Internet currency trading : currency trading

Fatawa Question

Wa Alaikum Asalam Wa Rahmatullahe Wa Barakatuh I've been browsing through your outstanding website Ma sha'Allah, an encyclopedia on Islamic finance, Jazaka Allahu Khairan for all the knowledge ; Insha'Allah it will be a Sadaqa Jariyah for you until Yawm Adeen. Insha'Allah, also, I may have future questions in regards to finance, however, I will to read more of your Fatawa and publications, because I'm sure you've already answered many of the questions. I have been with a foreign currency trading company, an introducing broker for a company listed with the national futures association. I have another friend who is involved in that. Until now I've mainly focused on learning ; it's an independent contract position, and did not open any account in order to avoid the non-shariah compliant practices. I have another elder Muslim friend, originally from Syria, who is a scientist and he trades only with a demo account, and he explained that Forex can only be legitimate if we avoid the swap fees and perhaps have an account that is margin free in order to avoid the risks of margin, as well as perhaps forming our own Forex fund to be Shariah compliant. Insha'Allah, I would be honored if you could advise me to any recommendations ; especially in the financial services field, something especially that could be of benefit to the Ummah, and most of all what specialization in the masters field Muslims should consider specializing in and what Halal career positions will be available, other than the traditional banks. Would an economics firm or financial engineering firm have an entrepreneurial potential to be on demand from the coming generations ? Again, Jazaka Allahu Khairan in advance for all of your consideration, time, and patience. Baraka Allahu Feek

Fatwa

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Publication Date

2007-09-04

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-785661

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