Question
Please study the fatwa of Mufti Taqi Sahib on forex dealings. According to the Mufti forex sales are not permissible. What is your view? Also comment on the fatwa of Mufti Jakhura.
Answer
We are in agreement with Mufti Taqi Sahib's fatwa. It is not permissible to deal in forex if exchange of the
two currencies is not affected simultaneously into the possession of the respective parties. The manner of the 'trade' described in the question is haraam.
Whilst Mufti Jakhura's view is generally correct, we differ with Aaqifi's concept of 'constructive possession' which he has cited in his fatwa. The methods of 'possession' described by Aaqifi are baseless and do not constitute valid possession even Hukman.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 21 No 09
- PDF page
- 2
Appears under Questions and Answers (approximate).