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In the Name of God بسم الله
Everything posted by NAR
Thank you...much appreciated! The ShiaChat link you posted was insightful so thank you for that too.
Sincere apologies for posting the links but the topic is in no way a self promotion. This a genuine question which I am affected by. I added the links simply as references for the readership. If it is anything other than the links that is problematic then please do let me know for future reference. WS
SA Is it permissible to work for a brokerage firm that provides platform for trading CFD and FOREX by way of spread betting? The role entails building and delivering trading software by using various software tools but does not actually involve writing the software for the products. Examples: [Mod Note: Links removed] CFDs are leveraged financial instruments (derivatives) where you speculate on the short or long price movement of shares, commodities, foreign currencies etc without actually ever owning the underlying assets. As such, large gains can be realized, and conversely, losses can also be greatly amplified beyond the original investment you make when opening a position. I have the following concerns: The trades are purely speculative in nature and you do not own the underlying assets - unlike buying real shares where you are afforded voting rights and potential income from dividends. You can place a long or short bet on a position. I believe shorting is not permissible even when trading real company shares. The products are margin based which, in part, can contribute to the magnified losses. This is problematic in my opinion as you are putting yourself in financial danger if the trade moves against you. In my personal opinion the services provided by aforementioned companies are akin to (or at least encouraging) gambling/betting. I might have a misguided view on this so any opinion or scholarly advice based on Agha Sistani's rulings will be immensely welcomed. WS