Making money out of money is not allowed in Islam, but of course, trade-based activities are allowed. Hoarding anything which creates chaos and anarchy in a country is a sin. In either case, the action revolves around selfishness and the result is the exploitation of the masses. Everyone trades as per the trend because the trend is your friend in the Forex business. What he said is best for us in the current scenario. Taqi Usmani sb’s white papers on Islamic financing, his shariah court rulings, and commentary on an interest-free economical structure is the strongest theoretical framework for laying principles of Islamic Banking regulations globally.
Currency exchange didn’t exist at the time of the Prophet (PBUH), so more recently Mufti Taqi Usmani mentioned Hadith of the Prophet(s) and other established principles to be applied to issues arising in later ages totally nonexistent at the Prophet’s time. Using the same principle of Ijtihad Mufti Taqi Usmani concluded that dollar hoarding in such a situation was proving to be toxic to the country’s economy. He said the purchasing dollar in this critical economic situation is hoarding because it is against the country’s interest. He never explicitly said (where he should have) to invest in foreign currencies.
As so it is extrapolated, it wasn’t just about food but rather about hoarding in general that would trigger panic in the society at the lead to a situation where there is a scarcity of that commodity. The hadith was about hoarding in times of need and dollar hoarding is causing damage to the country right now. Buying a currency or a stock in hope of gain is a speculation business without any actual economic activity dealing in any financial instrument by just following the trends to gain some short-term benefit is not admissible.
Is Forex and Binary Trading Halal or Haram?
Are you conscious if Forex or Binary Trading is Halal or Haram? Are you recently getting interested in Forex or Binary Trading by chance? Are you getting lots of messages on messenger to invest and double your earnings too? If you really know what you are doing then you don’t waste time sending Facebook messages offering to double people’s money. Of all these traders who could double your money in such a short time, they wouldn’t ask you for money.
Binary options trading offers a wide range of markets, including stocks, commodities, and currencies, whilst the Forex market offers a much smaller choice of trades. Although Forex trading mainly takes place in the four major currency pairs, there are many more pairs available. — One Financial Markets
Double My Investment in a Week
If someone can double your investment, he surely can double his own investment right? And if he knows how to double investment then he shouldn’t be needing your investment at all. If they are legit why do they need investors they can double or triple their own money. NASDAQ and NYSE and LSE are the top exchanges in the world holding trillions of dollars. The best return even there is 35%.
Well, no Forex trader can double investment in such a short period. It’s all scam like double shah! Just like Akshay Kumar and Bipasha Basu. It’s a trap. Don’t fall for it. If it sounds too good to be true it definitely isn’t. Profits are never guaranteed in Forex trading. If someone says they can guarantee X Amount of profit, it’s a sure-shot scam. Total scam, don’t give your money to anyone.
Do not ever give any amount to anyone dude. Can you recover the money if they run away and vanish? If recovery is possible then go for it. Otherwise, Do it yourself. Anyone who can make that kind of dough will not ask you for money. Keep in mind, that no one can guarantee profits on Forex/Binary trading, especially the number of profits they are guaranteeing you. The only safe way is to learn and do it yourself.
Create your own demo account and invest your own Just remember three things:
- If it seems too good to be true, its a scam;
- It’s better to get a small return than to lose big,
- Saying Alhamdullilah won’t make someone honest.
