Why is FOREX TRADING considered HARAM? | IFG
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- Опубликовано: 21 июн 2023
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Развлечения
Spot on brother Ibrahim. Speculation and playing with the money that doesnt exists - might as well walk into a casino to gamble and play roulette if you want. We live in an era where if we want to do something (mainly driven by desire) we’ll find a fatwa (let it be from Alaskan imam) to make that permissible let it be forex or even stock brokerage or homes on haram mortgage ! Just be content with the halal rizq and if not then work hard not cut corners in your religion is the advise I give to myself on a daily basis.
buy real estate in saudi and muslim countries and business in halal countries to maximize return and investments halal places if you can't live there
But the money in banks is not real … if a person has 50 mil in the bank … believe me bro he will not get his money in paper currency or gold or silver .. and what do you think a paper note is , it’s a contract that is equivalent to that worth … but do you think that their is enough gold or silver to back up the paper notes( contracts ) that We use daily , ofc not so what will your point of view be on this , your argument stands on very weak grounds brother .
Am I speculating on the paper notes that I’m earning from my fixed salary which by the way has a contract with my employer that I’ll be paid in paper notes and not any other means. What you are saying is you can speculate on the value of that note and could end up winning millions or lose millions. Does this sound like gambling to you? I am happy to be corrected that gambling is permissible if it’s done away from a casino but I don’t think that’d be possible..
@@SabbirHossain-ri6vx it’s not that easy brother if it were why aren’t all the traders millionaires… let me give you an example , lets say you heard from someone that there is going to be a colony built somewhere and the rates of the land are increasing but they’ll increase even more when the colony is built , you go and buy some land there with all your money but in the end colony is not built their and you take a financial hit .. is this haram or gambling , ofc not … but it was your wrong choices( first investing all your money and second investing in the wrong place) that made you take a financial hit. And likewise if there was a colony built there , you certainly would have earned multiple folds .. trading is exactly the same. And if soft money is the case why it’s not good then why do you use debit cards and the like .. that’s double standards.
@@SabbirHossain-ri6vx but actually its prise increases according to many factors of the market so??
If you apply this law then you must stop using any form of paper money or bank money. Double standards I see.
Fiat currencies are haraam
@@ivarbaratheon264 it's 21st century. Every currency is fiat
Currencies are no longer a derivative
I don't think this is double standard, since paper money and banking are unfortunately inevitable for the sustainability of the daily life today, unlike forex.
@@akshayrathore2882yeh they’re all haram. Gold and silver coins is the Islamic way. That way doesn’t rob mankind blind through inflation etc
Thanks for the clarity
Amazing how many people insist on worshipping their own lusts and desires and insist on following what they think is halal. Unfortunately most business dealings in our times today have some sort of haram involved in them. I honestly say in times like these, invest with Allah subahanu wa ta'ala in doing charitable work and projects that actually make sense that helps the Ummah, helps your family, friends, relatives and people in neighboring communitites and under-privileged countries. These are all guaranteed investment with the Lord subahanu wa ta'ala in this life and in the Hereafter. All other investments are primarily risky, have some sort of loan or mortgage involved with riba, deal with foreign exchange, and are primarily profit driven which can sometimes have ill motives that sacrifices quality and customer satisfaction for the sake of pure greed and maximizing profits. May Allah guide us all and keep us firm on His Deen.
If all busineses are haram what do we eat? You think we help the ummah without money and resources? Why is forex haram
@@dzryad7400you are correct, these kind of people are called idiots
@@dzryad7400 Its haram because you're trading contracts, not currencies. Literally not any difference from football betting
@@zubairakbar6109 Its haram because you're trading contracts, not currencies. Literally not any difference from football betting
Football bets is gambling and you have no certainty and your wrong your trading the assets units which are lots , Futures only has contracts which are haram to trade , Forex isnt haram due to a profitable trader being certain and not over risking and Not gambling end of argument
You must pay fee whether you use leverage or not it is not for leverage it is for service the broker brovides you.
Correct ❤
There alot of brokers who advertised shariah compliant with swap free accounts. Swap free is basically a fixed fee charged on a trade rather than interest.
Thank you bro for sharing this
Thank you for sharing this video. It was informative.
JazakaAllah
Don't take fatwa from everyone in social media
Many people have different views so it is becoming more difficult for us to understand
May Allah guide everyone to make halal money
@@mumtazqureshi8957Ameen ya rabb
I wished you said the terms in Arabic as well.
