Islamic forex

Forex in Islam View
There is a general consensus among scholars in the Arab States and the Islamic view that the currencies of various countries can be exchanged on the basis of unit price is different , as the currencies of various Country and is characterized by different entities and represents the currency Femip currencies and purchasing power.
What Islamic Schoolars Says
There also seems to be general agreement among most scientists that the currency exchange on the basis of expected prices, currencies may not be, when the rights and obligations of the parties relating to the date later. However, there is considerable difference of opinion among scholars on the rights at any one of the parties, and the obligation of the counterparty to the same rights and duties and the rights and duties, but was postponed to a later date
Let us consider, for example, two A and B, belonging to two different countries, India and the United States, respectively. A. It is the intention of selling the currency and Indian rupee to buy dollars. And vice versa in relation to the person B, the rupee dollar exchange rate agreed upon is 1:20 transaction involving the purchase and sale of $ 50.
The first case that the person that I was a Ruby Idqa Indian person to B and get the fifty dollars on the other hand, the process of deliberation and clear for both parties. It is the process of circulation as the Islamic rights and obligations are clear. There is another point of view says that in the event that A and B Akhtaro the deal after 6 months, says the view that the contract of sale and illegal trading (the parties receive the money after 6 months).
There is a minority view that the process approved. The third scenario is that this deal was part of a settlement to end only when payments on the same day agreed upon, namely that the process was expected to price the dollar against the El-Ruby, and it was agreed, and payments to persons A and B, there are conflicting views on the admissibility of such contracts and because of the reliance on the expectation in this case can be exposed to loss and the two factors that determine the process of profit and loss for the Aitgm by the parties.
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What is the ruling contribute to the businesses, the global trade in the stock market, as it claims that the closed Borstha companies?
They Momnon on the excuse that they handle their money with the Jews and Christians, all Momnon we are safe only on the heads of our money.
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Trading in the currency at the wrong Sheikh d. Mohamed Usaimi for the following reasons:
1 - may Allaah forbade the predecessor to make room for speculation in the money (including the son of Taymiyah and Ibn al-Qayyim, Al-Ghazali and Almqrizi and others).
2 - provided by the currency broker currency is sold on the open. The broker does not have something, or he does not have some of the full amount.
3 - Altkabd is not in the sale of the money now, but sales are made through the violation of the initiated, the price and the delivery of two working days after the appraiser, and get from the change in the client accounts receivable is not legitimate, but is restricted in the account, and get off in the end of business today, and obtain the actual delivery after two working days.
4 - Many of the mediators involved in the stock market flying financial service providers, a loan from the broker to the client, and any fee for the broker takes the loan is usury, and any broker fee to take the benefit of the customer is in the loan, the two Mahraman.
Important note wishing to trade in the currency market Alajnip regardless of the passport or the prohibition of trading in Islamic law that traded by Arab banks in the country and any city or you are from Riyadh in Saudi Arabia through the circulation of Saudi banks, thereby reducing the risk when trading. In If there are companies trading currencies and not the mediators of the circulation with the circulation of your financial condition is thirsty. to reduce risk and trading companies registered as companies trading in the currencies of the Arab countries, and if it was only the company's capital is estimated in millions of dollars make sure that it will not face any difficulty in registering the company in any country. I ask to speak with the customer service section of the company in Arabic and the names of the Executive Director and is responsible for the management of your account for the English language rhetorically in order to show you are educated, but your mother used to ensure your rights and improve the performance of financial markets, Arab and creating job opportunities for outstanding cadres of Arab .

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