Is FTMO funded forex account halal?

Everyday Islamic Finance Islamic Finance Companies/Products
#1

Assalamu alaykum,

I have been looking for an answer on this topic for a while now, but every forum I’ve looked at doesn’t have a straight yes or no answer so if there is anyone that knows about forex trading here could you please look into this jazakum Allah khairan.

FTMO is a company that provides traders who pass their test, with funded accounts with up to 200,000$ to trade with. There are no fees or interest involved with these accounts and the only thing is that they take a 30% cut from the earnings of the trader, I just wanted to know if it is permissible to trade with them since there is no interest involved.

You can read more about them on their website ftmo.com

#2

Wa alaykum salaam,

Most Forex platforms do not trade in the actual currencies. Retail forex is generally considered not Shariah compliant by most scholars.

#3

Assalamualikum wa rehmatullah,

So which forex platform/account is halal to trade?
Can’t IFG or Wahed build the sharia compliance forex trading platform?

#4

Salam Alaykum,

I am also wondering about this matter. If the current platforms are dubious or disallowed, then there should be some online platform brought about to meet the permissibility guidelines - just like how little by little we seeing Islamic solutions envisaged for home loans, insurance, etc.