In measuring these two competing elements, it can be said that it is the method of speculation that makes the difference. One author has examined the subject and stated that speculation on the basis of fundamental analysis is permissible, but technical analysis is not, and an interesting reasoning is given: placing trades based on technical analysis is essentially tantamount to betting on the bets of others, and relying upon the behavior of the crowd to influence your speculation is drenched with the essence of gambling, which is forbidden by Islamic law.
Understanding The Theory and Practice of Islamic Forex Trading
You do not invest. If you want to avoid any potential conflict the easiest decision is to avoid buying and selling shares in the stock at all. Having said that, there remains some wriggle room. In some cases, you may still be able to trade and remain halal.
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Fortunately, Islamic forex brokers have responded by providing day traders with an alternative. You can now get forex accounts which won’t charge you standard interest payments. To remain profitable they instead charge increased commissions in spot forex trades.
Once you&rsquo ve done your research thoroughly, you can decide whether Islamic Forex is right for you.
5 – The pledge, which is a commitment signed by the customer agreeing to leave the contract with the agent as a pledge for a loan, giving him the right to sell these contracts and take back the loan if the customer’s losses reach a specific percentage of the margin, unless the customer increases the pledge in order to compensate for a drop in the price of the product.
To make substantial intraday profits from tiny price movements you need to invest large sums of money, thousands, if not hundreds of thousands of pounds. So, to alleviate this problem forex brokers offer you leverage. In effect allowing you to invest £55 or £75 for every £6 you put up. You can now take much larger positions and increase your profit.
If the trader has little knowledge of what and how to trade, then to trade binaries would be a form of gambling, and not halal.
After listening to the research that has been submitted and the detailed discussion on this topic, the opinion of the council is that this transaction involves the following:
However, this argument can certainly be criticized as spurious as related to market realities. For example, is a speculator who believes that the . Dollar will rise against his Euros due to economic fundamentals bound to simply make the trade immediately, and forbidden to take any action to time the trade entry to a psychologically opportune moment?
With regard to the fees for delaying the deal and trading in margins, a statement has been issued by the Islamic Fiqh Council concerning this, which says the following: