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The question

Is trading Forex through brokerage firms with an Islamic account, which only charges fixed fees on certain currencies, deducts amounts upon completion of buy or sell transactions, takes approximately 24 hours to process withdrawals, and calculates its profits from the difference between the buying and selling prices, considered unlawful, and what is the difference between it and the loans offered by Sharia-compliant Islamic banks?

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Source: FtawySummary from Ftawy's records · added here Sep 2, 20261 min readAlso available in العربية
The answer

The financial leverage provided by brokerage firms to speculators is a forbidden loan because the brokerage firm offers the loan to the subscriber to trade with it through their platform, thus increasing their profits from commissions. The loan amount is guaranteed and cannot be lost by the company, and they stipulate that trading must occur through them. Therefore, it is a loan that brings a benefit, and this differs from financing transactions in Islamic financial institutions, such as Murabaha.

Summary from Ftawy's records · added here

Reviewed by El Fatwa's sharia committee.

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Where this answer came from
Source platform
Ftawy
Original fatwa ID
173519
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.
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Read the full answer on Ftawy