Category: Business Matters
Fatwa#: 40780
Asked Country: South Africa

Answered Date: Aug 03,2018

Title: Online Forex Trading

Question

My question is pertaining to onlone forex trading

A few months back i was trading online.i lost money and made money.some trades i made losses and some profits.also the platform i was trading on gave bonuses.eg if you do 100 trades they give you a bonus of 200 rand.at this stage i was under the impression that it was jahiz(alowed in islam).after some weeks i found out that the platform i was using was intrest based.i traded in the following-gold,currency, oil and future contracts.

Finding out that this was not jahiz and in accordance to sharia, i took out my initial capital (more then 1 deposits)and gave the profits in charity with the intention of gaining no reward.

Is this the correct ?

Answer

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

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

Respected brother in Islam, 

The profit acquired through the interest based online trading is Haram. The profit acquired through such trading should be dispensed off by giving it as Sadaqah for the poor and needy. Your action was thus correct.

In future, you should exercise precaution and enquire the Shar’i ruling before trading.

And Allah Ta’āla Knows Best

Tareque Ahmed

Student Darul Iftaa
New York, USA

Checked and Approved by,
Mufti Ebrahim Desai.

________________________

فتاوی عثمانی  1/130

کسی شخص کے پاس جو مال کسی حرام یا نا جائز   ذریعے سے آگیا ۔۔۔    تو اسکا حکم یہ ہے کہ اسے نیت ثواب کے بغیر ہی اپنی جان چھڑانے کے لۓ صدقہ کر دیا جاۓ-

امداد الاحكام 3/

 

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