Is Forex Trading Permissible?
Foreign exchange trading (forex, FX) is not Shariah-compliant for the following reasons:
1. DEFERMENT: In forex both currencies are deferred at the time of the contract.
2. GAMBLING: Trading and delivery are not intended at all; rather, execution is only intended for a profit and loss settlement with no genuine exchange of subject matter.
3. POSSESSION: Selling is executed before possession.
4. GUARANTEES AND INTEREST: The fee taken by the leverage provider is a fee in lieu of a guarantee or it is interest.
NOTE: It is permissible to exchange one foreign currency for another at spot—meaning, immediately—at an agreed upon exchange rate.
Approved by Ethica’s Shariah Board.
Officially AAOIFI Recognized
Officially recognized by AAOIFI (pronounced “a-yo-fee”), the world’s leading standard-setting body in Islamic finance, Ethica's award-winning Certified Islamic Finance Executive (CIFE) and Advanced CIFE (ACIFE) earn you continuing professional development (CPD) credits
"The role Ethica has played in promoting the cause of standardization of best practices in Islamic finance, especially in the fields of Shari'ah and accounting, that too for the last two decades, is indeed praiseworthy. They have always put AAOIFI standards at the heart of all their certification and training programs for which we are grateful."
Omar Mustafa Ansari
Secretary General, AAOIFI
What CIFE and ACIFE Graduates Say...
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Mufti Faraz Adam, UK
"I chose Ethica’s certification as it has an excellent reputation in the market and now I understand why. All the different modules cover the most important types of contracts from both a theoretical as well as a practical perspective and are complemented by a lot of clear examples. And the self-paced training permits excellent time management. I recommend the CIFE from Ethica Institute to everybody seriously interested in learning about Islamic finance."
Director, Product Support and IT, SIX Financial Information, Luxembourg
"We upgraded to twice as many users after only 6 months with Ethica."
CEO, Mashreq Al Islami
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About Ethica Institute of Islamic Finance
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Ethica is trusted by more professionals for Islamic finance certification. Officially recognized by AAOIFI, the world's leading standard-setting body in Islamic finance, the Institute has trained over 15,000 paying professionals in 160 financial institutions across 65 countries, winning numerous industry awards. Ranked #1 on Google for “Best Islamic Finance Certification” regularly, Ethica’s globally recognized and accredited award-winning certificates include the Certified Islamic Finance Executive™ (CIFE™), Advanced CIFE™ Financial Analysis (ACIFE™ FA), and Advanced CIFE™ Accounting (ACIFE™ ACC), delivered online or live at the bank.
Celebrating 20 Years of Islamic Finance Excellence
- Official recognition from AAOIFI, the world’s leading standard-setting body for Islamic finance
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- Ranked #1 on Google for “Best Islamic Finance Certification” regularly
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