Showing posts with label Mufti Shafiq Jakhura. Show all posts
Showing posts with label Mufti Shafiq Jakhura. Show all posts

Thursday, January 20, 2011

'Forex Trading Business' - Fatwa on a Business Transaction

I am interested in the Forex SPOT trading business and would like to know if it is halal. The trading that I will be doing will be as follows:

Let's say, I invest $1,000, the broker invests or lends $99,000 and together we buy the currency like euro worth $100,000. The broker will not charge any interest on the money that he invested or lend, because it will be a Shariah compliant account.

- If the rate of the euro goes up and I decide to sell the euro. The broker will take a small share of the profit and rest is given to me