Currency

186046

Wealth . Gold . Silver . Currency . Zakat

Should the obligation of Zakah be extended to our current form of money since it no longer relies on gold and silver, which were used to measure wealth in the past?

Sayyed Mohammad Al-Musawi, Sayyed Mohammad al-Musawi is originally from Iraq and heads up the World Ahlul Bayt Islamic League in London. Other than being involved in various humanitarian projects, he frequently responds to... Answered 1 year ago

Zakat is obligatory on nine items only including golden and silver current coins. It is not for us to change Shariah and add on these nine items.

Khums is obligatory on ever wealth including money, kind, property and every item we own.

Wassalam.

164387

Currency . Time . Loan

Should I repay my debt, that was obtained in rupees, based on today's exchange rate or based on the exchange rate at the time I borrowed, considering that I earn in dollars?

You should not harm the person who did good to you by lending you his money when you were in need. In fact it is recommended to pay him a gift above his original money. Such gift is not obligatory in you but just recommended but you should never give him less than the real value of what he gave you.

‘Wassalam.

143633

Forex . Currency

Is online CFD trading of currencies (forex) allowed in Islam where you profit or loss by determining the direction of currency pair from price fluctuations due to real market factors and not by owning the currency pair?

Yes it is allowed to buy and sell currencies online or trade in currency pairs.

'Wassalam.

113758

Currency . Cryptocurrency

Is trading of digital currency such as bitcoin cryptocurrency permissible? If so, are there any conditions that must be met for it to be permissible?

Cryptocurrency dealing is a new financial issue which needs to be very clear for the Marja' of Taqleed to give a verdict on it. Many of our great Maraaje' have not yet issued a verdict on it, while few other Maraaje' have issued verdicts on it.

There are Marje's is Najaf Ashraf and Qum who say that dealing in cryptocurrency is permissible like any other trading provided that it should not contradict with the law of the land and does not harm others.

Wassalam.

93790

Investment . Currency

Am I allowed to trade online in currencies such as USD and GBP? Is there somewhere I can read about the detailed Islamic laws around the topic of online trading?

Trading online is like face to face trading. It must be away from forbidden dealings like usury. Trading in currencies is allowed.

Wassalam.