This topic is crucial for us.
You choose the leverage you can keep the leverage at a 1:1 ratio which means your not borrowing any money from the bank so there is no loan or inyerest
Then with 10k account you can use 0.1 mix lot😂
All you guys who are trading Forex go ask your brokers if you are actually trading real currency and taking ownership of any currency, or are you trading CFDs. If anyone is actually trading real currency reply with the name of your broker.
still haram as stock trading and drop shipping. The law is that you need to physically acquire the product first before reselling it.
its all cfds come on. Id like to know the name of the broker too. so glad I left private banking that was daily business
@@MarinaFenglisten to dr zakir Naik and engnr Muhammad ali mirza
Oy know smtg about cfds
@@MarinaFeng Stocks are shares of companies, and not products. It's totally halaal to buy shares of any company or sell them as long as the said company is not involved in any haram activity.
Salam, brother. It’s important to recognize that the entire financial system is fundamentally rooted in derivatives and debt (aka ribba). This means that the money we use is essentially created through these mechanisms. Could you clarify your point? While I grasp the essence of your argument, it’s crucial to view the financial market holistically, rather than focusing on a single facet. The market comprises diverse financial instruments, including currency, commodities, government and corporate bonds, real estate, and stocks. Intrinsically, each of these instruments is tied to debt in some manner. To address issues within this system, we need to delve deeper and propose comprehensive solutions that consider all these interconnected elements. Also, I’m not sure if you are aware, but majority of people who trade stocks or currency (the retail trader) use their own money rather leverage, as they have a greater control over their own money.
Im pretty sure whats right is that if you earn swap fees which is basically interest you pay or earn of holding trades overnights or over weeks. Thats haram.
@@ixmar9994Islamic accounts for no swap accounts
if i do trade in the day or for 4 to 5 hours anfd not pay overnight fees then@@ixmar9994
Curd is a derivative of milk. Paying taxes also involves interest component in it. The economic system is paper money. Where is the halal component my dear?
The broker pays your back your fee that got you the funding challenge.
What about using online UPI and net banking
he’s clearly been liquidated a gazillion times and eventually quit now finding refuge for his poor decisions in religion.
Based on what he argued, every single business that involves a bank account is haram.
It’s also why some consider crypto to be haraam.
Let me explain if an American buy 100 cars in Toyota Japan, the American need to pay in japan currency. Then exchange between US Dollor and Japanese Yen is called forex Trading. You can always choose a broker who provides Islamic account.
The Islamic account is 100% halal
So many fake brokers out there offering Islamic Accounts only to find out they are not Islamic, show me which broker offers an actual Islamic Account
@@TawheedFirst1vantage
@@awaisrauf2635vantage trades CFDs. How is it halal?
@@awaisrauf2635 CFDs is gambling do your research
Assalamu alaikum
Can you suggest investing in IRR Based products like irr given for solar investment?
But what’s the problem .. the broker fee they get is from our own money not from the ones they loaned us .. and there is no interest on the money they “temporarily loaned” us.
Oh please! Give me a break! Everyone’s starting to give fatwah, clearly he’s new to FX. If he says using leverage and holding overnight if the broker charge u interest then yes it’s haram. But if ur day trading n closing ur trades before midnight u pay no interest. Some brokers even provide Islamic accounts this way u can hold trades for a couple of days without any interests being charged. And since when fees became haram. Brokers are like middle man/agencies if ur using their services and platform of course they will charge a fee. U got thousands of pounds in ur bank which u never get to see but yet u buy goods and services using that money. U don’t need paper money to do business.
Boom 💥❤
Finally, someone intellect.
Also remember that spot trading has to be done and not cfd, CFD is classed as gambling
@@SgtBuzzsaw3820what is spot trading? Is trading xauusd considered haram?
@@SgtBuzzsaw3820how do you do spot trading and not CFD ?
What brokers allow that ?
Very well explained and what about leverage? Plz
So true
Everything you just said could be said about the US dollar. Except people place themselves into servitude to it.
The US dollar is exactly the same and is also haraam
NECESSITY vs greed don't invest in haram minimize your necessities
Bitcoin fixes this. Im serious, do some research into it.
