Jurisprudential review of forex trading transactions

Document Type : Original Article

Authors

1 4th Level, Qom Seminary, Qom, Iran.

2 Higher Course, Qom Seminary, Qom, Iran.

Abstract

The foreign exchange market (forex), as the largest financial market in the world in terms of trading volume, is a new international market that has created a new opportunity for currency exchange and has attracted the attention of governments and nations, including Muslims. Therefore, it is necessary to understand the relevant rules and regulations of this market and to examine its jurisprudential issues. Since no comprehensive research has been conducted on the jurisprudential examination of the principle of entering this market and its branches and details, this article examines the evidence of the prohibition of entering this market, which has been raised by the Central Bank and the Stock Exchange Organization, and does not fully understand the evidence of the prohibition of entering it, and on the other hand, it examines the legitimacy of opening an account in this market and analyzes the three forms of transactions (normal transactions, margin transactions, and contract for difference (CFD)) in this market from a jurisprudential perspective. The result is that there are eight forms of transactions in the first form, most of which are not valid, but in the second form, in addition to the previous problems, the problem of usury is also raised, which is void in case of dealing with the same type of currency, and the ruling is different according to different jurisprudential foundations. In the third form, which is based on the fluctuation of currency prices, the legitimacy of it is examined according to different foundations, and various possibilities regarding the nature of this transaction are raised. In addition, details such as whether the transaction is carried out by the person or the agent or whether the transaction is normal or virtual are also considered. Of course, it is clear that achieving this goal is possible through describing and analyzing jurisprudential propositions by collecting library data.

Keywords

Main Subjects

References

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Fiqh
Volume 30, Issue 0
July 2023
Pages 65-97

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History

  • Receive Date: 09 February 2022
  • Revise Date: 17 April 2023
  • Accept Date: 15 July 2023

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