Forex: Halal or Haram?
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- Опубликовано: 29 сен 2024
- Forex: Halal or Haram?
Are Islamic Forex accounts really halal?
Is speculating in currency price halal?
Is forex currency trading halal or haram?
These are the questions we talk about in today's video. We'll also talk about what forex means, why people engage in forex, and what does this mean for us as Muslims.
If you're ready to learn more whether forex is halal or haram, watch this video now.
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I have devoted to my financial expansion this year, started with ETFs which has given me 12 percent growth so far but I recently diversified into Forex which has made me over 70k with a 100k capital
Wow, I know it is profitable if done well which is a skill that is hard to learn. can you help me get started
Amazing 😮
I will like to start up trading although I don’t have much to start with but I want to give it a try
I can't teach you because I barely know how rather I use an expert for it
Benjamin ravies
That’s his gmal okay
Thank you so much, I just mailed him and expecting his response
Beautiful explanation. Jazaakallah 👌
AoA , Thanks brother. very impressive and logical explanation. apart from forex, gold and crude oil online trading as CFD with broker is hallal or haram. further it is also speculative, but there are many fundamentals and technical analysis involved in it for confirming direction of move of the assets. waiting for your kind replay, as it is also the next question from all those who are leaving forex after watching your this vedio
Allah has favoured you with such Islamic secular coherence,.may He increase your knowledge and improve your affairs 🎉🎉❤
Sukran, I love a copy of the two page guide.
Thanks.. you speak very clearly
Nobody trades forex without leverage. It defeats the purpose of forex. What are thoughts on Islamic accounts that charge overnight fees vs interest?
@KATHIMORGAN1 is her user name for help
Overnight fees(swap)... how is that haram.... its just a fee you pay for holding trades overnight that all ..its not interest.....just like a ommisssion............ Guys.......Islam is simple and let us make it appear as such
Alhamdulillah very nice and clear explanation!
Regarding speculation,.
I have a clear concept on the demand and supply variation chart and using that, i am buying or selling, and it is true that sometimes it may vary from our plan. Only sometimes.
In reality, business is also like this, we have a plan that, this item, this time, this area we have demand and we do business accordingly, but it can also be wrong and thats how business get into loss.
I think both are same. Allah knows the best, expecting logical reply
Jazak Allah khair brother
Hi. Thanks for your video. It was really helpful! I would like your investment guide please!
Hi Afiq- Thank you and could you share the two pager halal investing guide
Hi Zairah! You can head to 8halalinvestments.fussfree.finance/ to get your free copy!
@@ModernMuslimFinance Thank you
Binomo trading halal or haram ? Because don"t leverage cost and explame Rs.1000 invest binomo & direct 1000 add in binomo account so not leverage cost so binomo halal or haram
Salaam alaikum warahmatullah wabaarakatuh jazakallah Khairan for the enlightment can you share the book please
Thanks so much . How to start the halal investment
Good explanation...
Glad you liked it! What else would you like to learn about?
Jazakallah for the information brother. Agreed that it's haraam. But I have a question. I work as a software Developer, basically a technical guy inside this forecx division of a Investment Bank who is not involved in the actual business. My Job as a developer/technical analyst is to perform software upgrades, provide technical solution, remove vulnerabilities and fix technical issues that affect the business as a whole. Is my job as a technical person haraam ??
No worries about it. Forex includes high leverage with a swap fee(interest). Plus it is traded under contract which is not good at all. You can spot trading in crypto with good technical skills.
I don't find it haram. I invest $100 to buy/sell the leverage is given on $100 not borrowed (because you are not paying back loan or borrowing loan, it's just banking power. If I lose $100 that's the money I only lose, and I don't give back any loan. If I make $200 profit I take my $100 invested amount., while when you buy a house and sell the house and make lose you still have to pay back the loan. if you loan a truck for business, the truck get damaged, you sell the damaged truck but you still have to pay the loan (all Muslim do this). But it's not in forex, you only invest what you can afford to lose. Forex is just like any other business its no different than credit card, no different than buy/sell house, and it is not like casino. you need education and training, its not speculation, there is enough data to analyze and make money. All these haram and halal video about trading is just to sell there own product in the end.