@@bushraa6527 what nonsense is this
Haram is Haram no matter what
Nah man you do own shares with the broker and it very much existing 😂 and your trading the currency and price even if you don’t have it in hand , it’s hand to hand eijt your broker and second is your not loaning nothing your risking your own money if you use leverage it simply allows you to risk your own capital if you think a brokers have actual money to lend to strangers your wrong
Care to show me which broker actually offers real Forex trading, because all of them only offer CFDs
We should refer to our respective country’s Muslim body governing Muslim affairs regarding such ruling and not just take heed from a RUclipsr.
Assalamualaikum, if forex is haram what method of trading online is halal and why do our brothers charge huge some before they can teach someone how to make halal money like investing in the stock market, crypto and more?
haram also apply when you store money in the bank and for loaning car and house.
As I see leverage can be haram as it is same as taking a loan with interest. However, forex trading itself is as halal or haram as the fiat currency itself. Any thoughts.
I need help with this ,if platform register member and give the member profit every week according to the profit of company and your people you registered. The company has physical product and one crypto currency ,is this halal or haram?
what if your trading on ur own with no broker, for example u stock trade with ur own money on ur own laptop ?
Hello ,how about swap-free account?
if i borrow money But they didn't take interest(sweap fee) from me. Is it halal or haram?
Forex trading online is haram, but the physical exchange of currencies at a local exchange centre is halal
Sir please tell me binary trading like quotex haram or halal
What about getting salary in acc
Watched Dr zakir naik talk about forex it only becomes haram if you do futures get funded I.E leverage and margin but if you do on the spot trade its permissable.
Bro forex doesn't have spot trading😂😂
@@mfaruk9064
Some brokers do, otherwise how would There be Liquidity pools?
@@mfaruk9064
lolz. Forex is spot trading when you dont use stops and limits
no my friend...its permissable and uts halal when its swap free!!
Konstantin
Just another fake moslem
did you not watch the video.
Swap is halal
Most ppl but cfds
What's that swap?
@@MrVeton123 so swap is when the broker charges you for holding a position after 2200 utc and every Wednesday they charge 3x swap its pretty much interest for using loan to leverage your position.
These are general blanket statements that don't apply to totality of all kinds of forex trading. You can avoid interest, loans, and CDF's (derivatives). Yes you will need to use a lot of your own cash, but it's the only halal way to trade forex. So I don't agree with your blanket outright statement that all forex trading is haram.
Are you trade in forex?
And which broker are you use?
Is hedging with derivatives allowed in Islamic laws?
What happens if you get rid of leverage?
If the value goes up then u sell the contract for more it’s not leverage it’s just making a profit . If I buy a jacket and the price of it goes up to 100 but I bought it for 50 it is not haram for me to sell it to a 100
Yes but you don’t own anything in these trades. The broker holds the underlying asset, in your example, you own the jacket. These are basically CFDs which are without a doubt haram
@AL-ib9yc
Trading with the Broker being the wakeel is fine.
CFDs is you and broker betting on price with no exchange happening at all
Forex is so unbelievably shady
Isn't doing business in credit also Haram? Like, I bought $10000 worth clothes and paid 10% initially and gradually pay the left withing 3 equal payment. Is it haram?
Forex is haram because ibrahim cant do it. So lets call it haram.
😂 literally, it’s not haram trading is tijara maybe I spelled it wrong but it’s you buy and sell that is halal if you don’t pay interest or any fees
🤣🤣🤣
@@Mahmoud-Khouyanican I trade in sell side in forex ?
Is it halal or haram?
It is cryptocurrency haram? Please answer me inchALLAH
Bro, this whole financial system is haram from the getgo. Ppl r swimming in riba and haram.
I found out that African slaves were put in the stock market and were kept chained underground the stock market before the auction block. The name bond comes from that
Where is it mentioned about forex in kitab . None
What do you make of the scammer yarimi university?
