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    Question The Ruling on Internet currency exchanging

    Assalaamu 'Alaikum,

    I have a question on behalf of some brothers, including me, which is as follows;

    I would like to ask about an investment company on the internet – is dealing with it halaal or haraam? This company is a long-term investment company which is basically a “middleman” company in the field of global currency trading. It offers account management services, managing the money of investors and investing it in the FOREX (foreign exchange market). It is a kind of investment fund, like the investment funds that exist in some countries to invest money in the stock exchange; it collects investors’ money in this fund then a group of specialists invest it in the foreign exchange market (FOREX). Of course there is a group of specialists who are managing clients’ money (account management system) and there is a choice for us to select an Islamic account when registering. The company does not deal with alcohol, gambling or haraam things, and it has a minimum amount required for an individual to subscribe to it.
    You take a loan from the broker (middle-man) and you pay him a fee for finding you a buyer or seller for the currency that you want to buy or sell.
    No interest is paid on the loan and the loan is always available for the one giving the loan to take back anytime he wants, so you can never have trouble giving him his loan back.
    Note that the transactions are done through the internet.
    I hope that you can tell us whether dealing with it is halaal or haraam, because it is very widespread and many people are dealing with it.

    Hope for a clear answer from the scholars.
    Perhaps some brothers can take the question to Ahl-Al-'Ilm.
    Jazaakumullaahu khayraa


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