Sandy Ingram
At the present time, January 2025 the Central Bank of Iraq has severe limitations on trading the IQD on the markets.
We are not sure if the limitations are because of U.S. sanctions, the Islamic faith or both...One of the fundamental tenants of Islamic finance is the prohibition of gharar, or excessive uncertainty and maysir or gambling both of which are deemed detrimental to individual and societal well-being...
The foreign exchange market presents a challenging ethical dilemma for Muslims. While forex trading is a legitimate global financial practice, its nature and mechanisms often raise questions...
Gambling or maysir, is unequivocally prohibited in Islam...However some scholars suggest forex trading can be permissible if conducted in a manner that avoids speculation, interest and excessive risk.