Is it permissible to do forex trading online?

12 Oct 2013 · 7 Dhuʻl-Hijjah 1434 AH1 min readFatwa 25911English

Question

1) I wanted to ask about Forex Trading as is it permissable to do online? I searched and regarding Fatwa # 15066 you said that more analysis was required. What is the Final verdict regarding Forex trading online now Halal or Haraam?

2) another way I do it is that I have 2 accounts , one in pak Rs and other in US $. if doller increases or decreases I shift some money in each accounts from one to another sometimes gaining loss or profits in currency exchange. so Is this Permissable or is this Haraam also?

Answer

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

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

The Board of Muftis (Jam’iyyatul Mufteen) of South Africa, which comprises of eleven competent and senior Muftis have thoroughly researched the issue of forex trading and have ruled it as impermissible.

And Allah Ta’āla Knows Best

Mufti Ismail Desai,
Darul Iftaa
Durban, South Africa

Checked and Approved by,
Mufti Ebrahim Desai.

Answered by: Mufti Ismail Desai
Checked & approved by: Mufti Ebrahim Desai

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Source: Darul Iftaa Mahmudiyyah — https://askimam.org/public/question_detail/25911
Fatawa SA: https://fatawa.co.za/fatwa/askimam-25911

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