Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,201,302 members, 7,977,944 topics. Date: Thursday, 17 October 2024 at 04:06 PM |
Nairaland Forum / Nairaland / General / Religion / Islam for Muslims / Ruling On Trading In Currencies (8667 Views)
Ruling On Bleaching / Is Trading In Currencies Halal? / Ruling On Trading Cryptocurrencies (2) (3) (4)
Ruling On Trading In Currencies by Realismailakabir: 6:58pm On Apr 01, 2021 |
Question I would like to know about investment in curreny (FOREX Market)..... Answer Praise be to Allah. Dealing in currencies is permissible so long as the exchange takes place in the same sitting as the contract is made. It is permissible to sell euros for dollars so long as the exchange takes place in the same sitting as the contract is made. But when the deal is concerning the same type of currency, such as selling one dollar for two dollars, that is not permissible because it is a type of riba. In that case they should be of equal amounts and the exchange must take place in the same sitting as the contract if the exchange is concerning one type of currency. The evidence for that is the report narrated by ‘Ubaadah ibn al-Saamit (may Allaah be pleased with him) who said: The Messenger of Allaah (peace and blessings of Allaah be upon him) said: “Gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, salt for salt, like for like, same for same, hand to hand. If the types are different then sell however you like, so long as it is hand to hand.” Narrated by Muslim, 1587. It says in Majmoo’ Fataawa Ibn Baaz (19/171-174): Dealing in currency, buying and selling, is permissible, but that is subject to the condition that the exchange be hand-to-hand if the currencies are different. If a person sells Libyan currency for American or Egyptian or whatever currency hand to hand, there is nothing wrong with that, such as if he buys dollars for Libyan currency hand to hand, exchanging it in one sitting, or he buys Egyptian or English currency etc for the Libyan or whatever currency hand to hand, there is nothing wrong with that. But if there is a delay, then it is not permissible, and if the exchange is not done in the same sitting, it is not permissible, because in that case it is regarded as a kind of riba-based transaction. So the exchange must take place in the same sitting, hand to hand, if the currencies are different. But if they are of the same kind, two conditions must be met: they should be of equal amounts and the exchange should take place in the same sitting, because the Prophet (peace and blessings of Allaah be upon him) said: “Gold for gold, silver for silver…” The ruling on currency is as mentioned above; if they are different then it is permissible for the amounts exchanged to be different, so long as the exchange takes place in the same sitting. If they are of the same kind, such as dollars for dollars, or dinars for dinars, then the exchange must take place in the same sitting and they should be of the same amount. And Allaah is the source of strength. https://islamqa.info/en/answers/72210/ruling-on-trading-in-currencies 1 Like 1 Share |
Re: Ruling On Trading In Currencies by AntiChristian: 11:12pm On Apr 01, 2021 |
This makes it haram to exchange old money for new mint as is done in parties. 5 Likes |
Re: Ruling On Trading In Currencies by Kherdija(f): 7:32am On Apr 02, 2021 |
Masha Allah 1 Like
|
Re: Ruling On Trading In Currencies by Bhadmus7: 9:06am On Apr 02, 2021 |
AntiChristian:No..its not haram. As long as its the same equivalent. According to the hadith above, A gold for gold, silver for silver.. Which means u can trade $100 for its equivalent in naira 2 Likes 1 Share |
Re: Ruling On Trading In Currencies by doffman: 9:10am On Apr 02, 2021 |
Masha Allah ! Islam the perfect religion ; It touches all ways of life and beyond ! 5 Likes 1 Share |
Re: Ruling On Trading In Currencies by TheFacelessMan: 9:11am On Apr 02, 2021 |
This isn't to mock... PLEASE someone enlighten me. This ruling totally nullifies BDCs. Correct me if wrong. 3 Likes |
Re: Ruling On Trading In Currencies by SirMichael1: 9:18am On Apr 02, 2021 |
doffman:You are correct! It touches everything but seem to linger around on terrorism and deceit! 29 Likes 1 Share |
Re: Ruling On Trading In Currencies by Nobody: 9:26am On Apr 02, 2021 |
Carchoice: I just hope you find that thing you're looking for very soon. 1 Like |
Re: Ruling On Trading In Currencies by oluwaseyi0: 9:29am On Apr 02, 2021 |
Drwinz:. You mean you people will kill him soon? 36 Likes |
Re: Ruling On Trading In Currencies by Bakrabas: 9:34am On Apr 02, 2021 |
Realismailakabir: Being an online FX trader, how can I apply this ruling... As salaam alaequm warahmatulahi wabarakatu 2 Likes |
Re: Ruling On Trading In Currencies by Nobody: 9:43am On Apr 02, 2021 |
Drwinz:what are you looking for? I hope you find it 3 Likes |
Re: Ruling On Trading In Currencies by Kholar211: 9:44am On Apr 02, 2021 |
Drwinz:demonic religion, killers 13 Likes |