I want a copy sir.
Thank you for this
Thank YOU! We do it just for you!
Salam bro
Good video in general but someone who wants to say that something is halal or haram needs at least to bring evidences from Quran or sunnah. Any words about the Hadith: gold with gold, hand on hand … ?
Peace be upon you , thank you very much for a video. I have decided to quit forex trading even if I've been doing super well but I gave up for a sake of Allah. Please send me the halal investment i can do.
Good evening please share the halal Investing guide if posible
Thank you for the insight
Most welcome! What other things would you like to learn about?
@@ModernMuslimFinance Can you share your views on crypto currencies please?
@@Wa41i sure! Upcoming videos will cover that too!
What platform is aut there they give u 100000 of dollars you having been doing your home work properly
Salam Mr Afiq.Bagaimana pula jika trade gold,silver,oil etc menggunakan platform mt4?
actually haram
Halal حلال .
Masha Allah 💯🌹💖🌹🎈
Alhamdulilah, thank you so much! What other topics would you like to learn?
Super sir 💖
I'm glad you enjoyed it! What else would you like to learn?
Hello sir it could be so pleased and kind if you explore and and understand us something more about speculation.
And can we avoid ourselves from speculation in forest?
Very important please❤️❤️❤️
There's 2 main issues to take note of in this case:
1. Forex Trading is considered haram due to the asset class (currencies). You can trade stocks, no problem, but not currencies. Derivatives like options, warrants, futures, etc are also haram to trade.
2. Speculation occurs when people have no idea what they're doing, and are hoping that they'll make money. the only way to avoid speculation is to educate and equip yourself with the knowledge and skills that will help you determine the performance of an asset class, especially over the medium to long term. In the short term, it's difficult to predict the movements of an asset.
Assalam walekum Can i please have copy
hi thanks for this video can u share the link of halal investing document
Hello Musharraf! you can get it here: 8halalinvestments.fussfree.finance/
great
Glad you liked it! What else would you like to learn about?
@@ModernMuslimFinance hello,I want to learn about speculation of market....I have heard that speculation in a share market is prohibited in islam....I want to know your opinion....Also I am a spot trader of crypto market.....I use to trade for 5 min,10min,30min or even 1 hour....I don' t think it as a speculation in crypto market....because in share market,we buy share and be partnet of that company,if we sell that share after some time,that can be an speculation.but in crypto market,someone need crypto and I am selling it....buying crypto is not like as partnership.So I don't think short time selling in crypto Is haram....but still I have confusions.I want to know your opinion.. please share with us after your research...Thank you....Love from Bangladesh😍😍😍
So conclusion is haram?
Then cryptos are also garaam according to this explanation
I need this
Hi! You can get the ebook here: hib.modernmuslim.finance/
What do you mean by leveraging
Hi! Leveraging means to borrow money and use that to trade Forex.
More info here: www.investopedia.com/ask/answers/06/forexleverage.asp#:~:text=Leverage%20is%20the%20use%20of,larger%20positions%20in%20a%20currency.
What if the broker give you syariah account? What's your opinion?
Hello Novedha! Even if it is a shariah account, the very act of trading foreign currencies (with the intent to profit) is not a permissible activity. I personally would avoid it :)
@@ModernMuslimFinance@ModernMuslimFinance AsAk
6:50 Plz give a few references of scholarly views that profiting on currencies (medium of exchange) is prohibited ?
or Give some references from Sahih Hadith.
Jazak ALLAH
Ok forex is haram or halal
What about crypto sport trading?
My opinion on crypto is that it's still very subjective.
As a hadith (Bukhari & Muslim) mentioned: "The halal is clear and the haram is clear, and between them are matters unclear that are unknown to most people."
I'm seeing scholarly opinions going both ways, some saying it's Haram, some saying it's halal.
I'll do a video on this soon InshaAllah!
Can i have the copy please.. Jazakumullah
Book site not working
Salam! Thanks for bringing this up! You can get the Halal Investments Ebook here: bit.ly/hib-forex
Salam, are there any interest
Wsalam! What do you mean?
if you're asking if earning interest on our cash in the bank:
If it's a non-Islamic bank account, then the interest is Haram. If it's an Islamic Bank account, then the interest that is credited based on your deposits are usually permissible, although it's best to check with your bank how the interest is calculated and credited! Hope this helps!
