Assalamualaikum. I am curious about the validity of day trading shares by only going long on haal companies. Is this permissible for muslims to do? Or is it a subject of dispute? I just want to do the halal thing please advise me. @Mufti_Billal @Mufti_Faraz_Adam I must stress I am using an algorithm to base my trades on and not pure speculation. There is a lot of market research and whatnot involved with what I am trying to do.
Thank you
Wa alaykum salaam,
Most of the scholars are of the view that day trading of shares is not permissible.
Allah knows best
Salam but AAOIFI allow this transaction ?
Chapter 21
3./7 It is permissible to the buyer of a share to undertake transactions in it by way of sale to another and the like after the completion of the it by way of sale to another and the like after the completion of the formalities of the sale and the transfer of liability to him even though formalities of the sale and the transfer of liability to him even though the final settlement in his favour has not been made.the final settlement in his favour has not been mad
Or is my understanding wrong?