I’m not sure if this would indicate trading on behalf of someone else is also illegitimate
Yeah it’sa condition for a valid trade in Islamic finance
No that is the idea of appointed a “Wakeel” to sell what you own already. That’s fine.
No different to when Khadija RA sent the Prophet ﷺ to trade goods that she owned
Ok that makes sense, just wondering how to distinguish the two
Just to consolidate the views, one of the hanafi views are the following:
In and of itself, currency exchange (sarf) is permissible, as long as certain conditions are met, such as the transaction be done hand-to-hand without delay. [Mawsili, Ikhtiyar]
However, it must be noted that mufti Taqi Usmani does not seem forex trading permissible. I believe enough reasons haves been discussed to justify this
interesting, are there ways for us to avoid the riba part or is it ingrained in their services that it will be riba?
Yh we did this with our apps, although it’s not in person, the transaction is complete immediately. Is Forex not like that?
Forex in itself is not the problem, it’s the platform that facilitates forex. If we want to deal with forex trading we need to look into the different platforms
Wouldn’t say gambling. Maybe speculative