Do you know forex is actually gambling?

[syilla]

:sl:

Do you know forex is actually gambling unless you keep the currency or you know it exists physically then that is ok.

This a fatwa from a malaysian scholar. http://zaharuddin.net/

i said this because it is abit annoying to see forex advertisement huhu i just .don't know how to report it

[~ Sabr ~]

The amount of bull I'm seeing on this forum is unbelievable! I came here after being recommended by a friend who was here a couple of years ago, but it's standards have failed immensly. :omg:

Thread poster just think - how else are you going to get your money changed into a foreign currency? Just because you don't go out of your country, don't stop others also.

Good Lord! :heated:

[syilla]

lol why i want to stop others. you should know this too to get it another perspective. try to open up a bit

i'm saying that if you are doing forex online trading then is like a gambling. you can read it here.

http://www.zaharuddin.net/senarai-le...x-trading.html

[~ Sabr ~]

No thanks, I'm considering leaving this forum, it's full of Salafis and extremists. Eurgh +o(

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[syilla]

ok then good for you :)

this is for the one who wants to read.

the profile of the scholars

In English

At Present

Senior Lecturer / Assistant Professor, International Islamic University University Malaysia
Member, Shariah Comittee, Al Rajhi Bank Malaysia Berhad
Shariah Adviser, UEM Land Berhad
Member, Shariah Committe, Standard Chartered Saadiq Malaysia Ltd
Shariah Adviser & Board Member, Al-Naqiy Islamic Solution Sdn Bhd, Global Islamic Advisory & Consultancy
Shariah Adviser, Siraj Capital Ltd, Jeddah
Shariah Adviser, Yasmin Holdings Plc Malaysia
Shariah Adviser, Storm Readers Plc Ltd Malaysia
Associate Lecturer and Trainer, The Markfield Institute of Higher Education, United Kingdom
Islamic Jurisprudence Q & A Panel, i-Magazine, Published by Karangkraf Malaysia.
Columnist, Iktisad Magazine ( Islamic Banking Issues)
Columnist, Solusi Magazine ( Fiqh Muamalat section)
Columnist, Fardhu 'Ain magazine ( Fiqh Jinayat Section)



Education

B.A (Hons) Usuluddin, University Of Malaya, Malaysia
M.A (Hons) Fiqh & Usul Fiqh (Specialized in Islamic Commercial Transaction), Al-Yarmouk, Jordan
PhD, Syariah & Islamic Finance, Univ of Wales, United Kingdom ( Candidate)
Academic Certification ( ijazah) from Syeikh Al-Imam Dr Yusuf Al-Qaradawi.



Experiences

Senior Manager, Shariah Compliance Department, Product Development Division, RHB ISLAMIC Bank Ltd
Shariah Consultant, INGRESS Corporation Ltd
Academic Fellow, Center of Islamic For Modernity and Civil Society (CESMACS), Malaysia
RHB ISLAMIC Speakes Comlunist in NST ( Business Times)
Shariah Commitee Secretary & Coordinator, Asian Finance Bank Ltd ( a subsidiary of Qatar Islamic Bank)
External Shariah Advisor, RHB Islamic Bank Berhad (until Feb 2008)
Member, External Shariah Consultation Committee, Standard Chartered(Sadiq) Bank.
Chairman, Shariah Advisory Council, OSK Investment Bank Ltd, Malaysia
Member, Shariah Board, Deutsche (Islamic) Bank, Malaysia
Part Time Lecturer (teaching Muamalat and Usul Fiqh subjects), European Institute of Human Science, Wales, UK

[Nate]

If you referring to the ads on the top of the site, those are reflected off your search history and google searches, not everyone get the same ads.....

[Dagless]

No thanks, I'm considering leaving this forum, it's full of Salafis and extremists. Eurgh +o(

Why not actually outline the parts you have issue with rather than calling people names?

['Abd Al-Maajid]

edit...........

[IslamicRevival]

No thanks, I'm considering leaving this forum, it's full of Salafis and extremists. Eurgh +o(

I think you are right, from what ive been reading lately..most on here are Salafi or have leanings towards that kind of Methodology. Ive nothing against any sect, as they are mine, and your Muslim brothers and sisters after all but i do understand why you feel the way you do.

Anyway, moving on..this Fatwa isn't as wacky as it sounds. To understand how the Malaysian Scholar has come to this conclusion, you need to read the article and also do your own research. It makes sense to me and at this moment in time, its clear that we've been well and truly deceived

Here are Sheikh Imran Hosein's views on Paper Money, Its short and sweet.

[Ğħαrєєвαħ]

As'Salaam Alaaykum sis

No thanks, I'm consideringA leaving this forum, it's full of Salafis and extremists. Eurgh +o(

How about we also not judge everyone inshaa'Allaah.

As far as I know this forum is full of muslim's, and most of the knowledge posted is from sources such as Qur'aan and sunnah, however, if there is anything incorrect it is no doubt the duty of every muslim to correct his brother/sister in Islaam.

Maybe you could correct a certain incorrect source of information you've come across on here inshaa'Allaah ..

