is CURRENCY trading halal?

[explore]

for example forex, because something to do with Day traders can generate double-digit returns every day. On top of these returns, longer-term traders can also earn interest on open positions. Simply sit back and watch the interest compound.

[Abbas.]

Assalam u Alaikum

I guess, it depends on how you trade.

Most of the forex traders are more like gamblers, looking for a big win in each transaction. And those who win double digits, lose double digits too :D

Fi-Amanillah

[explore]

good news it looks like forex has something called 'sharia account' which abandons the user from receiving interest making it wait until 5 pm to pay a $2.50 charge, but the problem is i have no idea how to trade or even enough money to do it :!!!: in the future in the future :excl:

[Thaqalain]

<?xml version="1.0" encoding="UTF-8" ?>

- <AccountStatement Prompt="AccountStatement">

<Account>12345678910</Account>

<AccountTitle>Mr XYZ</AccountTitle>

<Period Start="20-Apr-" End="20-Sep-" />

<OpeningBalance>0.00</OpeningBalance>

<Detail Date="19-Sep-2006" Amount="*****.00" Description="INCOMING TT REF:TT/FCA/***********" Reference="*******-Sep-2006" />

<Detail Date="19-Sep-2006" Amount="******.00 DR" Description="Cash withdrawn" Reference="******-19-Sep-2006" />

<Detail Date="19-Sep-2006" Amount="****** DR" Description="Bank Sold USD *****.00 @1.1364" Reference="*******-19-Sep-2006" />

<Detail Date="19-Sep-2006" Amount="0.00" Description="Exchange Earning @1.12760000" Reference="*******-19-Sep-2006" />

</AccountStatement>

Profit=(1.1364-1.1048)/1.1.364=2.8% Profit earned by By a Shia Bank having brances in NY, KAR, YYZ

1.1048 was offered verbally after so many requests to give a reasonable conversion.

[BROWNTHOUGHT]

Assalam u Alaikum

I guess, it depends on how you trade.

Most of the forex traders are more like gamblers, looking for a big win in each transaction. And those who win double digits, lose double digits too :D

Fi-Amanillah

by that logic its haram to work on commission too

Think abotu what trading currency is, you're just buying and asset with the belief that its value will increase

just like buying a house and selling it

[Convert]

I would say it's not as it's similar to gambling. I can't see any virtue in it.

Edited October 10, 2006 by Convert

[asifnaqvi]

I have traded foreign currencies for five years in the open market.while I was in there,I clearly observed that most of the people doing this business were unaware of its basics n its fluctuations in the international markets.

For instance I would like to share an interesting factor regarding this business..

For every month, a USA job data is released.I observed it many times that greater the no of jobs lost,weaker would be the dollar n stronger would be the natural enemies of dollar,ie EURO n the gold.N this situation might take a U-Turn if the no of jobs lost is of low degree.

Similarly the Interest rates(especially in Europe n US) take their tole on the currencies all over the world.If the interest rates rise in a particular country,then its most probable tht its currency would take an upbeat its stock market would take a -ive not of that n vice-versa.

Similarly there are other factors wich control the value of a certan currency.

Most of the common currency stockist dont know any other thing about currencies else their buying n selling prices.

To have a close check on international currency fluctuations,I would like to reccomend this site to shiachaters..

www.bloomberg.com/

Edited October 13, 2006 by asifnaqvi

[imranali]

for example forex, because something to do with Day traders can generate double-digit returns every day. On top of these returns, longer-term traders can also earn interest on open positions. Simply sit back and watch the interest compound.

it is hala, if you can avoid money loundering and other illegal staff.