Is it permissible to trade Forex(online)?
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salamu ‘alaykum wa-rahmatullahi wa-barakatuh.
The issue of online Forex trading was discussed in the Jameeatul Muftieen meeting which comprises of twelve senior Muftis of South Africa. After analyzing the details provided, Forex trading was ruled impermissible, as many of its aspects did not conform to the laws of Shariah.
And Allah Ta’ala Knows Best
Mufti Ismaeel Bassa
Mufti Ebrahim Desai.