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Forex fx 2175

forex fx 2175

in positioning was in the euro as speculators raised their net short in the single currency to 9, contracts from 2, contracts. ISLAMIC JUSTIFICATIONS OF FOREIGN EXCHANGE OPTIONS CONTRACT AS A TOOL OF RISK 3, Book 12, Hadith (Book 12, Hadith ), Sahih al-Bukhari Today's top + Foreign Exchange Dealer jobs in India. Leverage your professional network, and get hired. New Foreign Exchange Dealer jobs added daily. WHAT IS CAESARS SPORTSBOOK

There is no real exchange i. Transactions rely on margin, rollover interest and leveraging, hence there is riba considering that the loan entails benefits which contravenes Shariah9. In futures trading more applicable for non-individual FOREX traders , both counter values are absent at the the time of contract i. This leads to sale of 2 deferred counter exchanges which is not Shariah compliant This also applies to individual FOREX accounts that promote themselves as aligned to Shariah, although their products, unlike conventional ones, do not have overnight, rollover or swap fees.

This is because there is no actual trading and conversion. Among other forms of constructive possession that are approved by both Shariah and business are the following: a To credit a sum of money to the account of the customer in the following situations: 1 When the institution deposits to the credit of the customer's account a sum of money directly or through bank transfer.

In following such a procedure, the institution shall adhere to the principles of Islamic law regarding currency exchange. A delay in making the transfer is allowed to the institution, consistent with the practice whereby a payee may obtain actual receipt according to prevailing business practice in currency markets.

However, the payee is not entitled to dispose of the currency during the transfer period, unless and until the effect of the bank transfer has taken effect so that the payee is able to make an actual delivery of the currency to a third party. Sahih Muslim Hadith No. Speculative trading not only threatens national currency devaluation and financial crises but disrupts the ability of nations to establish equitable and just economic policies Speculative practices and excessive leveraging were both identified as the root causes of the recent global financial crisis in 14 In addition, foreign exchange markets are amongst the most volatile markets in the world, especially when it is traded on a margin basis.

This is the practice of many companies who deal with multiple currencies due to cross-border transactions, including financial institutions doing Shariah-compliant transactions in global markets. In this case, there is actual trading and actual delivery of currencies. Earnings from such corporates transactions are usually derived from fees for services provided based on ujrah i.

MoneySense under Monetary Authority of Singapore and Ministry of Manpower defines binary options as financial options that references an underlying asset which could include shares, commodities, currencies or interest rates. Option buyers will place bets on whether an underlying asset will be above a certain price at a specific time.

Option buyers will either win or lose. Majelis Ulama Indonesia rule this as haram due to its speculative elements. Other exotic and dangerous products include credit derivatives, such as credit default swaps which contributed to the collapse of the global financial services firm, Lehman Brothers, in Exchange market mayhem: the antecedents and aftermath of speculative attacks. Economic policy, 10 21 , The financial and economic crisis of A systemic crisis of neoliberal capitalism. Review of radical political economics, 41 3 , Currency and Financial Crises of the s and s.

CESifo Economic Studies, 57 3 , Ethical Perspectives, 18 4 , The income earned is akin to service fee. However, when either price or delivery of the FOREX transaction is deferred, contemporary scholars view that the application of unilateral promise to buy foreign currency that will be received or delivered at a future date is permissible, as long as its purpose is for hedging, not for earning income.

When someone is trading in dirhams20 and dinars [i. Money is not created to earn money, and doing so, is a transgression… The two kinds of money are means to acquire other things; they are not meant for themselves. He also stated the following To make them [i. Net 18 Transaction between the currencies must be 'Yadan bi Yad' and in one other narration of the hadith 'Ha'a bi Ha' that means that delivery of both currencies must be immediate at the time of the contract.

Therefore the delay of two days in the case spot trading is permissible. However, extension of the grace period may be allowed due to established customary business practice arising from operational constraints e. Markets in America opens for trading in morning but it may be night time in your country when counter has closed. In addition, the delivery of money beyond the contract session may also be allowed in the event of unexpected disruptions.

The Singapore dollars is issued by the Singapore government. Based on majority of scholars, value of such monies is extrinsic as they are issued under authoritative decree of a country i. This is in line with views of Imam Malik and Ibn Taymiyyah in which usage of monies should also, among other things, be based on customary practice. In the kitab Ihya Ulumiddin, Imam Ghazali r.

This is because in retail FOREX, there is no actual trading of currencies except for, inter alia, accounting and leveraging effect to the borrowed money to the trading account. The industry is mainly speculative and there is high level of risks involved i.

This also applies to any FOREX trading platforms, whether regulated through financial institutions supervised by MAS 24 or unregulated mostly online and possibly fraudulent. For example, Shariah recognises currency exchange for hedging as it reduces the risks of market volatility. The exchange must be at spot price, with the amounts being of equal quality and quantity.

Other acceptable foreign currency exchange involves trading of commodity at different currency value. We are of the view that profits cannot be earned from the exchange of money only; Shariah outlines that earnings should be directly connected to economic activity and production, but profits derived from FOREX trading does not constitute an economic activity or wealth creation. Such trading is non-productive and does not benefit society. While we note that there are many websites inviting Muslims to do halal FOREX day trading with immediate trade execution and settlement, no rollover and no interests or leverage , majority of scholars25 generally still do not agree with such transactions as a way to earn income.

Meanwhile, forward transactions i. Such transactions are permissible as long as there is no short selling, no leveraging and the purpose is only for hedging. Finally, we would call upon the Singapore Muslim community to deepen and strengthen their knowledge in personal financial management as part of societal expectation and religious obligations.

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