Currencies are usually purchased by the lot, where the lot represents , units of the base currency. Depending on whether the trader believes a currency pair will increase or decrease, the trader will either buy lots or sell lots of the pair and try to make a profit from market movement. So I asked them for an account which does not have any relationship with Interest either in dealing with it or in consumption.
Islamic Account
They told me that they do provide accounts for Muslims. If you wish to trade interest-free you will incur an additional charge of 3 dollars per lot traded round-turn on the regular account. Thank you for your. All perfect praise be to Allaah, The Lord of the Worlds. We have already clarified in previous Fataawa, among which is Fatwa , that it is not permissible to transact in accordance with the money leverage system, and that it amounts to a loan that brings benefit for the broker because he gets profits as a result of being a mediator through whom the debtor takes loans, and therefore it consists in Riba.
The fact that the mediator receives the same commission whether or not the investor transacts in the money leverage system does not legitimize transacting in it as we have clarified in Fatwa It should be noted that doing business with the Forex system involves many violations of the Islamic law, like Riba, but if the company provides a system that is free from such violations and the condition of exchanging hand-to-hand is met during the conclusion of the transaction, then it is permissible to trade currencies, gold and silver; otherwise, it is not.
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Is leverage haram? (trading) : islam
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Forex Trading and IslamForex Trading and Islam
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Forex trading and the Sharia
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