Q: I traded with gold online without knowing that I have to take physical possession and because it's online you cannot take physical possession of it.
Is it permissible for me to take back my capital or should I give it as sadaqah without the intention of reward?
Q: Is buying physical gold and silver bullion halaal or haram? As you know when buying gold online you pay with wire transfer then the payment clears and delivered for few days.
Q: I want to know if trading gold on the forex stock market is allowed?
From my understanding... You are buying shares of gold that is in a gold bullion (equivalent to a shop). Gold prices fluctuate so you can either buy or sell gold daily... This gives u a profit/loss and you get your money daily. To know whether gold price is going to go up or down, careful market analysis is done daily to see where the support and resistance levels on the chart are. (So it's not really a guess or gamble if you read the charts according to what you learnt). The only time the market is unpredictable is when news events are on. Then the gold price does not follow the analysis (as business is unpredictable as well).
I've heard that in order for it to be halaal, a physical exchange has to be done. But with today's technology, no physical exchanges actually do happen. Everything gets done digitally.
So if physical exchange is a must, then are ALL investments haraam? Like the cattle investment, cattle feeding scheme investment, property investment and shares in big companies? Please advise
Q: I have recently heard of a new venture many of our Muslims are going into, it is the trading of gold on the forex market. I wanted to find out if it is permissible and if so then how, as no physical exchange of ownership takes place, and also if you own an item although it can depreciate in value it won't cease to exist as is what happens on this gold market.
Q: Is forex trading halal or haram in islam?
Q: I want to know about forex trading in gold usoil or currencies? What are Islamic teachings and what should be avoided? If the broker is paid directly and dollars are given back directly within that time, is it permissible?
Q: Is using paper currency In accordance with sharia and is it permissible?
Hence the world trade currency is not based of any tangible asset such as gold or silver.
The federal reserve prints USD without any backing then using it to provide loans to poor countries in exchange for services and goods. It also gives Central Banks control over the economy and have control on how much is printed to who it is distributed to and is unjustly distributed.
They also use banking methods such as Riba and fractional banking which is haraam and is the backbone of their financial system.
Q: The day when I went to get a new ring, I told them if I can sell, I even asked if I want money I will get. So they wrote the amount of money for me of the old ring. So instead of taking the money from them I gave them more money and took another ring, now does this fall under riba?
Q: I am a collector and I collect banknotes from various countries. A few days ago, I bought a few foreign banknotes online from a website, I paid the amount and a few days later, the banknotes were delivered to me. Was this transaction haram as the purchase was not done hand to hand? And if it was haram, what am I required to do?
Q: Zaid sent a parcel of GBP in cash to Bakr, with the intention of selling it to him for ZAR. Bakr inspected the notes, because some of them were old, and they both agreed on an exchange rate.
After a few days, Zaid subsequently sent his agent to collect ZAR notes from Bakr. Bakr did not give the entire amount. After a week, Bakr made an EFT of the remaining amount in ZAR.
(1) What is the status of the ZAR notes received from Bakr? If the money is haraam, what should be done with the money?
(2) What is the status of the money received via EFT from Bakr? If the money is haraam, what should be done with the money?