You can always hope to make more money with the help of the forex market as there are several options that are provided on this platform. On the other hand, the forex market is often considered as something which is not quite acceptable in the Islam religion. Foreign exchange is related to the trade of currencies in the market which can be used in order to make a potential profit. Forex trading is gaining quick popularity in the market and it is not quite sure how forex has offended the Islam religion. It often comes up whether the forex trades are halal or haram in the Islam religion.
Is forex trading halal or haram?
It is often believed in the Islamic law that anything which is against the Quran must be haram or forbidden. The activities which are related to gambling are completely forbidden in the Holy Quran. The use of interest and usury is also prohibited. The last two activities are quite closely related to the forex trading market. Many Islamic scholars have argued that the forex trading principles might be haram according to the Islamic principles.
On the other hand, it has also been proven by other scholars that the entire field might not be inclusive of interest and gambling. These are known as the Muslim Forex accounts. There has been a strong belief among a number of scholars that there is no harm in exchanging currencies on a spot basis. Sport basis is responsible for reducing the usury in forex trading quite easily and significantly. Many of the theologians have given a verdict that forex trading can be considered halal in this respect.
Words of Islamic authorities on forex
The entire issue which is related to forex trading along with other types of modern currencies is considered to be a very important topic among Muslim scholars. This topic is quite widely discussed as well. Ghere are significant laws that are passed against the forex trading measures in Muslim countries. Many of these communities have refused to accept the use of cryptocurrency as well in preference to their Islamic law. However, it is also one of the general opinions that forex trading is halal.
Does it matter?
Religion is a very important clause in the lives of many people. One cannot simply ignore the concept that the entire trading system might be offensive to a particular religion. On one hand, there is an immense amount of profit that can be gained on this platform but it should not be used by someone who does not believe in the system.
The question that whether forex trading is halal or haram is completely relevant to the ones who are practicing Islamic law and religion. It should be within the decree that those who do not have any qualms against the system can use it without causing any kind of issue. However, it should also be mentioned that if the trader is Muslim, he or she should not face any kind of discrimination on the basis of this law.