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2010-07-16

Rule of trading in Forex currency system with the payment of fees for delaying the deal


Is it permissible to deal in the so-called Forex currency which is traded over the Internet?

What is your swaps, as well as late delivery (clearing) from one day to two days after the termination of the contract?

Praise be to God
May trade in currencies if the check of arrest and treatment of conditions delivered to usury, such as the stipulation Rollover charge, which is of interest to the investor if the deal did not act in the same day.

The fees premeditation and trading margin, has been issued by the decision of the Islamic Fiqh Academy, which reads as follows:
"Praise be to God alone, and blessings and peace be upon Prophet after him, our Master and Prophet Muhammad, and his family and companions. After:
The Islamic Fiqh Council, the Muslim World League, at its eighteenth session held in Makkah, from 10-14/3/1427 AH agrees 8-12 April 2006, has examined the issue: (margin trading, which means (the buyer paid [client] a fraction of the value of what he wants to buy so-called [margin], and the agent [bank or other], to pay the rest as a loan, the purchase contract to remain with the Broker, subject to the amount of the loan.
After listening to the research submitted, and extensive discussions on the subject, the Board felt that this transaction involves the following:

1 - trading (buying and selling for profit), and these are often trading in major currencies or securities (stocks and bonds), or some types of goods, and may include options contracts, futures, indices and trade in key markets.

2 - Loans, which is the amount given by the agent to the client directly if the agent is a bank, or by another party if the agent is not a bank.

3 - Interest, is located in this transaction by (Rollover charge), which is of interest to the investor if the deal did not act on the same day, which may be a percentage of the loan, or a lump sum amount.

4 - Commission, the amount that the agent gets as result of the investor (client) on the way, the agreed-upon percentage of the value of the sale or purchase.

5 - The pledge, a commitment signed by the customer to keep the contract with the agent subject to the amount of the loan, giving him the right to sell these contracts and the loan if the customer's losses reach a certain percentage of the margin, unless the customer increases the pledge in order to offset the depreciation of the commodity.
The Board considers that this transaction is not legally permissible for the following reasons:
First: It involves riba explicit goal to increase the amount of the loan, called (Rollover charge), it is riba is haraam, the Almighty said: (O ye who believe, fear Allah and give up what remains of usury, if ye are believers * But if ye take a notice of of war from Allah and His Messenger more than your capital sums: Deal not unjustly or meaning) / 278 279.
Secondly: The requirement of the mediator on the client that his business for him, which leads to a combination of advances and netting (brokerage), which is the meaning of a combination of advances and sale, which is forbidden religiously in the words of the Prophet peace be upon him: (does not solve the loan and sell ... ) Hadith narrated by Abu Dawood (3 / 384) and al-Tirmidhi (3 / 526) and said: a saheeh hasan hadeeth. In this case he has benefited from the loan, and unanimously agreed that every loan which brings a benefit is riba is haraam.
Third: The trade that are in this transaction in the global markets often include many of the contracts legally prohibited, including:
1 - Dealing in securities, a usury is forbidden, the terms of this decision to the Islamic Fiqh Academy in Jeddah (60) at its sixth session.

2 - Trading in shares of companies without discrimination, has the text of the resolution IV of the Islamic Fiqh Council of the Muslim World League at its fourteenth session in 1415 on the inviolability of his trading in the shares of companies whose main purposes are forbidden, or some of their dealings riba.

3 - buying and selling currencies are often arrested without a legal permit to act.

4 - Trading in options and futures contracts, the Resolution of the Islamic Fiqh Academy in Jeddah, No. (63) at its sixth session, the options are not permissible legally, because the object is not money or not really benefit financially may Alaotaiad him .. The same applies to futures and indexes.

5 - The mediator in some cases, sell what he owns, and sell what has not forbidden in Islam.
IV: Why This transaction involves economic damage to the transacting parties, especially the customer (investor), and the economy of the community in general. Because it is based on expansion in debt, and the risk, and include it often to deceive and mislead and rumors, monopoly and Njc and the vagaries of a strong and rapid rates, in order to get rich quick and get the savings of others illegally, making them as consuming people's wealth unlawfully, in addition to money transfer society from the real productive economic activities to these risks is not economically productive, and may lead to severe economic turmoil caused losses and damage to society is enormous.
The Council advises financial institutions to follow the ways of funding the legitimate that does not include masturbation or the like, and do not have harmful economic customers or the economy in general Kalmcharkat legitimacy and the like, and God the Source of strength.
May Allaah bless our Prophet Muhammad and his family and companions "finished", Journal of the Islamic Fiqh Academy, "No. 22, p. 229
We ask Allaah to help and guide you.
And Allah knows best.

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