Fatwa #4151126 December 2018United States of America
Is it permissible to trade in the FOREX market?
Question
Assalamu'alaikum warahmatullahi wabarakatuh,
My question: Is it permissible to trade in the FOREX market? Basically I'm really confused. I have talked to scholars who say it is permissible and some who say its not permissible. I have even talked to graduates of Darul Iftaa Mahmudiyyah who are involved in FOREX and they say it is permissible. A young scholar from Darul Uloom in Buffalo, NY set me up with an account and Alhamdulillah I have seen a lot of profit in a very short amount of time. This Alim said according to his knowledge and experience it is permissible to trade in FOREX. What's the correct opinion? By the way if this affects your answer (I don't think it will) but I use a bot and not myself. I don't touch the computer, a software takes the trades for me. I put money into my broking account and thats it, the software does the rest.
Jazakallahu Khairan
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
We commend you on your sensitivity to earn a halaal income.
Nabi (ﷺ) said:
طَلَبُ كَسْبِ الْحَلَالِ فَرِيضَةٌ بَعْدَ الْفَرِيضَةِ
Translation: Earning of Halal income is an obligation beyond other obligations.
(Shuabul Imaan/Sunan Al-kubra, Baihaqi)
There are various types of forex dealings. The ruling of each one differs from the other.
For us to assist you better, kindly clarify the procedure of forex you enquire about.
You may send the details to admin@daruliftaa.net
And Allah Ta’āla Knows Best
Muhammad I.V Patel
Student Darul Iftaa
Lusaka, Zambia
Checked and Approved by,
Mufti Ebrahim Desai.