I want to revive this post as, in my opinion, this post is a breakthrough.
Thanks for bringing this up Vashikovich. I’ve been deep-diving since a few years already around this topic and I’m seeing some green lights in this posts as non-CFD trading might be the solution and according to my knowlegde, it should be permissible as we will be owning the currency in case of forex. Of course, our trades still need to be intrest-free without any doubt. For the leverage, let’s say it’s still in a gray area but in my opinion, if there is explicitly no interest involved, it should be OK.
Also worthy to mention is that DON’T TRADE if you don’t have sufficient knowledge of the markets (news, trends, analysis, …) as it would be like going to swim but you don’t know how and you will eventually drown (and you knew it). So educate yourself or get yourselves a mentor. My only advice, start small and scale accordingly.
We really are eagerly waiting for the the input from our muftis in this forum. @Mufti_Billal @Mufti_Faraz_Adam
Hi bro would you say for an overview on this trading through an IBKR’s Cash account with 0 Margin and that don’t deal witn CFD’s then we can go ahead and day trade say XAU/USD and this would be totally Permissable in Islam and Halal?
Salam Alaikum brother.
I want to have a conversation with you regarding forex trading and the permissibility, on discord or telegram. Would you be fine with it?
Of so which broker should we go for can u please suggest?
Did u find it out if it permissible with interactivebrokers?? Or any other brokers? If yes through which account please share…
u can discuss it here?what do u wanna discuss?if there is buying of assets but its on someone else name through the agent generally this maybe allowed and loans with benefit is not allowed but for agency contract we have an exception agent can give u loan as long as its without any interest with his commission contract the loan contract could be done this is exception for the agency contract.now i dont know how they work,as long as someone is buying the asset on ur behalf its generally ok.so u know the rules figure it out urself i suppose.see what are their terms agency contract etc etc whether they maybe charging any interest on loans or not.but yes loan think can be a bit problematic generally because loan comes with conditions that lender does not gain any benefit.for reference check this
Another point would be cfd as far as i have heard in dma cfds there is underlying buying of an asset only problem is u cant withdraw it but as long as its agreed upon i asked many it maybe fine.now thats what many brokers told me about dma cfd.maybe they were lying i dont know.but ill take their word over random people i guess since they deal in it not them.secondly i am not giving fatwa but sharing what i have heard so u could always cross verify this information period.but cfds can be very problematic since ecn and normal cfd broker told me there’s no buying of the asset rather u just speculate on prices accordingly.when u buy eurusd according to sources u buy eur against usd when u sell eurusd then its the opposite basically usd against eur thats what i have read and understood maybe i am wrong but again information comes from articles and websites deal in these things.they have no reason to lie to me.i dont even tell them whether i am muslim or not just gathering information.now do what u want with this information if u want to discuss u can here.
i dont really think they will respond.they mostly dont even respond to my queries on newer posts.u could ask someone else who maybe knowledgeable for response.
Sorry to change the topic, but does anyone know any funded trading accounts which offer spot trading stocks or crypto rather than cfds. I’ve got the required skills, but with the limited funds I get only a small amount of profit. Hence looking for halal way to get me funded. tIA