Can YOU send me i am interested
You can get a copy here! hib.modernmuslim.finance/
Great video. I make huge profits on my investment since i started trading with a professional broker Mrs Kathi Morgan, her trading strategy are top notch coupled with the little commission she charges on her trade. Thanks so much ma'am ❤️
Thank you for the level-headed financial advice. I started my investment with $8,650 in just a week of trading with her I've gotten profits of $19,450 in my portfolio thank you ma'am.
Wow! Pretty good. please how can i reach this broker Mrs Kathi Morgan everyone is talking about? I want to invest I'm in Canada.
@KATHIMORGAN1 is her user name for help
Ever since i started trading with her I have been withdrawing and seeing profits thanks for your great work and God bless you more..from Slovenia..
@@richardcrown9764
Thank you Sir, I just started my trade with her God bless you for sharing.
Salam bro
Good video in general but someone who wants to say that something is halal or haram needs at least to bring evidences from Quran or sunnah. Any words about the Hadith: gold with gold, hand on hand … ?
It's me Sharmaarke Mohamed Ali from Somaliland. Let me express the true nature of leverage is not a loan in anyway. Leverage is a mechanism that financial community learned from concepts of science and accepted as a means of multiplying the purchasing power of small pocket clients in order them to participate a big market and transact with multimillionaire counterparts. There is no any actual amount of money brokers giving you from their pocket nor you are obliged to pay back. What we give to brokers can only be due to their services and use of their intermediate platforms.
Yeah its give me logic
”Multiplaying the purchasing power” adi ayaaba sheegay walal in meesha wax lays amaahinayo, qaabkasta u sharax ama wajikasta haloo dhigo, hadiiba 100$ aan meesha la ibi aan wax ku iibsankaro sidii anoo 10k$ haysta lacag ayaa lagu amaahiyay lakin physical laguuma siinin, madama adi physicial in wax lagu siiyo aan qoraalkaga kusoo dartay.
Waxa kale dhan iska ilow, Midda ugu daran waxa weeye diinta islaamka waa xaaraan ganacsiga aan spotka ku salaysnayn forexna markad wax buy leedahay ama sell leedahay wax aad soo iibsanayso oo kugusoo wareegaya, iyo waxaad mrkii hore haysatay oo iska iibinayso midina meesha ma yaalo😊
@@fowsi-88 wll xta hdii lagu amaahiyay saw maaha in lagaala noqdo dayntii ama aad iska gudo ileen dayn ayaya kugu ahayde marka leverage maaha lacag
Ta kale forex sell markad dhahdo waa sidad u dhahday ma jirto waan khaldameh iso celiya wxygi markaa taasina wll maanay ahayn spot
Ta kale waji kale markan ku eego forex dadka caadiga ahi ma sameeyan wax sarif ah ee wxy maal gashadaan dhaqaale wadan inta uu isbadalayo kolba us30 wxa weeye 30 shirkadood oo ree maraykan ah oo lala narbar dhigay lacagta dollarka markaa taaana markan trade garaynayo ma waxa lay dhahayaa waa inad adigu shirkada leedahay
Leverage is a tool.
Either good or bad fot the trader, depends on knowledge.
How to make forex halal.. what step to make it... What to do.. and how to do.. forex trading halal.. everyone giving explanation. No one is giving any solution
Thanks for making this video. Most of our scholars are vague on this topic and you said it well with basic teaching. Jazakallahu kheir
Alhamdulilah! I'm so glad you like it! What other topics would you like to learn?
In general every business are considered halal in Islam unless it is specially prohibited by the Qur’an or the Hadith... if we are not involve in interest and gambling in forex is it halal?
Hello Najath! you're right in that business is considered halal (assuming we don't deal in forbidden areas and we abide by Islamic contracts). When it comes to Forex TRADING, its deemed impermissible, regardless of whether we're exposed to interest or we gamble. We can only do foreign exchange of currencies when there is a need to use the other currency, whether for business transactions or personal use.
