Is an Islamic Forex account, in which there is no usurious interest and which is not based on leverage, considered a legitimate form of possession (qabd shar'i) if the trading (buying and selling of currencies) is done and transactions are recorded instantaneously, with the possibility of disposing of the amount within the account, and then transferring it later to a bank account upon desire? Or is legitimate possession only achieved by transferring the amount from the Forex account to the bank account after each buying and selling operation? And is it permissible not to take possession of the purchased currency (such as Euros) if the account only supports one currency (such as US Dollars), and one waits to sell it for Dollars and then takes possession of the Dollars?
There is no blame upon you for the aforementioned transaction, as depositing the money into your account is considered a sufficient constructive possession, as stated in the resolution of the Islamic Fiqh Academy. As for the inability to deposit the purchased currency into your account because it is designated for another currency, this does not affect the transaction as long as the currency is registered in your name and remains with the institution, as it acts as your agent.
Summarized from the full answer at Ftawy · reviewed Sep 2, 2026
Read the full answer on Ftawyhttps://ftawy.com/en/questions/140506