Question:
Salam
Is forex halal? I can’t find the answer to this.
I am using the fxcm.com.
This is how it works:
You create an account there and then deposit money, $50 minimum. Then you can buy any currencies, I buy euro with usd. And with 26$ you can buy 1,000 amount of euros. (so in order to buy 2,000 euros, I should have 52 dollars in my account.) This is called leverage trading (margin trading).
So I will buy 1,000 amount of euros (and after I buy it, then it will show in my account in open position section that this much amount is open) and then I will sell them when their selling rate increase (or I can set automatically in the program, to sell 1,000 euros at this specific rate) and that way I will make a profit. Usually there is interest but if I tell them then they will make my account interest free (without interest).
So is this halal or not?
I have searched on many places, many times, but I couldn’t find the answer to this question.
And Thank you very much, May Allah Bless you, and everyone else, and give the house to everyone in paradise near to his Beloved Prophet Muhammad (Peace Be Upon Him) and himself.
Ameen
Jazakallahu Khayir
Answer:
wa alaykum salam,
The answer in the Post “Trade” on eShaykh.
Staff
