Fx Operates everywhere
Forex has widely been operated and linked with almost every dense populated Muslim country.
Similarly the midland Saudia Arabia. Consequently there we see stock exchange being run by one form to another.
Apparently it has rooted in gulf regions like Kuwait, UAE, Dubai – go through Africa like Egypt. Along with Asian developed countries like Malaysia & Indonesia.
Endorsed by Mulsum clerks
Noteworthy that Cairo’s renowned university presumed one of the oldest universities since the revelation of Islam. Give away Islamic legal decree in the form of “Fatwa” endorsing its legality.
yet the number of practicing Muslims arguing against it.
Probably they, having a big obstacle. Intangibility. I have come across people arguing, its a form which is in “air”.
They have strongly been agitating that this form doesn’t have a tangible existence.
According to them if you buying gold from here, you don’t be processed. Where your gold is?. Similarly, you pursue Speculations.
This question looks flimsy, contrary to the facts – As the whole paper money system is based on leverage; one way or another.
Financial System based on Leverage
The central bank doing it through printing money without having a face value of assets on back up. Which could have been in shape of gold or U.S dollar besides locally available assets, like precious metals and intellectual properties. Certainly, a local currency pegged with these Assets.
Despite this scarcity central banks fictiously create and circulate it. Meaning the entire world triumph and Islamic countries have no exception.
The wold, including Islam, now stepping up towards cashless economies e-payments has become a golden duck nowadays.
As far tangibility point is concerned, It must be understood that ur broker(legitimate legal broker) acts as the mediator. Upon putting your trade to the liquidity provider.
So it could either be big banks or institutions. Ultimately have a mechanism of assets-holding in true price called deleverage.
Similarly, they have tangible assets behind your order/ trading.
Therefore, the only difference is your portfolio that is Exchanger.
Getting your return through the same assets often inUS dollar.
It is hoped that above-said discussions enlighten that fx trading is a real tangible business.
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Even more, have a nice journey of Trading.