FatwaPerlisTransactions & Finance
Hukum Forex Trading Online
What is the ruling on online forex trading?
Short answer
Exchanging one currency for another is originally permissible if both parties hand over possession in cash and immediately.
A reference, not a fatwa. First sentence of the summary below — read the original fatwa and consult your state authority before acting.
- Authority
- Perlis State Mufti Department
- Status
- Fatwa committee decision
- Series
- Himpunan Fatwa Negeri Perlis
- Topic
- Transactions & Finance
No evidence of gazettement in the source — this is not a gazetted fatwa.
Summary
Exchanging one currency for another is originally permissible if both parties hand over possession in cash and immediately. However, online currency trading through local or foreign platforms is prohibited, whether done by individuals or institutions. The reasons given are the absence of actual or constructive possession, riba in the cash loan facility and overnight charges, gharar regarding the platform and transactions, and maisir because profit depends on speculation.
Written in our own words from the original fatwa — check the source before acting on it.
Adapun perdagangan mata wang secara online melalui platform-platform sama ada tempatan atau luar negara diharamkan sama ada dijalankan oleh individu atau institusi kerana sebab-sebab berikut:
Read the full fatwa on the Perlis website (new tab)
How to cite
Cite the original fatwa and its authority. Rujuk Fatwa is only where you found it.
Perlis State Mufti Department. “Hukum Forex Trading Online”, date not stated. https://muftiperlis.gov.my/index.php/himpunan-fatwa-negeri/119-hukum-forex-trading-online. Found via Rujuk Fatwa: https://rujukfatwa.com/en/fatwa/ruling-on-online-forex-trading/