If you buy gbp/usd for 0.01 lot size you ,what you are buying is a contract of owning 1000 GBP that you will have to sell for profit, sure you dont actually have 1000 GBP money that you can use to buy some groceries because its just a contract but that contract are still something you can trade where there is someone else on the other side that will buy my 0.01 lot of gbp/usd or my 1000 GBP contract so it still a fair trade that halal. I suspecting forex that you've been trading is actually binary option. For laverage its just a loan for me to buy smallest lot size that is 1000gbp(0.01) and theres no interest if you use broker with no swap (islamic broker). I use octa fx because there is no swap for my laverage
Leverage is haram and it is understandable because of interest factor. But in day trading why buying and selling a piece of paper is haram? The trading happens in minutes so whats wrong with buying and selling a piece of paper because there is no ghadar means no deceit involved. We can always take out our money at any given time. I left day trading because of that but I don't understand the logic and noone gives a satisfyong answer
All incorrect, whats haram is the fact that it's a one sided loan, the leverage works as if you lose then only you lose where as if you win then broker wins too. The person loaning or lending is not sharing the risk on the investment which is a form of riba.
Its also not a derivative, essentially when you purchase gbp against the dollar, your actually investing into the power of that particular currency.
Plz reply in binomi there is assest crypto idx in that trading for 1 or 5 min it's halal or haram
It's totally haram bro
My problematic, how can I make halal money online
The banks and insurance companies you use trade forex. WHY SHOULDN'T RETAIL MARKET USE IT😢
Why was interest forbidden in Islam? Was it because interest caused hardship to the borrower to payback the loan. For example the high interest rates you have pay on your mortgage?
Give me some quote from the quran or Hadith
😊
He can't. It will only be haraam if riba is involved which you can get riba free accounts
Ur the type to say show me where it says weed is haram, stop fucking around
If the types are different then sell as you like, So long as it is hand to hand."
'Prophet Muhammad PBUH'
The money comes from people who lose out on the market though put on the wrong order, thus providing liquidity to the market. Isn’t it?
Is it your personal opinion or there's an actual Fatwa on this matter?
That brother seems like he tried it and didn’t succeed and now he’s saying it’s haram
😂😂😂😂😂
And you're an expert? This guy actually studies things like this in the Islamic context, and there's general consensus from scholars he's not just saying things without the research backing it.. Do some research first lol or don't and then see what Allah has to say on day of judgment
@@muzzamiel5550 trading is not gambling, I as a trader can tell you that for sure. Don’t pass judgment on something your mind can’t comprehend
Brother this guy Has no idea what forex trading even is , How is the money nonexistent when your making profit 😂 what the broke is gonna pay you because they love you or something 😂😂😂 Real assets is being traded just day trade and dont pay swap thats it 🤣
So broker fee is haram . Are you sure?
It’s basically gambling x riba
Can i buy digital gold?
You have just described the exact process a debit card uses, or when you send money to another bank account. If you truly understood the process of how trading is done you would know how a bank account operates and realise the process is exactly the same but the average person will not know this.
From my experience every scholer who told me forex is haram,when questioned about the deep knowledge of how the business model works they do not know, they only know it involves money and make their conclusions.
Exactly. Non of them deeply know how the market works
❤
What about shares then, aren’t they also a derivative
Depends if you buy the CFD or the spot share
This is not right. He is describing margin trading with forex. You can trade forex without leverage and without derivatives.
How is it a derivative? Care to elaborate please. Since the fx market is traded on the spot or are you saying futures which I know is completely haram.
Because brokers do not offer actual Forex trading, do your research into any broker and you will find they offer CFD's
@@TawheedFirst1 Did my research you are correct, all of them offers rolling spot Forex contracts (basically Forex cfds), which is absolutely haram without any doubt.
@@sifat_biswasso we can't do forex anymore? is that it?
@@f4hamedForex has always been haraam but each to their own
@@sifat_biswas not true losing traders trades on derivative but profitable trader get their position on the actual market try to learn about brokers and OCTE gain and you'll get it
So far fiq ulama have told me it's halal
Really 🥺🥺🥺
You could just trade without leverage and without derivatives. Then it's no different to walking into an exchange or buying from Amazon in USD whilst living and earning in Canada.
Sure most traders rely on derivatives and leverage, but that doesn't actually mean forex trading is haram per se
How can u trade without derivataive when all forex trading is just a relative between two currencies
For those calling him names , he's simply saying the truth, if you can withstand the truth atleast agree you're sinning and dont blame him for your stupidity..even in many countries forex is banned because of its gambling nature....fear Allah..there are thousands of ways to earn money
So a mortgage on a house is haram by that exact definition, broker gets a fee from your mortgage payments
Yes mortgages are technically haram. You take a loan out from the bank to purchase a house, but the loan is charging you interest.
