Fatwa Explorer
Sign in

Fatwa #4742111 March 2021United Kingdom

Buying and selling using the Forex Market

Checked by Mufti Ebrahim Desai

Question

Assalamualaykum,

My question is in regards to trading Gold online. Buying and selling using the forex market.

i wish to use this broker which individuals say is permissable according to Sharia.

i would be grateful if you can confirm if it is permissable to trade Gold with them. They claim on their website that they abide by sharia laws if using their islamic account.

please see the following link to their islamic account details:

https://www.avatrade.com/trading-info/islamic-account

jazakAllah Khair

Answer

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

The issue of online Forex trading is a sensitive topic which involves many intricacies. The information given on the website is insufficient to pass a verdict regarding the permissibility of the financial institution in question. 

Caution demands that one abstains from dealing in those avenues wherein there is doubt. However, if you still wish to invest with the company in question, you could forward the detailed structures of their schemes for analysis. 

Forward your email to admin@darulifta.net, reference Ebrahim Dadan.

And Allah Ta’ala Knows best 

Ebrahim Ibn Ahmed Dadan

Student Darul Iftaa
Pietermaritzburg, South Africa

Checked and Approved by, 
Mufti Ebrahim Desai.

Something wrong with this record?

Report a problem

This goes to whoever maintains the archive, not to Askimam.org. For a question about the ruling itself, use the link to the original above.

Sent anonymously. No account needed, and nothing identifies you.