I also posted a short video on Instagram with regards to this topic: is forex trading haram?
First, let’s understand the very basic definition of forex. It stands for foreign exchange. You are exchanging money for money, currency for currency. Example: imagine you’re about to go to Europe for holidays, so one of the logical things to do is to change your Ringgit notes to Euro and Pounds. Once the foreign notes are in your hands, there’s nothing haram about it. You are not delaying the exchange, the exchange is done on the spot. You’re good to go.
Now we move on to the next part, forex trading. Why is it haram? To simplify your understanding, first, go read here. Then, here – a wonderful article by Wahed Invest on riba’. After that, watch videos from Shariah scholars on YouTube.
We don’t know what we don’t know, alright? If the first word revealed to Prophet Muhammad PBUH was اقرأ, then reading is even more essential in our era especially in the aspect of halal and haram. Whatever we consume, feed our children becomes who we are. We ought to seek keberkatan in all that we consume and do.
Now, let’s look at facts.
As a Muslim, apart from the five pillars of Islam (Rukun Islam), we are also called to uphold the six pillars of faith (Rukun Iman). One of it is our belief in the Quran, its content and using it as the light in our life, our one and only divine source.
I’d like us to zoom into Surah Al’Imran, verse 130. You can Google the English translation. What I’m showing here is my personal Quran tagging.
My intention is to show you a different perspective then what you may or may not already know. After that, what you do with this new piece of information is entirely up to you. Of course, I’d like to root for you to do the right thing. So when in doubt, pray. Seek for guidance. The truth and your conscience will guide you. Let the heart be sincere in all that we do, especially in the aspect of earning an income and investment returns.