Internet currency trading : spot gold, silver, and Forex trading

السؤال

[Question One] : Assalamu Alaikum, We have a startup investment company interested in venturing into gold, silver and forex spot trading. From our research, everything seems to be within Islamic principles, though your opinion about margin confused us. Essentially, we understand why for the non-expert in economics, margin can be dangerous and introduce Gharar. Would it be the same for a professional ? The issue became further complicated with as well as speaking with other smaller scholars http://www.islamonline.net/livefatwa/arabic/Browse.asp?hGuestID=l1AcnT Has there been a consensus reached or is it still in the works due to the relative immaturity of internet trading ? Also, could you let us know something for our situation ? Jazak Allah Khair. We would not mind compensating you for your professional expertise or consultation, though we are not aware of the process, fees, and so forth. Assalamu Alaikum, [Question Two] : Jazak Allah Khair for the clarification. We shall InshAllah contact you for review of contracts and such in the future. Back to the currency trading issue : is the relationship between the trader and the broker non-Islamic then, since from my understanding the trader is essentially purchasing something of more value for less value. (The full transaction is not done) This part was ambiguous to us as well, and to make it clear we were in discussion with our broker to change the contracts to a lender / debtor or an investor one. To give a simple analogy : I am good with real estate, yet can’t take advantage of Alberta’s boom since the homes cost $ 500,000 and I don’t have the capital. I could borrow that money from an individual on no interest, utilize it, and give it back. Or the lender could be an investor in that he takes a large part of the profits, while I do the work. Would changing the contractual terms between the trader and the broker deem the transaction Shari’ah compliant ? Jazak Allah Khair. Pardon my real estate analogy- just trying to fully understand the matter here, as I am sure the concepts will help us understand other transactions in the future. AA,

جواب الفتوى

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تاريخ النشر

2007-05-17

التخصصات الرئيسية

العلوم الاقتصادية والمالية وإدارة الأعمال
الدراسات الإسلامية

عدد الصفحات

3

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-785640

• APA
• MLA
• AMA