Sheikhs in Somalia declare Forex haram!

[Xasusi]

Imagine taking rulings from broke niggas. Obviously theyd say its haram

 

[TekNiKo]

People here prefer dunya to aakhira, insulting these Sheikhs

 

[dr.leorio]

How is owning a foreign currency haram?

Foreign currency trading is purely speculative meaning it's not skill related but a complete gamble on the traders part therefore it is haram.

 

[Tukraq]

Foreign currency trading is purely speculative meaning it's not skill related but a complete gamble on the traders part therefore it is haram.

Buying and selling gold is speculative so is buying or selling a house, neither are skill related nor haram, Same with buying and selling foreign currency totally halal

 

[Apollo]

Foreign currency trading is purely speculative meaning it's not skill related but a complete gamble on the traders part therefore it is haram.

I warned you about XRP, kkkk, you wouldn't listen.

 

[TekNiKo]

Buying and selling gold is speculative so is buying or selling a house, neither are skill related nor haram, Same with buying and selling foreign currency totally halal

Gold has intrinsic value while currency is fiat, why do you think governments used to back fiat with gold until the 70s? Paper currency has no value

 

[dr.leorio]

I warned you about XRP, kkkk, you wouldn't listen.

Lol cryptos are technically haram too you know since they don't abide by the Quran and sunnah. Real money is gold and silver not this paper/digital money nonsense that's easily manipulated.

Once again the whole system is a scam.

 

[Tukraq]

Gold has intrinsic value while currency is fiat, why do you think governments used to back fiat with gold until the 70s? Paper currency has no value

Gold is also fiat it’s value is in currency, otherwise it has little to no real value I mean yes you can say industrial use(civilians don’t use it that way), but you can use paper money as paper if we’re going that route, paper currency has just as much value as gold

 

[Tukraq]

Lol cryptos are technically haram too you know since they don't abide by the Quran and sunnah. Real money is gold and silver not this paper/digital money nonsense that's easily manipulated.

Once again the whole system is a scam.

Gold is the most easily manipulated check how there markets are lol, what are you even talking about

 

[TekNiKo]

Gold is also fiat it’s value is in currency, otherwise it has little to no real value I mean yes you can say industrial use(civilians don’t use it that way), but you can use paper money as paper if we’re going that route, paper currency has just as much value as gold

Gold is not fiat, you dont even knoe basic economics

@Inquisitive_ this guy thinks gold has no intrinsic value

 

[Tukraq]

Gold is not fiat, you dont even knoe basic economics

@Inquisitive_ this guy thinks gold has no intrinsic value

It’s a currency, and no gold has little intrinsic value, if you consider that value outside currency, well fiat also has “intrinsic” value as paper

 

[Apollo]

Gold is also fiat it’s value is in currency, otherwise it has little to no real value I mean yes you can say industrial use(civilians don’t use it that way), but you can use paper money as paper if we’re going that route, paper currency has just as much value as gold

Fiat means ''by decree'' in Latin, basically government currencies like the USD or EUR.

Gold is the total opposite of fiat, it was established by humanity organically as a thing to store value in.

I do agree with you that gold is manipulated and a very bad investment. It always under performs the S&P 500 long term no matter what (there's data going back to the 1800s).

 

[Tukraq]

Fiat means ''by decree'' in Latin, basically government currencies like the USD or EUR.

Gold is the total opposite of fiat, it was established by humanity organically as a thing to store value in.

I do agree with you that gold is manipulated and a very bad investment. It always under performs the S&P 500 long term no matter what (there's data going back to the 1800s).

Gold is also by government decree though as it’s given value by governmental markets and banks

 

[Apollo]

Gold is also by government decree though as it’s given value by governmental markets and banks

Nope, . There is evidence of gold being used as a currency thousands of years ago in many pre-state primitive communities..

It also happened independently in many places. When the Spanish conquistadors met the isolated Amerindians they both valued gold.

 

[Tukraq]

Nope, . There is evidence of gold being used as a currency thousands of years ago in many pre-state primitive communities..

It also happened independently in many places. When the Spanish conquistadors met the isolated Amerindians they both valued gold.

I’m talking currently gold is given value by the government and big banks

 

[CaliTedesse]

Many Sheikhs who declared trading haram have no clue how many of the instruments work.

 

[Apollo]

I’m talking currently gold is given value by the government and big banks

They hold the most of it, but if they were to dump it all, it would still be valuable (private individuals would buy it up and hoard it). Gold and Silver is like Crypto/Bitcoin, something that has value independent of governments.

 

[CaliTedesse]

I don't trust Sheikhs from Somalia, they are one of the most ignorant ones wallahi billahi.

 

[astorecalledkmart]

Governments do not dictate how valuable gold is - that is the entire reason behind why it is so valuable during times of war when there is no government

Gold has been deemed intrinsically valuable across civilizations for millennia, well before any formal governments or currencies were established

 

[merka]

So exchanging my dollars for shillings at the suuqa is haram now? These shaykhs have lost their minds