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
Showing posts with label Mufti Shafiq Jakhura. Show all posts
Showing posts with label Mufti Shafiq Jakhura. Show all posts
Thursday, January 20, 2011
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