Is Forex allowed in Islam??

[adeee]

Guys bohat se logo ko me ne daikha hay kay jab currecncy ki value kam hoti hay to wo spaculative motive kay liye currency purchase kartay hain or phir us ko mehnga honay pe baichtay hain. jis sy un ko munafa Hasil hota hay.

For Example.

Pechlay dino jb pond ki value 105rs thi. to ik dam stock market me afwa phail gae kay pond ki prize barhne wali hay. jis se logo ne dara darh pond khareed liye.
Ab agar technically daikha jaye to ik dam pond ki purchasing se state bank kay pass crrency short ho gae jis se state bank ne foran he currency ki circulation ko control karnay kay liye currency value up kar di.
jab kay real me us ki value 105rs hi thi. Ab jab kay logo ne daikha kay waqae currency price me izzafa ho gaya hay to unho ne currency market me throw karna shuru ki. Jis se Rs ki kadar me kami waqea hoe.

Isi tarah jab market me currency(Only RS) kam hoti hay to log stock currency ko mahnga kar kay baichtay hain.

For Example.

Ramazan kay dino me jab logo ko new currency ki immediate zarorat hoti hay to bankers or banker's relatives 5,10,20 kay noto ki copian actual value pay state bank or banko se khareed kar maket me mahngi price pay copies ki sale kartay hain to is ko munafa hota hay.

So My Question is

Kia ye jo munaffa milata hay currency purchase or phir sale karnay par wo jaez hay ya na jaez.
or islam me is kay mutaliq kia kahta hay? Hallal or Haram business?
Am so confused. because my really near relatives involves in this business.

 

[sakayani]

To my understanding, it is a form of gambling and not right. Same is the case with shares dealing or stock market. It is better to avoid if there is any doubt. On the other hand, investing in gold is halal.

 

[Murshad Jee]

I think its not right to do this kind of business because its called easy money and to my little knowledge its not right...............But I am not sure, because I am not a Mufti or Aalim.

My advice is brig your relative to some real Aalim-e-Din or Mufti Sahib to discuss this matter in detail, make sure you go to real one not a dramay baz molvi.

Jazak ALLAH Khair

 

[sarmad]

I believe you are talking about Forex.

It is arguable. If you are good with economics and have enough knowledge, you can predict the out come and It will be kind of like a business.

If you are just doing a guessing then it isn't any different than gambling.

 

[Wadaich]

I would request you to please contact a scholar. It may not be the right forum to discuss such a technically sensitive issue.

 

[NaveedAli]

Well as a Student of finance, I should tell you its not only few ppl in pakistan who controls the forex rates in pakistan its actually global and whenever something happen to dollar every currency of the world follow suit and as far as buying currency and selling it later for profit is concern i should say its debateable that its haram or halal well haram mean without effort without risk and free money i can tell u that if u buy the currency now there is no guarantee that the currency u bought will have more value in future as nobody knows the future so the element of risk is there and its simple buying and selling of currency item like it was in early days of islam but the problem is that during those days we buy and sell commodities which has real value but now its sometimes currencies which in real has no value.well My jugdement is it is very very debatable and i would not enter into this kind of activities cuz in the end no one has ever made a good money as some day u become addicted to these kind of activities and eventually would lost ur every savings of ur life.

 

[JewayPakistan]

Speculation is haram in Islam.As far as selling fresh notes at higher price is against country law and anything (if not against Islam) which is not allowed in that particular country is not allowed in Islam.Like smuggling of halal goods is not particularly banned in Islam but as its against country law so its not allowed in Islam.

 

[ali_ravian]

very sensitive issue.... please ask any a genuine ALme Dine........

 

[nazia1230]

its great sharing i really like it ;), i hope that you will keep it up and will share more information as like this in this forum, thanks

 

[AsifAmeer]

I just bumped into this thread. A very interesting issue. I have a pending article I am working for to be published in TheNews .

There are 2 ways of looking at this matter.

• Religious
• Economics

I am not a religious scholar so I wont speak on that front but I will say this, if something is UNJUST, it cannot be permitted in ISLAM.

When dealing in paper-currencies, one's gotta realize the history of Paper currency. The sole purpose of Fiat currency was for central powers to steal the fruits of labor from the general population via inflation. I ask you to find me 1 single case of Hyper-inflation in history before fiat currency was not in use. You will find none. The world did adopt a Gold Standard b/w the 1800s and 1900s but that was pushed aside by Keynesian Economics garbage. Fiat Currency is playing into the Intellectual Dishonesty of the Central Powers. By Central Powers I mean the Federal Govt, Army and the State Bank.

With that said, I am amazed at the Ulema's silence on this issue. There has been only 1 Mufti who has spoken against it - Mufti Imran Hosein, who has been conveniently labelled lunatic by the arrogants and ignorants.

Halal, haraam.. you decide!

Well as a Student of finance, I should tell you its not only few ppl in pakistan who controls the forex rates in pakistan its actually global and whenever something happen to dollar every currency of the world follow suit and as far as buying currency and selling it later for profit is concern i should say its debateable that its haram or halal well haram mean without effort without risk and free money i can tell u that if u buy the currency now there is no guarantee that the currency u bought will have more value in future as nobody knows the future so the element of risk is there and its simple buying and selling of currency item like it was in early days of islam but the problem is that during those days we buy and sell commodities which has real value but now its sometimes currencies which in real has no value.well My jugdement is it is very very debatable and i would not enter into this kind of activities cuz in the end no one has ever made a good money as some day u become addicted to these kind of activities and eventually would lost ur every savings of ur life.