Hujjah FOREX TRADER 1 : Jika tidak boleh leverage lebih dari 1:1, maka hanya bank yang boleh buat
Ulasan UZAR:
Ia bukan hujjah yang perlu dibincang dan tidak ada kena mengena dengan perbincangan hukum, jika tak mampu untuk berforex dengan duit sendiri iaitu 1 : 1. maka jangan berforex, ketidakmampuan individu untuk menyertai forex tidak mengubah hukum leverage 1:20, 1:100, 1:1000 yang bermasalah di atas. Ini kerana forex bukan makanan asasi yang akan mati tanpanya.
Kalau sebelum ini saya utarakan jawapan oleh Syeikh Taqi Uthmani, kali ini say acpy paste pula soalan dan jawapan dari Prof. Dr Monzer Kahf, pakar ekonomi Islam
Question
I have heard that online trading with broker either in currency or stocks is prohibited on margin, but why is that so, as it is on spot, and borrowing money is not prohibited, so if one borrows money to buy currency without paying interest, as the brokers offer Muslims interest-free accounts for Muslims, instead they charge a small commission for the service on each open position, as otherwise the interest is payable if the position is not closed before 5 pm EST. Thus, for Muslims the commission is charged even if the position is opened after 5 pm EST, but there is no physical delivery of the borrowed money, as its through the broker, and the trader doesn't receive it, but is liable for it and all risks of profit and loss are of the trader, and it makes it easier as a trader may open a position and close within 10 minutes, if he has taken a quick profit, so otherwise, if he waits for delivery and return,it may take days, so due to the development of technology, if we can trade online, with convenience, what's wrong with it? Because when we open a position, we actually borrow money on contract, but don't get a physical delivery, as it will take time, what I don't get in my hands, but is really given to me through contract, so is it not acceptable and online trading through margin is haram? Then how Muslims can make money, because otherwise one does need 100,000$ actually to buy those stocks or currencies, but in this way, the problem is solved, so is online trading on margin haram?
Answer
In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
For trading currencies, please refer to the answer given to brother ‘Arqam' in this session.
Trading currencies on margins is not permitted in the Shari`ah.
Trading stocks (only those stocks that satisfy the known criteria for permissibility of owning and trading) on margins, if no interest is involved, then it is permissible.
I am afraid that this commission you mentioned hides interest charge, I therefore, need more information about the commission structure and component t to make sure that it does not hide any interest
open :
http://www.islamonline.net/livefatwa...GuestID=Ta4O7M
Question
Is online forex trading allowed? The procedure of a normal interest-based trade is: you buy one currency against dollar (electronically through a broker) for instance buy pound and sell dollar. Your account is in dollars and you deposit $500 and get to trade on a margin. Each trade is for 100000 currency units- in our case we buy 100000 pounds for $500 margin.
You don't get a physical delivery, but you are liable for the payment and will enjoy all the risks and benefits. You realize your profit or loss by selling back the pounds you bought. If the buy and sell takes place the same day, you don't get charged any interest. If you don't close your position, everyday you are charged $5 per 100,000 currency units. To normal customers, these trades have no commission or charges. Now, for Muslim investors, what the companies do, instead of charging daily interest, they charge a $20 per trade( buy and sell ) as a commission.
This commission allows the investor to have a grace period of 3 days for closing the trade instead of 1 day in the normal scenario. However, after the 3rd day, everyday the commission is charged for all open positions.
1. Please tell, whether or not the procedure for Muslim investor devised by these companies is halal?
2. Can we only day trade (buying and selling the same day) so no interest is involved.
3. What does Islam says about trading forex on margin? In what circumstance would a Muslim be allowed to perform margin-based trade?
Answer by Prof Dr Monzer Kahf
In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
Online forex trading is essentially forbidden because of the requirement of full delivery or both currencies at the time of the contract. This requirement is mentioned in a correct saying of the Prophet. Consequently, any contract in which you pay an amount that is smaller than the exact value of the other currency (margin) is not permitted.
Also, any contract that has a time lag in the delivery of either currency is not permitted. This leaves out, as permissible, day trading and spot trading if they are done with full cash payment.
Allah Almighty knows best.
