I have contacted the Vantage FX platform before. Their reply is as follows:
In regard to Vantage FX, I had discussed this matter with them and their Shariah board a few months ago, they gave me the following reply:
Respected Mufti Faraz Adam,
The Vantage FX products have been certified by the Shariah Board and headed by Sheikh Hasan Qamra from Kuwait. The Shariah certification and Shariah Audits/ reviews are available on Vantage FX’s website.
The Shariah structure and mechanism of Vantage FX’s Shariah product is different from general products in that the process/documentation has been amended and we have board resolutions from Vantage FX to agree to shariah principles. The administrative fees are a valid remuneration/service fee in exchange of services (Ujrah) provided by Vantage FX in managing and administrating the Shariah account.
With regards to your specific queries, we can confirm all the laws and principles of Bay al-Sarf are applied to all transactions including that of Milkiyyah and Taqabudh. This is done via actual liquidity providers through operational mechanism approved by the Shariah Board. Vantage FX serves as the agent (Wakeel) on behalf of the traders to manage the actual liquidity provided by the liquidity providers and such funds are segregated in a specific bank account. All the trades are executed in real time and have a direct effect on the real market.
You are welcome to contact us should you have any further queries.
And Allah Knows Best
Shariah Board, Vantage FX"
I believe more transparency is required on how things actually work. The processes are still obscure somewhat. As this is probably the only “Shariah compliant” retail FX platform, it requires much more transparency than other shariah compliant products. That is not due to doubt in the Shariah scholars at all, but just that the level of curiosity is very high in this structure and therefore Vantage should provide as much as transparency as possible.
In most Shariah compliant products, the certification of a Shariah advisor or board is sufficient for people to follow as those products are not “exotic” or rare.