Sheikhs in Somalia declare Forex haram!
- Thread starter TekNiKo
- Start date
I have spent the last hour researching a little bit about this issue. To be honest I was arrogant and I didn't even watch what these scholars here say, because I thought they are just backward and not even academics and classifying trading per se as haram: Truth be told these guys are actually right with what they say and are talking about laverage trading. If you don't know the Islamic perspective and the economical one, for example in the case of a Jahil like me, it will be difficult to fully understand the issue. For example I did not know that you cannot combine in one contract a loan and a business transaction in Islam. Anyway I apologize for my previous post, who was indirectly slandering these scholars.
Here is a video from a guy who has both Islamic and economical knowledge. Watch from 27:30
Here is a post of the PhD holder in economy @Teeri-Alpha who confirms what this scholar here say:
"ok, anything they speak about is haraam,
sprea dbetting is haraam, so is trading E-minis, s&p 500, so is CFDs, cntract for diffreences,
what makes it haraam you ask?
1) you are not allowed to mix a loan with sale - so when they get leverage to buy an asset they are getting a loan with sale, example the broker gives you leverage of 10 to 1 loan, for yuor 1000 yuo get 10,000 to buy an asset, in islam yuo are not allowed to mix a loan with a sale
2) the loan comes with interest specially spread betting and CFDs,
3) you are Not allowed to sell something you dont own in Islam, these guys dont just go long (buy it then sell it for higher price, ) they also go short, they sell it, how can you do that? the broker buys it then he lends them the asset to sell, this is short selling, naked short selling is even worse, its selling it when you dont own it, i dont want to bore yuo with the details but when ever a market crush happens EU and US govs always ban naked short selling,
3) forex is grey area, since you are simultaneously buying and selling two different assets, its kind allowed if you are trading with 1005 of your own money, so if one lot is 100k and you buy it or a mini lot for 10,0004 with 100% of your money, you are not doing it wrong,
now the brokers will offer you a leverage but its usually interest free as long as you are out of your position before 10 PM, if after 10PM they will charge you riba,
most people do not know this,
trading forex is one thing, but trading derivatives, E-mini 500, ETF, stocks, is very haraam, one you dont own the asset, 2 you are charged riba for leverage and 3 you are gambling, phantom asset, not real as you are trading derivative
i have seen somalis do spread betting and CFDs and have no idea what they are doing,
lucky for yall Teeri is not just an economist but also versed in islamic economics,
many muslims trade this and they dont have a clue, most dont even know short selling is haraam and on top they pay riba to do it (since in order to short sell the broker needs to buy the asset and lend it to you in interest)
and mixing a sale and a leverage (loan) in the same transaction is haraam,
on top of this, buying shares of companies that do haraam like banks, alcohol is haraam but also firms financed by loans with riba and since every company on the stock market is financed by loans with riba, (find me a company that has no loan and I will eat my socks) is haraam"
Here is a video from a guy who has both Islamic and economical knowledge. Watch from 27:30
Here is a post of the PhD holder in economy @Teeri-Alpha who confirms what this scholar here say:
"ok, anything they speak about is haraam,
sprea dbetting is haraam, so is trading E-minis, s&p 500, so is CFDs, cntract for diffreences,
what makes it haraam you ask?
1) you are not allowed to mix a loan with sale - so when they get leverage to buy an asset they are getting a loan with sale, example the broker gives you leverage of 10 to 1 loan, for yuor 1000 yuo get 10,000 to buy an asset, in islam yuo are not allowed to mix a loan with a sale
2) the loan comes with interest specially spread betting and CFDs,
3) you are Not allowed to sell something you dont own in Islam, these guys dont just go long (buy it then sell it for higher price, ) they also go short, they sell it, how can you do that? the broker buys it then he lends them the asset to sell, this is short selling, naked short selling is even worse, its selling it when you dont own it, i dont want to bore yuo with the details but when ever a market crush happens EU and US govs always ban naked short selling,
3) forex is grey area, since you are simultaneously buying and selling two different assets, its kind allowed if you are trading with 1005 of your own money, so if one lot is 100k and you buy it or a mini lot for 10,0004 with 100% of your money, you are not doing it wrong,
now the brokers will offer you a leverage but its usually interest free as long as you are out of your position before 10 PM, if after 10PM they will charge you riba,
most people do not know this,
trading forex is one thing, but trading derivatives, E-mini 500, ETF, stocks, is very haraam, one you dont own the asset, 2 you are charged riba for leverage and 3 you are gambling, phantom asset, not real as you are trading derivative
i have seen somalis do spread betting and CFDs and have no idea what they are doing,
lucky for yall Teeri is not just an economist but also versed in islamic economics,
many muslims trade this and they dont have a clue, most dont even know short selling is haraam and on top they pay riba to do it (since in order to short sell the broker needs to buy the asset and lend it to you in interest)
and mixing a sale and a leverage (loan) in the same transaction is haraam,
on top of this, buying shares of companies that do haraam like banks, alcohol is haraam but also firms financed by loans with riba and since every company on the stock market is financed by loans with riba, (find me a company that has no loan and I will eat my socks) is haraam"
Stop arguing u 68er. A piece of paper has no value.
Why u defending this when it’s clearly xaraam.
Tukraq
VIP
a brick of gold also has no value dummy, we give it value for trading purposesStop arguing u 68er. A piece of paper has no value.
Why u defending this when it’s clearly xaraam.
VixR
Veritas
Guys, unless you live in the bush, the truth is whether you like it or not, you’re a participant in a global market that runs on all the things you deem haram. Either you’re benefiting from that market, or others are. It’s one of the few areas where personal matters of halal and haram are irrelevant, bc it’s all interconnected.
If a brick of Gold never had value it would never be mentioned in the Quran. The correct means of trading in shariah are gold and silver. Not exchanging papers.
Allah put value in gold and silver. Idk why u arguing.
Tukraq
VIP
outside of trading as a commodity value store what value does gold really have? truth is anything can take its place be it paper/bitcoin/numbers, its just a currency and not sacred
Gold is sacred unlike the bakhti Benjamin Franklin that can be printed.
Tukraq
VIP
I'm sorry sob gold aint sacred astagfirullah
I repeat again gold can’t be printed.
Tukraq
VIP
rocks can't be printed
To each his own.
Theres a hadith where our Prophet SAW predicted this
Surely we are living in the end times, how could a man 1000 years ago know this without being a divine inspirant of God! Repent now sister and join Islam.
Interest was exorbant and rampant in Arabia around that time as per history. Thus it's not surprising he "predicted " everyone would go back to using interest.
Keep denying the truth when its right in your face. There was no global system of interest back then.
These sheikhs will call everything a sin except talking the human rights abuses in Somalia.
Useless shits
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