What is the ruling on buying and selling in the global stock market through a broker who doubles the amount 200 times, takes 3 dollars for every 1000 dollars, and provides daily recommendations, knowing that the displayed prices are values and not weights, and profits are transferred 3 days after the withdrawal request, and the broker deducts 50 dollars when closing the portfolio?
The aforementioned transaction is forbidden () because it involves several impermissible elements, including: it is a loan that yields a benefit, which constitutes usury (riba); it involves trading gold, silver, or currencies without the actual realization of mutual possession (taqabud), which is also a form of usury; additionally, much of what is traded and speculated upon is illusory, with no real existence of goods. Therefore, it is not permissible to engage in stock market transactions using a margin system or similar methods that necessitate falling into forbidden شرعية (Shariah-prohibited) matters such as usury (riba) and excessive uncertainty ().
Summarized from the full answer at Ftawy · imported
Read the full answer on Ftawyhttps://ftawy.com/en/questions/126690
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 126690
- Imported
- Translation status
- Source text, unreviewed
- Read the full ruling
- Read the full answer on Ftawy