Types of People as Regards Reading – Dr Zakir Naik

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Quote from the Holy Qur'an: Al-Baqara (2:152)

فَٱذْكُرُونِىٓ أَذْكُرْكُمْ وَٱشْكُرُوا۟ لِى وَلَا تَكْفُرُونِ

fażkurụnī ażkurkum wasykurụ lī wa lā takfurụn

Then do ye remember Me; I will remember you. Be grateful to Me, and reject not Faith.

Our God is worthy of praise and exaltation. Seek him while he may be found.

Mashaallah

Did you get the eid gift? do you need money in eid? My lord Allah will send money in ur account who is free of needs and praiseworthy while his creation are the needy! So let Allah send u 50 million in ur account from the heaven. I don’t know what is u people account Allah knows everything who is al aleem (all knowing)35:15 Faatir

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O mankind! it is you who stand in need of Allah, but Allah is Rich (Free of all wants and needs), Worthy of all praise. 54:50 Al-Qamar

And Our Commandment is but one, as the twinkling of an eye. Quran chapter 40 verse 68 He it is who gives life and causes death; and when He decrees a matter, He but says to it, "Be," and it is. 63:7 Al-Munaafiqoon

They are the ones who say: "Spend not on those who are with Allah's Messenger, until they desert him." And to Allah belong the treasures of the heavens and the earth, but the hypocrites comprehend not.

Love your videos Dr Zakir Naik Sir ❤❤❤

Subject: Inquiry on the Permissibility of Forex Trading with Educated Market Analysis.

Assalamu Alaikum, Sir Zakir,
My name is Ibrahim Shamil, and I am from Mosul, Iraq. I am currently studying English-Arabic Translation at the University of Mosul. I hope this message finds you in the best of health and Iman. I truly appreciate the valuable knowledge and wisdom you share with the world, and I would be deeply grateful for your guidance on a matter regarding Forex trading.
I seek your advice concerning the permissibility of Forex trading in Islam, specifically with respect to my trading setup and approach. I have made conscientious efforts to ensure that my trading practices comply with Islamic principles, and I would like your esteemed opinion on whether my approach aligns with these guidelines.

My Trading Methodology:

I engage in spot Forex trading (not futures or options) through an Islamic account, which eliminates any involvement of riba (interest). My trading decisions are based on educated market analysis, not speculation or gambling (maysir). Below are the key aspects of my approach:

Market Analysis:

I conduct technical analysis (studying charts, trends, support/resistance levels, indicators, etc.).

I also consider fundamental analysis (economic data, central bank policies, geopolitical events).

Trades are executed only after careful evaluation, ensuring that decisions are informed and reasoned, not impulsive.

Islamic Account Structure:

There are no swap/interest charges on overnight positions.

The broker’s compensation comes solely from the spread (the difference between buy/sell prices), not interest.

I pay no additional fees for using leverage, as the broker does not profit from lending.

No Physical Ownership of Currencies:

I trade currency pairs (e.g., EUR/USD, GBP/USD) but do not take physical possession or delivery of the currencies. Instead, the trade is purely based on the price movements of these currencies. The transaction is completed once the trade is closed, and there is no transfer of actual currency between parties.

Risk Management:

To ensure I control my trades, I use stop-loss orders, which automatically close a trade if the price moves against me beyond a specified point. This helps me limit potential losses and manage risk, and it is a risk management tool rather than a speculative tactic.

Exclusion of Certain Assets:

I do not trade in gold, silver, or oil, focusing solely on currency pairs in my trading activities.

Key Concerns:

Permissibility of Forex Trading in This Setup:

Given that I avoid riba, rely on analysis (not gambling), and the broker profits only from spreads, is this form of Forex trading halal?

CFDs (Contracts for Difference):

My concern lies with CFDs (Contracts for Difference). In a CFD, I do not own the underlying asset (e.g., currency, stock, commodity) but instead, I am speculating on the price movement of that asset. Essentially, I am agreeing to pay or receive the difference in the asset's price between when the contract is opened and closed.

I would like to understand whether CFDs are considered impermissible in Islam due to their speculative nature, despite the fact that I am not engaging in interest-based transactions.

Since I trade based on price movements and not ownership of the actual asset, does this change the ruling on CFDs, and would this be considered haram or halal in Islam?

Request for Guidance:

I aim to ensure that my trading activities fully align with Islamic principles. If there are any conditions I must meet or adjustments I should make, I would sincerely appreciate your advice.

JazakAllah Khair for your time and assistance. May Allah reward you for your efforts in clarifying these matters, and may He continue to bless you with knowledge and success in all your endeavors.

Masha Allah

Mashallah ❤❤❤

📖 First guidance in the Quran is to read, recite, and proclaim in the name of Allah.

💡 Muslims are divided into three categories: those who don’t read, those who read but not in Allah’s name, and those who read in Allah’s name but don’t follow the guidance.

🧑‍🏫 Acquiring knowledge is obligatory for every Muslim, man or woman.

🏠 The best place to acquire knowledge is at home, and the best teachers are parents, especially mothers.

☮ Islam comes from the word "peace," meaning submitting to the will of Allah.

🤲 A Muslim is someone who submits to the will of Allah.

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Asshalamu waylaykum.
Eid Mubarak

❤☝️☝️☝️☝️AIIah❤