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Forex Trading (CFD Contracts)
Assalamualaikum wrwb.. I have gone through almost maximum number of discussions which have been done on this platform w.r.t forex, CFD contracts, ownership, drop shipping (same concept of selling without ownership). Everyone including me scared of doing forex trading because of 2, 3 Hadiths of HAZRAT MUHAMMAD SAW. Explanation as follows
1. Don’t sell what you don’t own.
2. Ghalla bazar say pehlay khreda gya, par AP SAW nay mana frmaya kay isay bazar main la kar bechna hai .. us say pehlay nae.. aur is par pehlay bechnay walo ko saza bhi di gae..
3. Imam Abu Hanifa nay bhi mana frmaya kay dont sell what u dont own.
4. Imam hambal nay bhi mana frmaya. Dont sell what u dont own.
I am not going into leverage, options, futures etc. My only confusion is OWNERSHIP as well as POSESSION.
TO explain. If i have 1000 RS. I own and possess 1k. However if i gave it to someone as debt, then I own 1k, but its not in my possession, as per Islam i am not liable to pay zakat on.that even as its not in my possession,.even though i am still the owner.
What i understand from HADITH that OWNERSHIP and POSSESSION both are necessary for trade.
I am very keen to start forex but i am very much confused bcz of above HADITHs shareefs which I quoted.
In forex you don’t own, you don’t posses
Online forex trading is not trading of actual currency pairs. When you buy/sell anything on any platform, you enter a CFD contract with the broker and you profit/loss on price movements without possessing actual currency pairs. Not even in digital form.
So, its a trading of CFD contracts and not the Trading of actual currencies. Same goes for indices, stocks etc. so how it is halal. Islam say u can do business on the assets which u own and possess, problem is not PHYSICAL OR DIGITAL. Problem is ownership.
For example. If you own actual currency/indixes/stocks digitally then its permissble. But in all platforms where we are using funded accounts they are trading on CFD contracts, not actual assets even digitally..then how its possible that its HALAL based on above mentioned HADITH and FIQH Imams.
On going through almost maximum of the discussions which have been done on the platform.
The answer is based on one Ayat e Kareema of Holy Quran as below.
Believers! Do not devour one another’s wealth by wrongful means except through trading by mutual consent. (4:29)
May ALLAHPAK forgive me, but this seems a principle overall. There is no mentioning of details of business. Same like Namaz, QURAN PAK is saying to offer namaz.but how to offer you get it from Hadith.
Same goes for business. Do business as per The AYAT E KAREEMA and details you get from HADITH.
Please enlighten me with clear explanation. I am trying to find this answer since age, But not find the answer, the answer which I got from all school.of.thouhgts is that Its HARAM.
JAZAKALLAH… -
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Forex Trading (CFD Contracts)
updated 3 days, 19 hours ago
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Appreciate if someone response please JAZAKALLAH
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