I was involved in forex trading for a long time and has learnt alot on technical analysis. I’ve since stopped completely because of my certainty of it being haram. My question is there any halal trading at all out there where I can use my technical trading training and which don’t require much capital like forex trading. Spot gold/silver for instance? OR can anyone recommend a platform on halal stock trading (short-term trading, not investing). I don’t mean robo like waleed, I prefer to trade on my own. Thank you for any recommendations and advise.
1. Any form of halal trading out there? 2. Is spot gold trading permissible?
I believe the halal way to invest in gold would be through ETFs that hold physical gold and are denominated in pounds such as:
Invesco Physical Gold GBP Hedged ETC
Xtrackers Physical Gold GBP Hedged ETC
Wisdome tree Physical Gold - GBP Daily Hedged
As CFDs and margin/leverage are haram you would need to open a cash only share dealing account with a broker.
Thank you for the reply. I’ve read about ETFs a long time ago, and I believe they deal with interest at some level?
Some ETFs deal with interest and some don’t…make sure to always read the fact sheet for each ETF. The Gold ETFs above don’t deal in interest.
Salem brother, double check the list of gold etc you provide i think they are not shariah certified
I did contact dws about Xtracker physical gold and said they are not certified as shariah compliant
Invesco and wisdomtree they have shariah certificate but different gold etc names (i think non hedged you can double check)
May Allah bless you
Salem brother, may Allah bless you and guide you
Do you know how they deal with interest as they have shariah certificate from al qualm foundation (sheik zubair butt) and i am trading their etc platinum and palladinum Etc only
JAZAKOM ALLAH KAYRAN
Jazakhallah khair brother for correcting me. I also read in the Xtrackers fact sheet it says: “Investing in ETC does not make you an owner of the gold.” So definitely not shariah compliant.
With Wisdom Tree they DO NOT allow you to exchange your certificates for physical gold delivery so it gives me doubts about whether you actually have ownership of the gold.
Invesco allows you to exchange your certificates for physical gold.
So overall I believe Invesco Physical Gold ETC is the most halal.
Which ETC are you asking about brother ?
PHPT AND PHPD on london stock exchange respectively vzla and vzlb on Xetra available via trading 212
As platinum and palladinum are considered as commodities not like gold and silver just to stay on the safe side regarding halalness