam may frown at is that of swap which has to do with giving and receiving of interest as a result of holding a position into the next or following day . There has been a way out of that as many forex brokers offer Islamic account which is otherwise known as swap free account which does not charge ant swap whatsoever

  10. #240
    Quote Originally Posted by layigold View Post
    Islam does not forbid forex trading but the only aspect which I think Islam may frown at is that of swap which has to do with giving and receiving of interest as a result of holding a position into the next or following day . There has been a way out of that as many forex brokers offer Islamic account which is otherwise known as swap free account which does not charge ant swap whatsoever
    Many other options we Muslim traders can do to trade Forex market whether choosing swap free account or not to hold our trades overnight. However if we choose different ways then it is still allowed as long as we concern not to take any income from positive swaps or if we still get some, we can give it to others as freebies. Every problems has solutions, after all.

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