or charges, could clear the hurdle of riba. We highlight the best service on the. One broker keeps on calling me to invest USD in Euro. This would mean that trades must involve either some element of fundamental analysis or technical analysis which the trader actually has a firm reason to believe. According to Islamic law, usury, or any contract or business dealing that involves charging interest (riba) is strictly forbidden. The evidence for that is the report narrated by Ubaadah ibn al-Saamit (may Allaah be pleased with him) who said: The Messenger of Allaah (peace and blessings of Allaah be upon him) said: Gold for gold, silver for silver, wheat for wheat, barley for barley. Thus I would even go on to say that using bitcoin is more halal then using currency notes supplied by the reserve banks. When faced with multiple opportunities, we aim to combine research with past experience to choose the path that will lead to the most favorable results.
There are many different opinions on the issue of Islamic Forex trading and therefore it is hard to give a definitive answer whether it is permissible or not. Based on our findings, it would seem that as long as there is no question of riba, the trade is made hand to hand (the exact definition of this phrase is still open to interpretation for many Muslims and the person doing the exchange has. The question here lies in what is considered to be hand to hand.
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Islam requires accountability of the commodity spent and you just cant duplicate currency notes to fulfill demand like how govts do with paper currency. In the olden days, there were of course no computers or telephones, so the aspect of making a deal face to face (or hand to hand) wasnt much of a question. Bonus m 5 90 » Visit, spectre 10 (ETH up to 200* » Visit, optionField (T Cs Apply) » Visit. It is permissible to sell euros for dollars so long as the exchange takes place in the same sitting as the contract is made. Forex trades take effect immediately which is necessary for Islamic trading as any exchange must occur within the same sitting. Currently updated volatility charts and other forex statistics are available at Daily Forex Stats. Praise be to Allaah.
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