Category: Business Matters
Fatwa#: 38950
Asked Country: United Kingdom

Answered Date: Nov 18,2017

Title: Imarketlive and Jafx

Question

Salaams.

There is a company called imarketlive and a broker called jafx with an islamic option for forex. Please can you let me know if it is halal.

Also before you mentioned there are different intances where forex is decared halal, please can you mention some.

 

Jzk

Answer

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

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

May Allah Ta’ala reward you for your resilience and your steadfastness in searching for halal business avenues.

Rasulullah (صلي الله عليه وسلم) said,

«التَّاجِرُ الصَّدُوقُ الأَمِينُ مَعَ النَّبِيِّينَ، وَالصِّدِّيقِينَ، وَالشُّهَدَاءِ»

“The truthful, trustworthy merchant will be with the Prophets, the Siddiqeen (truthful), and the martyrs.”[i]

«طَلَبُ كَسْبِ الْحَلَالِ فَرِيضَةٌ بَعْدَ الْفَرِيضَةِ»

“Searching for halal sustenance is an obligatory act after other obligatory acts.”[ii]

We are unable to comment on their Shariah compatibility unless the company provides us with the details of their procedures.

We advise you to refrain from investing with them until we can ascertain whether they are actually Shariah compliant or not.  

And Allah Ta’āla Knows Best

Saad Haque

Student Darul Iftaa
New Jersey, USA 

Checked and Approved by,
Mufti Ebrahim Desai



[i] سنن الترمذي ١٢٠٩

[ii] السنن الكبرى للبيهقي ١١٦٩٥

تَفَرَّدَ بِهِ عَبَّادُ بْنُ كَثِيرٍ الرَّمْلِيُّ، وَهُوَ ضَعِيفٌ

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