Forex trading permissible with halal broker

Salam alaykum everyone hope you all well.

i have a question regarding forex trading me and a group of friends have been looking to get into as we do have a lot of muslims friends/family who are involved in this and have even made a living from it. However have been struggling as ive been hearing alot of different of a opinions regarding it being permissble or not. so one of the traders which is an aalim aswell have sent me. please view below

PDF file: file:///C:/Users/jamia/Downloads/Forex%20trading%20(1).pdf

Wa alaykum salaam,

Can you kindly resend the link as I cannot seem to access it.

Also, kindly see this link:

have copied it over to evernote inshallah should be able to view content

if i was to go to shariah compliant broker and ask to that i would like to open a account with no margins or leverage in this case would trading forex then be permissible ?

Assalaamu alaykum,

I have reviewed the attached document. It doesn’t accurately reflect how retail FX works. I would recommend reading more how FX actually works. You may even read this:

Thank you mufti,

what are your views on broker (vantagefx) being certified by sheikh hasan Qamra for being shariah certified.

and do you mind having a look at these terms
(just need to scroll down)

salam mufti hope your well,, spoke with advisor regarding this issue and they asked me to email their shariah board who will answer question, was hoping if you could reach out to find out more to what happens behind scenes of islamic accounts

Assalaamu alaykum,

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:

"Wassalamu Alaykum

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.


السلام عليكم
Sheikh @Mufti_Faraz_Adam I am currently in a similar situation and one of my friend came across this broker who seems to provide Shariah Complaint Islamic Account.

Can you please have a look and share your views on this?

Assalaamu alaykum,

I would discourage trading in any FX account until there is a Shariah board or a Shariah advisor and the company clearly shows how this FX is Shariah compliant in terms of its processes and structure.