Salam Shaykh Muhammad Hisham Kabbani,
I am interested in learning the currency trade. If permitted by Allah, I will eventually open an account online to trade in the forex market. Is it advisable for me to do so?
wa `alaykum salam,
You have to ask people who deal with that. The question for me is anything halal you can do and whatever is not halal you cannot do. So you know better if it is halal or not, or permissible or not, or profitable or not. So if it’s halal and legal then there is no problem.
I never liked the stock exchange. It is all lies on lies. They try to cheat you and take your money, but it is up to the people.
Prophet (s) prohibited the exchange of different types; dates should be traded with dates, gold with gold, silver with silver. Not gold with paper. It has no value. What do they give you in these companies? They tell you, you have 1 million dollars. You go and put 2 million dollars. So they tell you, if you put 2 million dollars in the stock market, you will increase 15 % or 20% and they take 2 million. After one year they give you $35,000. And they are giving you from your money. Then Madoff, he is gone, bye-bye. They use your money to give you “profit” from your own money and they eat 90% of it.
Shaykh Muhammad Hisham Kabbani