Salaam,
I’ve been doing some research into vantage fx and their Islamic account, however I can’t seem to find any information on the sharia advisor they supposedly have - Hassan Qamra.
Has anyone got more information on whether the Islamic account is actually legit?
Jzk
Salaam Mufti,
Hope you are well.
I had a discussion with Vantage and it seems that even on their supposedly ‘islamic’ accounts the use of CFDs is still present - they merely eliminate the Riba aspect.
If it’s not too much bother for you would you be able to have another discussion with their sharia board to see if this is the case?
Jazakallah
Wa alaykum salaam,
CFDs are problematic and are not Shariah compliant instruments.
I don’t have the contact details of Shaykh Hasan Qamra unfortunately. I am trying to locate his details.
Assalam, have you located his details?
Assalamaleikoum, I would like your opinion on this video by dr zakir Naik on forex In this section, Dr Zakir Naik addresses the question of whether forex trading is halal or haram in Islam. He explains that if the trading is carried out in accordance with Shariah rules, such as buying and selling foreign currency on the spot with one’s own money, it is permissible. However, he warns that when Forex trading is carried out on a larger scale, haram elements are often associated, such as borrowing with interest, futures and options. Dr Naik advises traders to stay away from these haram activities and only trade in a way that does not involve any prohibited action.
Islamic Conditions And Foreign Exchange Trading
Islamic trading accounts vantage fx sans-swap allow traders to follow Islamic laws while also allowing them to invest. To be halal, traders must limit currency risk, apply a profitable strategy and trade via an Islamic trading account.
