when it comes to trading and settlement, what is the appropriate way of selling trades in an Islamic manner, I know that when purchasing stocks it takes t+2 trading days for the stock to settle, so let’s say I purchase Tesla on Monday, the sale should settle by Wednesday and I should have ownership of the stock on this day, so am I allowed to sell the stock on Wednesday or do I have to wait till Thursday, since Wednesday is the actual day the stock settles and money is transferred officially and ownership or granted, can you guys pls clarify and if anyone else knows could they pls help, jzk
@Mufti_Faraz_Adam
@Mufti_Billal
@Mohsin_from_IFG
@ibrahimkhan
Wa alaykum salaam,
We hope you are well.
Best would be to contact the broker or the exchange you are trading on and ask exactly when settlement takes place. There can be differences between different securities. Not all delivery schedules are alike. So the exchange can inform you precisely with more clarity.
Allah knows best
Trading 212 has a settlement time of t+2, my confusion is not with the broker it’s to do with the technicalities of the settlement time
If I buy a stock on Monday, and the settlement time is t+2, technically the stock should settle on Wednesday,
Does this mean I can sell it on Wednesday or do I have to wait till Thursday, like how’s does stock settlement work, do they settle on the morning of the day specified on t+2
Also what’s is ur opinion on selling shares before settlement, is it allowed as we have “constructive possession of them”
This topic is causing me great stress pls get back to me
Assalam alaycom,
May Allah bless you. Did you found an answer yet my brother as i have been searching for long time aswell
Let’s share our experiences.
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Jazacom Allah kayran