Trading currencies : currency spot trading on margins

Fatawa Question

I just join a new company which is working some like investment but difference is that we ask people to invest their money in our company but their is no limit profit they have to accept profit and loss, in details we do trading with people's money we buy and sell currencies, stocks and oil on the spot we buy them and sell on the same day different is that if they are investing 20,000 $ and when he wants to buy a contract in international market we deposit from his account 1,000 $ as security when he sold a contract we return his security with his profit or loss against all this procedure we charge him 40.00 $ as our service charges, please remember the contract sizes are like this 100.000 $ = 1.000 $ my question is that is this is Haram or Halal because some of my colleagues says that buy and sell is Halal. I am so confused please guide me that working in this company is ok or not and please remember that al Baraka investment company is doing same things but in that company they fixed the profit rate and that is 3 %. please send me answer in details.

Fatwa

Click hereto view more

Publication Date

2001-02-01

Main Subjects

Financial and Accounting Sciences
Religion
Islamic Studies

Topics

• Islamic jurisprudence
• Commerce
• Local currencies
• Markup

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-726879

• APA
• MLA
• AMA