Trading is haram or not?

[fxoday]

Yeah that's why swap free accounts are there that do not charge any fee for keeping a position open overnight.

Sometimes swap-free account chosen by non-muslim because free swap account giving benefit for a swing trader, although open position over a week no worried about being charged by swap fee.

 

[forexinmind]

Sometimes swap-free account chosen by non-muslim because free swap account giving benefit for a swing trader, although open position over a week no worried about being charged by swap fee.

Smart Move!

 

[Faelar]

Islamic principles govern many aspects of a Muslim’s life, from social to economic matters. All of which are outlined in the Koran and by Sharia Law, which quite literally means ‘pathway to be followed.’ When it comes to day trading though, black and white lines can quickly become grey.
It is generally accepted that buying stocks is not haram. This is because you are simply owning a percentage in a business. However, you do need to be sure the company in question is not dealing in a un-Islamic manner. Companies like Guinness (alcohol) and Ladbrokes (gambling), for example, would not be allowed.

 

[holycow]

I believe that this topic requires consulting with local Sharia Council because those scholars having particular knowledge can decide either its halal or haram. We actually can't pass any verdict for this.

 

[fxoday]

I believe that this topic requires consulting with local Sharia Council because those scholars having particular knowledge can decide either its halal or haram. We actually can't pass any verdict for this.

It is better to consult with the council to get a deep answer and decided, but maybe different scholar has different view to assess something's case, in my opinion, when you doubt forex halal or haram, just leave it. rather than in doubts

 

[JimmyRozza]

I don't like the way Muslims have the option of a swap free account with some brokers and none-muslim can not. What a load of BS. Trading conditions should be the same for everyone. I would never use a broker who offered this purely out of principal

 

[Goldcaster]

It is generally accepted that buying stocks is not haram. This is because you are simply owning a percentage in a business. However, you do need to be sure the company in question is not dealing in a un-Islamic manner. Whilst the majority of the work may be permissible, some practices are haram. Transportation companies, for example, hold interest based-bank accounts and are often financed by riba-based loans, or individuals through stocks. These types of companies are known as ‘mixed’ companies.

 

[rizkahdy]

Many brokers offer swap-free accounts which go with the ethics of Islam

 

[holycow]

Yeah almost every broker is offering these swap free accounts for the Muslim community but the question for halal or haram still remains in the mind of many so i called upon getting advise from any local shariah council for those who have doubts.

 

[Hariskhawaja]

Forex trading is allowed under Islamic law. When the teachings of the Holy Qur'an deem something "haram," or forbidden, it becomes such according to Islamic law. Gambling and riba, commonly known as interest or usury, are two practices that the Holy Qur'an forbids.