Forex trading

Q: I do forex trade in Islamic account which is swap free and I don't take any leverage. For example if I deposit 10000 rupees in my account I will buy dollars from these rupees and will sell them when the price of the dollar increases. Is this profit permissible for me?

A: If you do not get possession of the dollars then such a deal is impermissible.

And Allah Ta'ala (الله تعالى) knows best.

 

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)