Re: Ruling On Trading In Currencies by AntiChristian: 9:45am On Apr 02, 2021 |
Bhadmus7: Of cos they charge a fee for it. |
Re: Ruling On Trading In Currencies by abdsamad(m): 9:50am On Apr 02, 2021 |
Carchoice: Not to kill innocent people: that's the ruling 3 Likes |
Re: Ruling On Trading In Currencies by dele1727: 9:52am On Apr 02, 2021 |
Kholar211: Who forced you to comment on the topic? Please try and read the bible very well Understand it , practice it and maybe your penchant for constituting nuisance will decrease Face your religion, let others face their religion as well |
Re: Ruling On Trading In Currencies by sulaimon22: 9:53am On Apr 02, 2021 |
Kholar211: Who forced you to accept it in the first place? most of you will want to put mouth in something that doesn't concern you and still be ranting for the admin to take off the vow off your profile. Welcome to Islam my brother!!! Kholar211: Who forced you to accept it in the first place? most of you will want to put mouth in something that doesn't concern you and still be ranting for the admin to take off the vow off your profile. Welcome to Islam my brother!!! 1 Like |
Re: Ruling On Trading In Currencies by abdsamad(m): 9:56am On Apr 02, 2021 |
Kholar211: Your complain is best directed at the mods. I think those are the people in charge of groups here, not a kabal of Muslims. Also, I'm glad you don't know any paedophilic Muhammad cos I don't know any either. Not to get super picky but umm, you can't be islam the same way you can't be football, for example. Finally, not sure who these killers are but if you're referring to Muslims in general as killers I guess that makes sense since everyone has probably killed a mosquito/cockroach or two at some point. I guess that makes me a killer. Ooh! Sorry, i think I'm actually a super killer cos I killed a chicken once. I'm so bad! 6 Likes |
Re: Ruling On Trading In Currencies by abdsamad(m): 10:00am On Apr 02, 2021 |
SirMichael1: Well, well, well. I'm glad you figured it out. Who's a smart cookie! Who's a smart cookie! Yes you are, yes you are! Islam doesn't linger on terrorism and deceit any more than democratic politicians linger on corruption and deceit. Humans always cheat the system for their own agenda, however good said system is 1 Like |
Re: Ruling On Trading In Currencies by Kholar211: 10:03am On Apr 02, 2021 |
abdsamad:you probably think this is funny huh? 3 Likes 1 Share |
Re: Ruling On Trading In Currencies by Kholar211: 10:05am On Apr 02, 2021 |
sulaimon22:May God punish you for welcoming me to your demonic religion. So you people know Islam is pure evil? Btw, why won't you welcome me 1 Like |
Re: Ruling On Trading In Currencies by chillychill(f): 10:05am On Apr 02, 2021 |
@realismailakabir u should also talk about mortgage in Islam please. Assalam aleykum waramoutullah wabarakatu |
Re: Ruling On Trading In Currencies by Bhadmus7: 10:06am On Apr 02, 2021 |
AntiChristian:Not on platforms like binance |
Re: Ruling On Trading In Currencies by abdsamad(m): 10:08am On Apr 02, 2021 |
SirMichael1: Truer words have never been said. I stand with you on this though I'm not sure the rest of your "speech" is worth any serious response. Fun fact, more innocent Muslims are killed by the so called muslim terrorists than Christians are, globally. Do you want every Muslim to pick up a gun and hunt down Christians or is it okay for the majority of Muslims to choose to be reasonable (as we've been) and instead discuss mundane matters such as rulings on taking bribe. You really need to choose one cos it seems like you're not okay with Muslims that aren't plotting to kill anyone 1 Like |
Re: Ruling On Trading In Currencies by Kholar211: 10:08am On Apr 02, 2021 |
dele1727:preach on preacher. the same way no one forced me to comment on their nonsense should be a reason you shouldn't have to comment on mine. Devil advocate |
Re: Ruling On Trading In Currencies by abdsamad(m): 10:10am On Apr 02, 2021 |
Kholar211: Are you asking if something that's clearly meant to be funny is funny. I must be a bad comedian! Guess I'm lucky i chose to be a chicken killer instead of a standup comedian |
Re: Ruling On Trading In Currencies by abdsamad(m): 10:14am On Apr 02, 2021 |
Kholar211: Coming soon, on HBO Max: God...The Punisher! |
Re: Ruling On Trading In Currencies by AntiChristian: 10:17am On Apr 02, 2021 |
Bhadmus7: I mean those who change old notes for new ones charges a fee for their service. |
Re: Ruling On Trading In Currencies by Bhadmus7: 10:21am On Apr 02, 2021 |
AntiChristian:Oh..if its that then I don't have idea |
Re: Ruling On Trading In Currencies by AntiChristian: 10:29am On Apr 02, 2021 |
Bhadmus7: It is clearly forbidden. If one changes N10000 new mint for N10,500 old notes. |
The Golden 10 Days Of Dhul Hijjah. / Muslim Women Can Still Participate In Beauty Pageants! / Qualities A Muslim Husband Should Possess.
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 47 |