If you want to do it learn it by yourself and do trading by yourself. 95% of all leveraged Forex traders lose their whole pot. If you want to invest, invest in banks. I want to do trading and then learn it by myself through www.plus500.com. Invest in yourself and monitor what’s going on. It’s easy. Regarding the forecast, you may have an idea from multiple websites. You can also tend to look into mutual funds. They grow better when they have a diversified portfolio. Businesses operating in the commodity market have their offices, yeah actual offices. And they give their clients their bank account details and the last thing, before they take money from you, they give you access to a dummy software so that after some committed time, you can operate in the commodity or Forex market yourself.
Well, Binary is Haram, and Forex and other CFDs etc is halal. Binary trading is absolutely the worst kind of gambling. And if you must gamble, do it in a better way. Try to visit the National Incubation Centre/ NEST IO etc, meet real start-ups and business, and be an investor and Co-founder of any Startup u personally feel have the potential to grow. By this, your money will be with you and leads you to be an actual businessman.
Who said this hadith is not admissible?
We need to come out of individualism. If you want investments, do it in halal income funds. In the long run, the currency will follow an interest rate differential. Again, Molana sb understands this but certainly not any attention-seeking dullard. People just having read Farkhanda Noor, having ZERO knowledge of the global financial system and even ZERO knowledge of religion and its logic had been praising Atif Mian Qadiyani for his expertise might not digest Mufti Taki Usmani. Not realizing, where, Mufti Taki Usmani is the main member of the Islamic council in the whole world. Anyways, liberals had to find a fault, if Mufti Sb stayed quiet, they would have said Economic Advisory Counsel for Pakistan doesn’t care and when he has spoken they have a problem with that.
Mufti Taqi Usmani proposed the Islamic banking system
The elite business class, bankers all the way down to bond traders have been hoarding foreign currency for quite some time now which causes heavy inflation. The lack of it makes it a commodity thereby exploiting and increasing its value by the hoarders. He simply released a fatwa in which he states that wealth hoarding is tantamount to treason. Mufti Taqi Usmani Sb said about hoarding food and brought an analogy towards hoarding money. There’s absolutely nothing wrong with what he said. There are a saying and authentic quote from Imam Abu Yousuf (R) about hoarding money too. Thus, this Hadith is not only restricted to hoarding food but anything that is in shortage and used against people/nations to earn profit which includes money too.
“…That is because they say, “Trade is [just] like interest.” But Allah has permitted trade and has forbidden interest…”Quran 2:275
Also, you don’t need to be an expert in Islamic injunctions and economics to see what’s happening here. It’s a surface-level problem that the artificial demand for foreign exchange is a strong variable in rupee devaluation which is triggering inflation that would eventually impact the prices of imported goods. Hoarding to hedge risk in such a scenario is treasonous under any ethical framework. Let me break it down, dollar accumulation shall trigger further devaluation which shall result in some sort of import ban or default hence no basic food like oil, and no jobs. It’s DAMAGING YOUR COUNTRY! Simple! even if mufti sahib doesn’t say anything, use some sense and stop making money at the cost of the overall economy.
What is meant by riba? Now, in Islam, if even a speck of interest/riba (interest is not only monetary in Islam) is mixed with your money, the whole money is affected. Now consider it in the case of a country, money is money, mixed together, interest or interest-free. So, this question will only be valid if the state denounces interest. If existing currencies, operations, treasury, process, risk mitigation tools, fractional reserve banking system, administrative discrepancies and other violation of Islamic Teachings e.t.c remains in these so-called “Islamic” Banks, then it’s the religious obligation of every Muslim to proclaim loud And clear: Islamic Banking Is HARAM. Make Pakistan a Riba Free State. Until then, nothing is interest-free.