Mufti Taqi Usmani is Authority on Finance
When you need to interpret or understand the law you go-to a lawyer. Then you follow their guidance because they are subject matter experts. When you are sick you go to doctors, and buy pills as prescribed, because they are subject matter experts. When it comes to Shariah banking with shariah endorsement/sign-off, you should follow subject matter experts. Mufti Taqi Usmani, is a renowned Islamic scholar and jurist, one of the best contemporary Islamic economists, and a former judge of the SC. Mufti Taqi Usmani wrote hundreds of books on the function of Islamic banking.
Hoarding of Dollars
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.
