Online forex trading

Q: Is online forex trading permissible? Many brokers offer Islaamic no interest accounts. I intend only trading in gold. Is this fine?

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A: If you are referring to purchasing gold online in exchange of money, it is permissible on condition that you take possession of the gold. However, if possession of the gold does not take place, the transaction will not be permissible.

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

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)