Nice video mashallah 🎉
I was about to go into trading but now you have completely changed my mind Alhamdullilah
I'm really grateful with the internet for things like this. Thank you sir for your comprehensive explanation. May Allah bless you always!
You said it from your point of view. However, it is not possible to explain halal or haram in a clear way. I have been doing this for many years and I have been dealing with these a lot. Thank you, good luck to you. :) I like your information.
Thank you so much for your comment!
I agree that it may be difficult to explain haram and halal, depending on the subject matter.
Some things are crystal clear (for example, the prohibition on consuming pork and alcohol).
For the other things, I will do my best inshaAllah to ensure my activities are done with a clear conscience, so that when I'm called back to our Creator, I can answer the questions He will ask.
All the best to you, and thank you for your input! Are there any particular topics you'd like to learn about?
Hi, nice content.
I agree that forex is haram. However, to justify the reason of haram on speculation and leveraging is just like a tip of iceberg.
Technically, forex trading is different with foreign exchange at money exchanger/banks. Forex trading is just a label for CFD instrument using forex value. Due to the nature of CFD, lot of shariah contract principles not met, e.g. no underlying asset. It is haraaam not because leveraging or speculation per se, but due to its nature does not met the tenet/requirements of shariah contract.
Hello! Thanks for the input!
You're right! there's a massive difference between Forex Trading and Foreign Currency Exchange.
The former is done with the intention to profit from the movements of foreign currencies.
The latter is done with the intention of transacting in the currency required.
Very good explanation on your part too! What other topics would you like to hear about?
@@ModernMuslimFinance but when i gbp my broker connect to bank and buying gbp,if i want i also can withdraw from gbp.
But,its not just a contract. brokers connect to bank amd we purchase the currenncies and also we cam withdraw that currency
@@hariskk4916Hi
Which broker are you referring to which gives physical delivery ?
Can you give details plz
Thanks
@@ModernMuslimFinance please what if the brokerage doesn’t take interest for the leverage and you don’t just gamble you thoroughly analyze the market
Many thanks for this information brother. May allah make ease in your difficulties and make it more easy for you to deliver such good stuff. Jazakallah khair! Love from India.
Thank you so much! What else would you like to learn?
Abdut crypto whether it is halal or haram .@@ModernMuslimFinance
Thanks for providing us this information. I will be thankful if you send me a copy of investment guide.
Shukran akhy, jazaakallahu khayran. Can I have the guide book please
May Allah reward you with jannah. Please provide me with the halal investing guide. Thank you.
me too
Hello . Thank you . I am a Shia Muslim from Iran. I talked with three Shia taqlid authorities and watched about forty videos about forex being halal or haram, and your video presented the best and most comprehensive reasons. May God reward you and be in God's protection. May your end be good and be one of the soldiers of Imam Mahdi INSHA ALLAH ...
so plz tell me is it halal or haram
Ameen ya Rabbi 🙏🙏🙏
Al Salam Alikoum, I would like to get the document that guiding in halal investment
Sesuatu perniagaan @ urusan itu haram sekiranya;
1. Ada unsur perjudian / pertaruhan
2. Ada unsur penganiayaan
3. Ada unsur benda yang diperdagangkan haram/ memudaratkan
4. Ada tipu muslihat.
Kalau anda trade forex tanpa analisis dan kefahaman, maka anda bertaruh dan berjudi. jadi HARAM.
Kalau anda jual signal dan tahu tak semua signal itu menjadi dan tak beritahu pelanggan akan hakikat itu, ada penganiayaan, jadi HARAM.
Kalau anda trade forex, dan berniat nak buat perkara maksiat daripada keuntungan itu, maka ianya HARAM.
Kalau anda ajak kawan2 main forex, sedangkan dalam diam2 anda berpakat dgn broker tertentu, ada unsur tipu muslihat, maka HARAM hukumnya.
Saya kaji agama dan Al-Quran.
Satu lagi, tiada dalil mengatakan meniaga benda yang tak nampak itu haram seperti seorang tokoh ilmuan perniagaan Islam kata.
Kalau itu betul, maka HARAM jual top up @ data sebab korang tak nampak benda tu.
Terima Kasih Pak!
