Internet currency trading : about Forex : [1]

Fatawa Question

AOA, My name is Khan and I am living in Canada. One of my friends is doing business in Forex currency with Muslim account (Interest free). He is good Muslim guy and said that he researched on Forex before starting that it is Halal or not and found it is Halal. But I am not sure so I want to be confirmed about it. I want to start it but only in case if Islam allows me. So my question is that with Muslim account which is interest free, is Forex Halal. As far as my understanding that.. We open an account with FXCM broker-A Muslim account in which they will charge fees per transaction. There are pairs of Eur / Gbp currency. I opened account in US $, I buy 10k pairs, they debit money from my account and put their money too. Like they say that they will put 10000 for my 10 $. Also I think they will put conversion rate of Euro and US $ too. Because if I earn 34 $ but I will get 30 $ because 3 $ was fees and 1 $ was conversion rate between US $ and EUR. If that is the case it is ok? May be I did not understand the situation properly. My question is that is Forex with any broker who provides Muslim account, is Halal or Haram ? If you know any broker who is 100 % Haram only in case if Forex can be Halal please let me know. You have more knowledge then me so if I did not understand the online forex currency way, please correct me. Allah Hafiz

Fatwa

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Publication Date

2007-11-14

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-785652

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