Halal Brokers/ Forex

Investment Questions and Chats General Investment
#1

Assalamu alaykum,

I pray you are well. I was just wondering if you could help me answer a few questions. I am currently doing an investing course which I love and have learnt a lot Al hamdulillah.

I want to start investing and have done my research, however, I don’t want to involve myself in interest at all!

My questions are

  1. Do you know any halal brokers? please could you recommenced them to me if you do.

  2. I know forex is Haram, however, how does anyone buy stock from abroad ( e.g. USA stocks) without it involving forex? isn’t Forex just foreign exchange? If i wanted to buy stock from Amazon as a UK citizen, wouldn’t that involve a foreign exchange rate? ( please clarify)

  3. I have found a broker that I would like to open an account with called Hargrevers Landsdown. I found this on their website and was wondering if this is the same as Forex and if it’s haram?

Questions : CAN I DEAL WITH CURRENCIES OTHER THAN STERLING ON MY HL ACCOUNT?

Answer from website: “You can only hold sterling cash balances in your HL Account. Overseas share deals are traded at our standard rates and can be placed online, by phone or post. They will be dealt at the overseas market price and converted into sterling by a UK based market maker. The foreign exchange rate used will be based on the prevailing interbank exchange rate to which the market maker will add an additional spread of up to 1.5%, dependent on the size of the deal.”

Jazarkallah khair for all your help and patience

Aisha

#2

Wasalam

May Allah bless you.

  1. You can use any broker, as longer as you are not borrowing from them with interest. And that you are not instructing them to buy any haram financial products.

  2. Currency exchange is halal if certain rules are followed. I would advice you to read the following article from Mufti Faraz Adam:

And from Ibrahim Khan:

Kind regards

#3

Jazarkallah khair! Thank you