Its means harus la kan
Can we learn technical analysis and fundamental analysis using charts to trade physically with gold and commodities is this halal or haram in Islam??
Can you please send the halal investment ideas
I’m interested in it thank you 😊
Thank you and keep up the hard work 👏🏽👏🏽👏🏽👏🏽
Thank YOU! we do this just for you!
Mashallah Jazakallah khair 🤗
Thankfully,I have never across this before.
Thanks so much bro for so excellent guidance on this subject.may be Allah bless you.i also want a copy regarding to halal investing, jazakallah khair
Keep beard bother, u don't know how handsome you will look 😊
It could be halal if u follow Sharia rules:
*Do it on spot: choose broker which doesn't take long to open orders.
*Do Technical analysis not gamble
*Don't use leverage or margin bonus
*Learn then leap.
Leverage is not a loan… it can go against you if you are greedy and do not respect to risk management strategy
Brother everything has a risk I brought 1 kg sugar for $1 in the morning and in the evening its worth $1.2 will it be haram for me to sell that at the evening obviuosly no way
Ofcourse not because its physical product...and trading is different you can,t own its not physical...
@@Allaboutislam345 and was this modern world existed 1400 years ago? time changes, non-physical stuffs are also worth changing in this online world.. try adapting the new by the law of Al-Quran.
Plz brother reply my question... it is mentioned 4-5 comments down
@KATHIMORGAN1 is her user name for help
How to make halal or what to do to make halal forex.. help us and guide us to do halal trading in forex.. what about trading in gold and oil
@KATHIMORGAN1 is her user name for help
SALAM UPON YOU. THANK YOU VERY MUCH FOR YOUR POWERFUL LEARSON. I AM INTRESTED IN YOUR WRITE UP ABOUL HALAL INCOME
My dear brother, what if I had a contract with a financing company and we used to share the profits in half(50-50)?
I mean, they have the money and I am the effort
@KATHIMORGAN1 is her user name for help
Well explained.
There are two types of Forex market.
1. Non leveraged market where financial institution and banks buy actual foreign currencies.
2. Leveraged and CFD. Meaning there is no foreign currencies , metal, or any assets exist in that market . And traders merely bet on price.
Leverage itself is not an issue if the actual loan exist. But in Forex CFD trading , loan is artificial. You open position and place 1% margin , 99% is loan thats is not exist. This couse non shariah transaction.
If i Borrow 100k interest free loan from my father and buy Euro in money exchange, then sell it when they price appreciate. It has no issue. Bucause money existed and actual transaction between buyer and seller took place, unlike Forex CFD .
So what do you suggest?
I want a copy. Pls send me the same
Still people who called themselves muslim teach people to do forex trading and they qoute from an abal2 ustaz.
There's so many scholarly opinions on the topic out there. I personally take the view that it's non permissible, unless within very specific conditions.
U explain so well, thanks
Thank you so much! what other topics would you like to hear about?
@@ModernMuslimFinance Is there any topic on crypto trading halal or haram?
Thank you
Leverage in Islamic Finance: Leverage can be used in Islamic finance, but it must be structured in a way that avoids interest. For example, Islamic banks often use profit-sharing models like Mudarabah (profit-sharing) and Musharakah (joint venture) where profits and losses are shared between the parties involved. What about this quotation?
Thank you for the good explaination. Forex trader can be both haram and halal in many ways. But it depends on person who enter in this career. If you don't have any knowledge about trading or system it can be a gambling. But if you have a system to follow not guessing when to enter in the market it's totally nothing wrong with it. Allah knows best. Sukran.
It's still Haram, because of the asset class: currencies. We're not allowed to trade in currencies.
@@ModernMuslimFinance hello. i dont think so that we cant trade in currencies. As theres a hadith in sahih muslim 1587. Dealing in currencies is permissible so long as the exchange takes place in the same sitting as the contract is made. It is permissible to sell euros for dollars so long as the exchange takes place in the same sitting as the contract is made. But when the deal is concerning the same type of currency, such as selling one dollar for two dollars, that is not permissible because it is a type of riba. In that case, they should be of equal amounts and the exchange must take place in the same sitting as the contract if the exchange is concerning one type of currency. The evidence for that is the report narrated by ‘Ubaadah ibn al-Saamit (may Allah be pleased with him) who said: The Messenger of Allah (peace and blessings of Allah be upon him) said:
“Gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, salt for salt, like for like, same for same, hand to hand. If the types are different then sell however you like, so long as it is hand to hand.”-(Narrated by Muslim, 1587).
