Many Muslims who want to try forex trading but are still hesitant because it is halal, because of that we will discuss all of that in Islamic law for forex trading. Therefore, consider our discussion of this below carefully.

Although it is an activity that is quite profitable if done correctly, there are still many who are afraid, especially Muslims, to try forex trading. Because, there are still many people who think that forex is the same as gambling.

While gambling is an act that is prohibited by almost all religions because it can harm oneself and others. Because, you can get large amounts of property in a short time, but you get this from seizing other people's property.

Departing from a misunderstanding that is still experienced by many people, both Muslims and non-Muslims. Here we provide a discussion of Islamic law for forex trading so that there are no more misunderstandings that occur in the community.

Islamic Law For Forex Trading You Must Know

Islam is a religion that is embraced by many people. The survey in December 2021 alone showed the number of adherents of the Islamic religion which touched 1.91 billion people spread all over the world.

In fact, there are several opinions regarding Islamic law for forex trading that allow this investment activity. Islam itself considers currency trading to occur because of the need from the global market to meet the needs of various countries.

Forex trading is considered halal because it is a product that is traded with clear form and value, namely foreign currency. Forex is also different from usury and is purely a buying and selling transaction because it trades foreign currencies instead of lending money expecting more in return.

Majelis Ulama Indonesia (MUI) has justified SPOT-type forex trading. In this type of SPOT, the purchase and sale of financial instruments, commodities, and other assets can be made with cash or direct payments.

Islamic law for forex trading according to the MUI, namely based on the Fatwa of the National Syari'ah Council number 28/DSN-MUI/III/2002 concerning the Sale and Purchase of Currency (Al-Sharf) stipulates that currency buying and selling transactions are allowed in principle with the following conditions.

•Not for speculation (chance)

•There is a need for transactions or just in case (savings)

•If the transaction is made against a similar currency, the value must be the same and in cash (at-taqabudh).

•If different types, it must be done with the exchange rate (exchange rate) prevailing at the time the transaction is made and in cash.

Advantages of Forex Trading

By knowing the discussion that we provide regarding Islamic law for forex trading, you, especially Muslims, can be more flexible in carrying out this investment activity. That way you can get many benefits as presented below.

1.Can make transactions anytime

In forex trading you can make transactions both buying and selling foreign currencies at any time for 24 hours. So you have more opportunities to get a big difference moment that can be profitable for you.

2.more liquid

Some dealers or brokers in the foreign exchange market make the market more liquid and prices remain stable, therefore traders can close and open their positions in the market price.

3.Assisted by the best forex broker

One of the other advantages in forex trading is that you will be assisted by brokers in making transactions ranging from buying and selling foreign currencies.

One of the brokers you can trust is the Salmamarket forex broker who has decades of experience in assisting investors. Salmamarket also always provides the best service to every customer.

After knowing this, of course, you are not afraid anymore, right？ So, when something new comes in, try to find out the truth as is the case with Islamic law for forex trading.