[Ramadhan]

The amount of bull I'm seeing on this forum is unbelievable! I came here after being recommended by a friend who was here a couple of years ago, but it's standards have failed immensly.

Thread poster just think - how else are you going to get your money changed into a foreign currency? Just because you don't go out of your country, don't stop others also.

Good Lord!

:sl:

If you calmed down for a bit so you'd have had time to think, you'd have understood that what sister Sylla meant is not normal and regular forex (where tourists or traders or businesses have to exchange money), but speculative forex tradings (such as forex futures trading) where you can even have 50:1 leverage in forex trading, in simple terms it means you buy something with money you don't have and hope that the price of that forex increase so you can re-sell it before you actually have to pay for the forex you'd bought.

If you don't know what is being discussed, then ask for clarification before you unleash your angry outbursts to some innocent people and accuse the OP with names. Here's some definition of forex trading from a neutral (non-islamic) source (just in case you think islamic sources are biased):

The foreign exchange market (forex, FX, or currency market) is a global, worldwide-decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies.^[1]
....
The foreign exchange market is unique because of:
the use of leverage to enhance profit and loss margins and with respect to account size.
http://en.wikipedia.org/wiki/Foreign_exchange_market

A currency futures contract is a legally binding contract that obligates the two parties involved to trade a particular amount of a currency pair at a predetermined price (the stated exchange rate) at some point in the future. Assuming that the seller does not prematurely close out the position, he or she can either own the currency at the time the future is written, or may "gamble" that the currency will be cheaper in the spot market some time before the settlement date.

Read more: http://www.investopedia.com/ask/answ...#ixzz1ijrDEazg

Also forex trading is the world's largest trading BY FAR, which trades abstract money (based on gambling), and no real products/services:

According to the 2010 Triennial Central Bank Survey, coordinated by the Bank for International Settlements, average daily turnover was US$3.98 trillion in April 2010 (vs $1.7 trillion in 1998).^[3] Of this $3.98 trillion, $1.5 trillion was spot transactions and $2.5 trillion was traded in outright forwards, swaps and other derivatives.

Traders in the Forex market wish to purchase or sell one country's currency for another country's currency with the hope of making a profit when the value of the currencies changes in favor of the Trader, whether from demand and supply imbalance or market news or events that take place in the world.
.........
The average daily turnover of the Forex market is around $1.9 trillion. (1.9 trillion US dollars). This is equivalent to more than 10 times the average daily turnover of global equity markets, 40 times the average daily turnover of the New York Stock Exchange, and if distributed it accounts to $300 aday for every man, woman, and child on earth!
http://forextrading-marketing.blogspot.com/

So you see that the world's biggest trade is on non-existing product/service and based purely on speculation.

And people who ridicule other muslims, unless you live 100% according to Qur'an and sunnah and know you will go to jannah, please remember these words of Allah swt:

O you who have believed, let not a people ridicule [another] people; perhaps they may be better than them; nor let women ridicule [other] women; perhaps they may be better than them. And do not insult one another and do not call each other by [offensive] nicknames. Wretched is the name of disobedience after [one's] faith. And whoever does not repent - then it is those who are the wrongdoers. (QS. 49:11)

O you who have believed, avoid much [negative] assumption. Indeed, some assumption is sin. And do not spy or backbite each other. Would one of you like to eat the flesh of his brother when dead? You would detest it. And fear Allah ; indeed, Allah is Accepting of repentance and Merciful. (QS. 49:12)

[syed1]

how else are you going to get your money changed into a foreign currency? Just because you don't go out of your country, don't stop others also.

Please, you sound so uneducated. First search what forex is, learn about the forex market and what is meant by trading forex online. No one is stopping anyone to change Canadain dollars to USD when they go to states, for example.

[ardianto]

how else are you going to get your money changed into a foreign currency?

Just change my money to foreign currency in a bank or in money changer. It's called money changing, the basic form of forex trading.

There are many derivative forms of money changing that created by people for various purposes, including the speculative forms which created by people who wanted to gain big profit as fast as possible. What sister Syilla talking about is forex trading in speculative form like this.

Of course, not every derivative form of money changing is gambling.

[syilla]

lol the attacks was not only here but in most of my posts lol...but no worries all nothing happened to me i'm safe and sound.

[Ramadhan]

Just change my money to foreign currency in a bank or in money changer. It's called money changing, the basic form of forex trading.

That reminds me. My mother has a habit buying US dollars little by little every time she has some spare money, so she can have enough US dollars for her next umrah trip.

For those who are unfamiliar, all foreign trips (including haj and umrah) in Indonesia are tied into US dollars.

[ardianto]

For those who are unfamiliar, all foreign trips (including haj and umrah) in Indonesia are tied into US dollars.

In 90's I had a travel agent company which one of the service is sell hotel rooms. Do you know, almost all hotel in Indonesia use US dollars in their room rate. But I always paid them in Rupiah.

[syilla]

That reminds me. My mother has a habit buying US dollars little by little every time she has some spare money, so she can have enough US dollars for her next umrah trip.

For those who are unfamiliar, all foreign trips (including haj and umrah) in Indonesia are tied into US dollars.

that is such a good way of doing it. but now probably its more profitable buying gold and sell it to overseas.