@@salemmulla7763 currencies are not made to make profit but as a medium of exchanging goods.
@@salemmulla7763 "...Money is not created to earn money, and doing so, is a transgression… The two kinds of money are means to acquire other things; they are not meant for themselves.”
- Ihya’ Ulūm al-Dīn, (Chapter on Patience & Gratefulness)
A contemporary scholar, Mufti Taqi Usmani, mentioned that diverting “money” from its function as a medium of exchange and making it as an object to trade (i.e. making money out of money) is one of the main root causes causing global financial crisis. He also stated the following:
To make them [i.e. currencies] a tradable commodity only for earning a profit is also against the basic philosophy of Islamic economics.
What about if I'm using Islamic account swap free ? In leverage case what about if we both agree and I'm happy with it if I lose my money , in the case of not knowing where the market will go that needs learning if you learn then ur choices might be correct 90% , and losing money is for every business, but u have to learn the skill to keep n save ur money, every doctor can't save A life but he can only do his best , like that we can do our best 😊
The root issue is still using a medium of exchange to profit. We're not allowed to profit from the trading of currencies. Its the asset class that's the issue, not the activity in this case.
@@ModernMuslimFinanceAsAk
6:50 Plz give a few references of scholarly views that profiting on currencies (medium of exchange) is prohibited ?
or Give some references from Sahih Hadith.
Jazak ALLAH
Please share your guide
@ModernMuslimFinance AsAk
6:50 Plz give a few references of scholarly views that profiting on currencies (medium of exchange) is prohibited ?
or Give some references from Sahih Hadith.
Jazak ALLAH
What about the FTMO challenge is that halal because my family are going to do it but wanted to find out if it was permissible to do that or not ?
Hello Missy! Well, in my opinion, if the intention is to trade forex, then I'd advise against it. Forex Trading is deemed impermissible, and we should avoid it.
Assalaamu alaykum brother, thank you for this info. How about Islamic forex trading accounts? Is it halal?
Brother, nicely explained.. Thank you so much for creating a worthwhile content. Please share the Halal/Sharia Guide of investing.
Gold and Silver is money. Dollars, rupees, rubles, fiat "dirhams and dinars" are the currency of Shaytaan.
Jazakallahu Khair brother, I enjoyed every bit of the video and I'm interested in the 2 page note on how to Kickstart halal trading. Anticipating your response. Shukran
Salam bro
Good video in general but someone who wants to say that something is halal or haram needs at least to bring evidences from Quran or sunnah. Any words about the Hadith: gold with gold, hand on hand … ?
Assalaamu alaikkum. I have question here regarding stocks.
In the hedging method,to protect the stock price crisis in the cash market, can we hedge through futures in selling side ? . At the same time if any profits seen in the futures, can we trade in the futures before closing the cash position.? Is it halal?
Two scenario here , first we hedge the position. Second is profiting in futures as well as cash maket .pls clarify.
Forex is harma if you invest in gambling companies or if you borrow money to make gains.
The reason 80% of people lose money in trading is becauae they buy more shares than what they are worth.
Forex trading is Haram if a trader is NOT setting STOP LOSS i.e. if he/she is not doing proper risk management!
Leverage is still doubtful since leverage in FX is not increasing our account size but just increasing value of position size i.e. Lot size.
Excellent explanation sir
sir assulam alikum .
I want to start halal trading please guide me. it will be a great favor by you, protecting your Muslim brother from Haram
You can’t tell us something in google just try and learn more about then let’s discuss you don’t know anything about forex
Assalamualaikum… hi sir can I hv ur two page guide for kick start halal investment? Will be highly appreciated. TIA
If i analysis the forex chart then i do buy and sell, will it be considered as speculation? Please answer somebody.
You not professional of Financial Intrument....thrully not truth about forex ...hahaha
Good video
Is haram