Is it permissible to invest in binary options and Forex with a company that provides an Islamic account, despite your previous fatwa prohibiting binary options?
It has been previously clarified that dealing in binary options is impermissible; this is because they fall under (excessive uncertainty) sales, which are forbidden in . A resolution to this effect has been issued by the International Islamic Fiqh Academy. This ruling is based on the fact that the subject of the contract is neither property, nor a usufruct, nor a financial right that can be compensated for. If this condition is not met, and the subject of the contract is something upon which a contract is valid in Sharia, whether it be property, a usufruct, or a financial right that can be compensated for, and there is no gharar, then there is no objection.
As for the company mentioned, there is insufficient information to rule on it. Islam has urged seeking lawful sustenance, and the paths to lawful earnings are numerous. A Muslim should fear Allah and seek their provision through acts of obedience, for Allah Almighty says: "And whoever fears Allah – He will make for him a way out And will provide for him from where he does not expect."
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Ftawy
- Original fatwa ID
- 173967
- Added here
- . This is when the answer was added to El Fatwa, not the fatwa's date.
- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy