In the 21st century, a new way of trading has been introduced, and that is online trading.
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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.
Taking or giving interest, known as usury or riba, is considered haram in Islam.
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.
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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This post was last modified on August 14, 2023 9:09 pm
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So long the an element of interest in any form enriching the value or profit is not there in the online trade it may not be Haram . It's my personal opinion only .
Online trading is not haram if there is no interest involved. However, it is important to be aware of the risks, such as market volatility keeping in mind that it exchanging goods for goods is still not permitted