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It allows companies to benefit from a unique investor pool that combines regional and international wealth, making it a globally unique platform for companies to raise money and for investors to find exciting opportunities. You have successfully subscribed to our monthly newsletter. Guest Post: Is foreign-exchange trading halal? There has been much debate in Islam concerning whether trading in the spot foreign-exchange market is halal or haram. First of all, Islamic law forbids a person to sell that which he does not possess.
Many scholars believe that trading in the FX Market is not permissible under Islamic law because it involves buying or selling a currency which one does not actually own. However, other scholars argue that the scriptural context of this law is referring to physical goods such as livestock. Thus, if a person were to find a lost camel, and he tried to sell it without notifying the owner, this would be haram, or against Islamic law. But these scholars argue that dealing with currencies is not the same. They argue that a trader is not really selling something they do not have as in the case of the lost camel. Unfortunately, this is exactly what happens when an FX trader holds a trade overnight.
He is charged a small fee by the broker, which essentially involves paying fees for delaying the deal. Third of all, Islamic law forbids usury and taking advantage of another person in economic dealings. Many scholars are concerned that spot FX trading in a forex account can be labeled as such due to the fact it is a zero-sum game. This means that when a trader closes out for a winning trade, the only way he has profit is by another trader having a loss. As you can see, the debate whether FX trading is halal or haram is very debatable.
Very respected scholars in Islam are pitted on both sides of this argument. This guest post was contributed by Bryan Sayers. He is the editor of Forex Fraud, a site is designed to help protect investors from forex scam, commodity fraud, and other investment scams. Note: The views expressed in this post are the author’s own and not those of Sharing Risk. Selling a lost camel, or selling something that was stolen, is selling something you own, even if the ownership is not legal.