posted on 2022-03-04, 12:54authored byRafik Fakhry Omar, Eleri Jones
This paper explores Web-based forex trading which is currently being promoted as as a possible investment opportunity, especially for those of the Islamic faith who are prohibited from dealing in interest-based transactions. Islamic forex is promoted to them as a permissible trade in currency from which they can profit. This paper evaluates the compliance of Islamic Forex trading with Islamic principles through the research question: What is the role of Islamic jurisprudence rulings in promoting or prohibiting forex trading? How Islamic forex trading differs from conventional forex to meet the principles of `Islamic` finance? And finally, can international modern financial institutions operate without the use of such a tool?
International Journal of Islamic and Middle Eastern Finance and Management
Publisher
Emerald
Version
AM (Accepted Manuscript)
Citation
Omar, R. & Jones, E. (2015) 'Critical evaluation of the compliance of online Islamic Forex trading with Islamic principles', International Journal of Islamic and Middle Eastern Finance and Management, 8 (1), pp. 64-84