Salaams
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Is it necessary to purify capital gains from day trading? If necessary how is it done?
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Do you need to purify if a stock goes from compliant to non compliant back to compliant in same quarter?
Jazakallah for helping answering questions.
Wasalam
May Allah bless you.
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Day trading stocks is considered to not be permissible in general. So please provide more information.
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Yes any sort of haram income must be purified even when the company is considered shariah compliant and has a haram income level within the 5% limit.
And Allah knows best!
Jazakallah for taking the time to answer my questions.
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Regarding “Day trading” are you able to share your views either on this thread or the thread below. Only the permissible views have been shared on the below thread. Fatwa: Is Day Trading stocks and shares gambling?
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So here is my exact scenario. I am new to trading so bear with me.
My exact scenario is I invested in stock (ZOM Zomedica; US Nasdaq) based on Zoya and Finnispia stating it shariah compliant according to AAOIFI in November 2020. Then Zoya updated stating it is no longer compliant but Finnispia says it is compliant. Apparently the difference is due to when the date the calculations where made. I did sell the stocks as soon as it Zoya updated to non compliant; but now am doubting when it was compliant and when it was not compliant.
It seems the stock did not meet the Interest-Bearing securities below 80% criteria due to stock price dropping thus affecting market capital.
So the questions I have is the Capital gains that I made from selling the stock can I keep. Do I need to purify? If so how?
I really appreciate all your help. May Allah reward you immensely in this life and hereafter.