such as if he buys dollars for Libyan currency hand to hand, exchanging it in one sitting, or he buys Egyptian or English. If they are of the same kind, such as dollars for dollars, or dinars for dinars, then the exchange must take place in the same sitting and they should be of the same amount. 3 Riba, which occurs in this transaction in the form of fees for delaying the deal.
Ruling on dealing in currencies in the forex system and paying Ruling on trading in currencies - Islam Question Answer Ruling on dealing with the Islamic Forex - Islam Question Answer Is Forex Trading Allowed in Islam Halal or Haram DailyForex
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Allaah says (interpretation of the meaning O you who believe! Fourthly: This transaction involves economic harm to the parties involved, especially the customer (investor and to the economy of the society in general, because it is based on borrowing to excess and taking risks. Please see: Forex Currency Trading, and Allah knows best. 60, in its forex nedir sixth session. The Council advises financial institutions to follow the ways of finance that are prescribed in shareeah and that do not involve riba and the like, and do not have harmful economic effects on their customers or on the economy in general, like shari partnerships and. Deal not unjustly (by asking more than your capital sums and you shall not be dealt with unjustly (by receiving less than your capital sums) al-Baqarah 2:278-279, secondly: The agent stipulates that the customer must deal through him, which leads to combining both giving. It is permissible to deal in currencies if the deal is done hand to hand and the transaction is free of conditions that stipulate riba, such as the stipulation of fees for delaying the deal, which is interest that is charged to the investor. The fourth statement of the Islamic Fiqh Council of the Muslim World League in its fourteenth session in 1415 AH stated that it is haraam to deal in the shares of companies whose main purposes are haraam, or some of their dealings involve riba. It says in Majmoo Fataawa Ibn Baaz (19/171-174 Dealing in currency, buying and selling, is permissible, but that is subject to the condition that the exchange be hand-to-hand if the currencies are different. This is interest that is charged to the purchaser if he does not make a decision on the same day, and which may be a percentage of the loan or a set amount. Wikipedia : The foreign exchange market (forex, FX, or currency market) is a global decentralized market for the trading of currencies.