Is CFX Trading group Shariah compliant?
Question
Assalamualakum
I sent an e mail on 23 September 2020 regarding this business - "The New CFX Social Movement" with a clip attached. I have not received a response as yet. Not sure if you are still busy with it. Kindly advise accordingly.
Kindly check for me if this business is Shariah Complaint.
THE NEW CFX SOCIAL MOVEMENT - YOUR WAY TO SUCCESS FROM HOME
https://YouTube.com/watch?v=Zc_-pmC-i8U
Jazakallah
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Respected Sister,
We apologize for the belated response.
According to our understanding the Cash Forex Group (CFX) are an online Forex trading group.[1]
There are various types of forex dealings. The ruling of each one differs from the other.
In an online forex trading platform, one does not actually buy the currency. Rather, one buys a position on the currency. Therefore, in most instances, forex trading is not permissible.
The Darul Iftaa has written a detailed fatwa regarding Forex. You may find the fatwa at the following link:
http://askimam /public/question_detail/46239
And Allah Ta’āla Knows Best
Ahmad Patel
Student Darul Iftaa
South Africa
Checked and Approved by,
Mufti Ebrahim Desai.
References (Arabic / Urdu sources)
[1]
https://cashfxgroup.com/about
The CFX business model combines assisted trading systems with algorithms in the Forex Market, Network Marketing, and Interactive Educational Programs, creating a unique experience for our global membership.
- Answered by
- Ahmad Patel
- Checked & approved by
- Mufti Ebrahim Desai
Fatawa SA is an independent, read-only index of fatawa already published by Darul Iftaa Mahmudiyyah (AskImam). It is not a fatwa service. For your own situation, ask the issuing Darul Ifta directly.