Category: Misc. Fiqh
Fatwa#: 14850
Asked Country: United Kingdom

Answered Date: Jan 31,2007

Title: What was the outcome of the issue of dealing in the Forex and commodities market?

Question

Assalam’alaykum wa’rahmatulaahi wa barakaatu shaykh al-jaleel 

 What was the outcome of the issue of dealing in the Forex and commodities market? as the question was not adressed becuse of an ongoing research in the area. The person I am dealing with buys and sells copper, oil and coffee and gets profits by pre-empting the markets in these commodities.

Wa’laykum asalaam wa’rahmatulaahi wa barakaatu

 

Answer

Muhtaram ,

Assalaamu `alaykum waRahmatullahi Wabarakatoh

In the name of Allah, Most Gracious, Most Merciful

The official ruling (Fatwa) of the Board Of Mufti’s Of South Africa (Jamiatul Mufteen) is that dealing in forex is not permissible.

Kindly provide further details regarding pre-empting markets as your question is unclear.

And Allah Ta’ala Knows Best.

Suhail Tarmahomed.
Student: Darul Ifta

Checked & approved:
Mufti Ebrahim Desai

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