: Digital currency bitcoin 'forbidden in Islam rules Saudi cleric. However, regular spot Forex trading offered by Forex brokers, with no overnight interest payments or charges, could clear the hurdle of riba. Naveed 3rd June 2015, leasing a Car Question Is leasing a car in the US haraam? Naveed 8th February 2015, definition of riba and ruling on work that helps with riba Question What is the definition of riba? If we take into account the fact that in most countries the economy is based on the principle of the circulation of capital, which includes lending, is accepting payment in that particular currency for any work regarded as an action that supports the riba-based system? The rise in the price of bitcoin and other virtual currencies this year has divided the financial community on its merits and whether the value might come crashing back down. This is not the first time the cleric has issued such a fatwa. In life we are confronted with many choices, the outcome of which is unclear, and we strive to use intelligence and skill in choosing the available option that will produce the superior outcome. Is Forex halal or haram? Islamic Forex Brokers and offering Muslim Forex Accounts which operate without standard interest payments. Having reduced the issue to one of trading spot Forex and assuming there is no interest element deemed to be involved, we move onto the next issue.
In the olden days, there were of course no computers or telephones, so the aspect of making a deal face to face (or hand to hand) wasnt much of a question. On a minimal basis, Islamic Forex brokers can be used to trade, which should at least remove arguably all of the riba challenges. Data and information provided on this site is not warranted, it maybe incorrect and/or incomplete.
Forex fatwa arabia saudita