Monday, May 17, 2010

Forex Trading in Islam

My today's topic is only for the people of Islam religion who wants to know that is it Halal or Haram to do forex trading from Islamic Point of view??? Let me discuss what Forex Trading is and what Islam allows us to do in a business. Mainly the thing that is Haram in Islam is Interest. According to Islamic guidelines you cannot deal in Interest. As for the Point of the Forex Trading different Scholars of Islam has different opinion on the Forex Trading. Forex Trading is considered Halal by some of the Scholars while some Scholars declares its few types Haram when Interest gets involved in it. Islamic Jurists keep an opinion that Currency of different countries can be exchanged and there is no harm in it and it is totally Halal.

Dollar exchange rate and the Pakistani Rupees is exchanged at the rate of 83:1. sometimes the payments are made by a different way and Interest gets involved in it so it is completely Haram by Islamic point of view. prohibition of Riba is a thing on which all the Scholars of Islam has the same thinking because Holy Quran and Hadiths clearly declared it Haram to deal in Riba. Foreign exchange trading involves investing of money of funds by different people and banks as well which keeps on changing by time to time. Like the British Pounds and the Money rates changes. US$1.5 trillion  can be earned or loss in the market of Forex trading any day. Commission when i trade is kept on the income of a money. some people even thinks that for the brokers the Forex trading is actually a charity. what can is say about different opinions? you must also any scholar a detail opinion of him on the topic of Forex trading in islam who can guide you well.

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