FOREX/BITCOIN TRADING ONLINE

As Salaamu Alaikum

Question:

What is the Islamic view on forex and bitcoin trading and any form of online trading.

Wa Alaikum As Salaam,

Answer:

It is not permissible to do forex trading or bitcoin trading online. Both of these fall under the laws of ‘money exchange’ and ‘currency exchange’ in Islam, and cannot be traded as commodities. The way in which forex trading is done, does not conform to the laws of money exchange in Islam and would not be permissible.

As for bitcoin, the expert scholars of Islamic Finance have not considered it to be a currency. Hence, it cannot be exchanged or traded as a currency.

And Allah Knows best

Mufti Waseem Khan

04/12/2018