Assalamu Alaikum,.
Please advise me., Is buying and selling gold through online platform permissable in Islam? I do day trading buying and selling of gold.
Need advise in this regard please.
Thanks,
Safiq.
Im guessing you’re trading gold on those cfd brokers (forex brokers). And if this is the case, then yea its haram. Why ? Cause you are trading cfd’s, you are just saying if price will go up or down of that specific market. This is speculation aka gamble. Thats why derivatives are haram. Only spot trading is permissible
Thanks ., I will keep my self away from this.
salamu aleykum brother,
what is spot trading and why is it allowed?
Wa’alaikumussalam
Spot transaction is a type of transaction where the deal, payment, and delivery is made on the spot. Though, the usual custom is that settlement and delivery are done within two business days, and this is still considered tolerable in today’s global market.
On the other hand, forward, future, and options contract is a type of transaction where we expect the delivery to be done later in the future (more than spot’s two-day settlement). This is an issue especially for gold, currencies, and the like because those fall within “ribawi commodity” category.
And Allah knows best.
Wassalamu’alaikum