Allah knows best
Take rullings from scholars of students of knowledge not random people
This is Not True my brother
If you trade in an ECN broker then the broker catapults you into the interbank market and you are live with all active traders
And if you buy EUR/USD, for example, you own the euros and not a derivative while the trade is running.
and even if it were a derivative then there are several Medina scholars who see it as halal. your knowledge of the matter is inadequate.
Yes, you can also trade forex as futures and CFDs. Only then is it a derivative, but with ECN broker everything is 100% halal, especially if you choose a swap free Islamic account.
BarakAllahufeekum
can i ask you brother?
based on your opinion, if the forex broker is combination between CFD and ECN then is it halal?
@@fauzifadhillah3222 You can check with each broker whether they are an ECN broker or not and whether they offer Forex as CFD trading.
I don't trade CFDs, I don't know whether it's halal or haram
What I know is that forex is 100% halal elhamdullilah and we have to learn to accept other opinions
Ya Allah😢
what he's talking about are CFDs
Would be nice if you gave Quran references or Hadith instead of just “it’s haram”
Ok dude
IFS is funny as they would allow you to buy stocks in a business selling halal products but the same business earning interest on their money in their business bank accounts. Correct me if thats not their stance.
What about if we don't use leverage ?
Asking the same but all of them are leaving us in dilemma.Have you found out any conclusions?
Money is haram
Leverage trading is haram haram haram
Only spot trading halal
Then the banking system is also haram
Haram this haram that. This expert doesnt differentiate between CFD (pigment of imagination...contract thing) and forex.
derivatives are not allowed !? trading contracts like options is haram? structured products etc ?? glad I left private banking ! How come Islamic Finance hasn't made it mainstream, at least common knowledge. most people never heard abt it, when its the only type of finance thats never crashed even during the great crashes
Forex is not Haram . Please do your research well
I agree with you!
Forex in within itself is not Haram, however no brokers actually offers real Forex what they offer is CFD's so you are not actually trading currencies but you purchase gambling contracts. Do your research and you will then understand why he has said this.
@@TawheedFirst1 brother I'm not trying to argue. Forex is a game of probabilities . Gambling need no education but with forex you need it if not you will only gamble. Professional traders don't gamble
@@mohamadfarash4146 Read what I said Forex is not gambling, CFDs is gambling, no trading platforms actually let you trade Forex even if it is advertised as such in reality they offer CFDs. Do your reasearch, then you will comprehend what I am saying otherwise just stay out of Forex if it is beyond your comprehension
@@mohamadfarash4146 yes there's a misunderstanding that trading is gambling but it's not.
Can you trade with firms who find your account and you split a share and you do Forex reading for them?
If you are referring to prop firms then the answer is no because if am not wrong they are trading on CFD (Contract for Difference) and this is haram in Islam as no party actually owns the asset. They are just speculating on the asset without owning it. So in other words they are just betting/gambling.
@@omarfarique6304 forex trading is not gambling
😂😂 bro can only use gold, he can't use bank account and paper Money .
I think he is not a scolar in this issue
Forex haram crypto halal?
Guys, everything is literally haram in islam, so don't bother to know the answer you already knew he is going to say that.
That way , everything is Haram
Everything is not haram, you're surrounded by haram.
Bro don’t make hyperbole generalizations, there’s plenty of ways to make halal money. Starting your own business saturating a market need, is one of them.
@@johncharles4146this one was great actually
BS explanation. Trade is halal, as long as there is no interest, uncertainty of price, or underlying good is haram like casinos, alcohol.
The derivative just costs the exact same amount and is used for quick selling and buying. If you bought euros and then exchanged them for dollars after 10 days of price change then that would be the same thing. You just can’t do that on your phone.
while these people creating videos the ads which come between the video and promoting things which are forbidden and they get a share from it.
how will you explain that???
Genius idea bro😅
You can promote. And earning trough working (marketing) is halal akhi... otherwise whole internet is haram be smarter
All the forex traders are in full force within the comments section, they’ve come as scholars also 😂
😂 - a derivative is a type of product that can be used/traded in the forex market. Forex is not a derivative! And secondly, leverage is optional, not mandatory! A very misleading video!
It's haram
I think you should pull down your video
Leveraged trading is Haram. Spot on. It's not your money, and it resembles gambling.
Is any trading allowed or investing in something?