AOA to all brothers and sisters,
I am planning to start online trading with OctaFx, https://www.octafx.com/, and I want to know if there islamic trading account or islamic trading services are completely Sharia Compliant. I would very thankful if you give your thoughts in this matter. JazakAllah.
Regards,
Syed Jawad Hassan
online forex itself is haram. By using an islamic account you’re only not paying any intrest. But when trading you don’t own any assets, you’re just speculating if it will go up or down. (gambling money)
salam Akhi dont talk without full understading of a matter OctaFx is a ECN brooker orders are sent directly to one or several liquidity providers to be executed on their end. Liquidity providers include companies, banks or financial institutions that quote both buy and sell price in a financial instrument or commodity. so there is an actual buying and selling and your not trading (cfd) rather you are trading the real asset itself . dont tryna be lazzy and repeat what your hearing without knowing the matter go read about it .