In the 21st century, a new way of trading has been introduced, and that is online trading.
Table of Contents
In previous centuries, especially during the time of our Holy Prophet (peace be upon him), trading was done on the basis of hand-to-hand or personal trading. However, when the world moved online, this new feature of trading raised the question of whether it was permissible in Islam.
Islamic law partly agrees that currency exchange can be halal under certain circumstances. However, scholars are still debating which factors are involved and what the precise statements are.
Is Online Trading Permissible In Islam?
Although online trading may not be prohibited if the interest element is not involved, it is recommended that Muslims avoid it to ensure compliance with Islamic principles.
Evidence
- According to the Hadith of the Holy Prophet (PBUH), (Sunan an-Nasa’I 4560), exchanging products like barley for barley, gold for gold, dates for dates, and so on is forbidden. However, it is permissible to trade goods like silver for gold or barley for wheat in Islam. However, if someone requests or donates more, they may have engaged in riba (interest).
Taking or giving interest, known as usury or riba, is considered haram in Islam.
Difference of Opinion
It is a challenging task to determine whether Forex trading is permitted or prohibited in Islam. However, some argue that Islamic Forex accounts that do not charge any interest are permissible, but it is still debatable whether online trading is acceptable for a Muslim.
Bottom Line
In summary, it is recommended that you show respect to Allah, may He be exalted, and refrain from using this prohibited method of earning a living. May Allah have the best knowledge.
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