Trading on the stock markets : trading on margins and options

Fatawa Question

I am really grateful for the answer provided to me. Can you please clarify the following transaction : I buy one Euro with the help on dollar when the transaction rate is 1.50 $ = 1 $. to make this transaction I pay 10 % of the money ( that is 0.15 $) right now and remaining will be paid say after 48 hours. Now after 36 hours rate move in my favour say at 1.75 $ = 1 Euro, so I sell the same Euro at this rate and hence make a profit of 0.25 $ and simultaneously settle off my liability of remaining 0.90 $. Is this transaction Halal Regards Jazak Allah

Fatwa

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Publication Date

2007-05-15

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-786640

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