Cfd - claim of it being halal

Everyday Islamic Finance Islamic Finance Companies/Products
#1

Hi. I have a specific issue regarding a company that trades in CFD.
my understanding is that it is not halal.
I raised this with them and they said that they have an Islamic account that excludes swaps.
They also said that they have many muslims using CFD and that it isn’t a problem.
The company is Alvexo.

Does anyone have any comments on this?
My personal feeling is that just because Muslims are doing it does not make it halal.

Thanks.
Khalid.

#2

Wa alaykum salaam,

If it doesn’t have any reputable Shariah scholars or Shariah board, then any claim to shariah compliance is questionable at the least and fraudulent at worst.

Allah knows best