As a matter of fact, religion plays an integral part in almost every field and every stage of life. Whether you buy it or not, but it surely does! Many people are themselves highly concerned to make all their approaches according to the teachings and guidance as per directed in their religion. A very common and highly discussed matter in all religions is to earn money through transparent ways what we call Halal in Islam. The top most priority of investors following Islam is undoubtedly to trade through Halal ways and avoiding to indulge with Haram practices illegal in Islam.
Trading and business have got with them a complete set of principles in the light of Islam. At a broader level, Forex Trading has also been one of the phenomenon to be in the limelight as a point of questioning whether it is haram or halal in Islam. Keeping it more simple and clear, the market for trading currencies throughout the world, more likely to be known as Forex and the process called Forex Trading.
Dealing with all the aspects of buying and selling and exchanging currencies, it works through financial institutions on different levels. It is the basic assistance for the international trade and investment through currency conversion. Several countries from all over the world have been involved in this trade market through different aspects and strategies.
The perception of forex trading is quite controversial with respect to a particular school of thought in Islam. In the light of a general consensus, the situation where there is trading of one currency for other, such trading becomes permissible in Islam.
There have been long and disputed discussions on this issue for a long time and experts and jurists define the phenomenon of forex trading in Islam as a business to be careful with. To make them a tradable commodity only for earning a profit is also against the basic philosophy of Islamic economics. Keeping in consideration various viewpoints from different Islamic jurists and scholars, there are some certain conditions, provided which forex trading becomes legal under the jurisprudence of Islam.
Margin trading, calls, puts, straddle or any of its derivatives other than spot exchange are known to be unlawful and strictly prohibited in Islam. Satisfy your conscience with pure and clear ways of income through trading. Nida Zaidi loves exploring new ways to Make Money Online. She has always enjoyed making a living out of Social Media, Online Marketing and content writing. She is a Gold star SEM contributor and a co-author.
In forex price movement is very small if done on cash only. Margin is required to make profit from trading. If you are saying margin trading is haram then the only thing left would be to buy currency from local exchanges and hold that currency. Mohammad is a young Entrepreneur and Internet Marketer. You are most welcome to contact him for any query you may have. Posted by Nida Zaidi on November 3, 2 Comments. Interesting Way of Making Money with Payoneer in How to sell your services on Fourerr?
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