Fatwa #1485031 January 2007United Kingdom
What was the outcome of the issue of dealing in the Forex and commodities market?
Question
What was the outcome of the issue of dealing in the Forex and commodities market? as the question was not adressed becuse of an ongoing research in the area. The person I am dealing with buys and sells copper, oil and coffee and gets profits by pre-empting the markets in these commodities.
Wa’laykum asalaam wa’rahmatulaahi wa barakaatu
Answer
Assalaamu `alaykum waRahmatullahi Wabarakatoh
In the name of Allah, Most Gracious, Most Merciful
The official ruling (Fatwa) of the Board Of Mufti’s Of South Africa (Jamiatul Mufteen) is that dealing in forex is not permissible.
Kindly provide further details regarding pre-empting markets as your question is unclear.
And Allah Ta’ala Knows Best.
Suhail Tarmahomed.
Student: Darul Ifta
Checked & approved:
Mufti Ebrahim Desai