al-Ittijar fi al-Umlat abr Wasail al-Ittisal al-Haditha
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al-Ittijar fi al-Umlat abr Wasail al-Ittisal al-Haditha (Arabic: الاتجار في العملات عبر وسائل الاتصال الحديثة, lit. 'Trading in Currencies via Modern Means of Communication') is a contemporary legal treatise on Islamic financial jurisprudence by Salih bin Zabin al-Marzooqi that examines the Sharia rulings governing foreign exchange transactions, electronic trading, and currency speculation.
Background and Purpose
The work was originally composed as a research study entitled al-Ittijār fī al-ʿUmlāt ʿabr Wasāʾil al-Ittiṣāl al-Ḥadītha wa-Ashhar Ṣuwar al-Muḍāraba al-Muṭabbaqa fī al-Aswāq al-ʿĀlamiyya ("Trading in Currencies via Modern Means of Communication and the Most Prominent Forms of Speculation Applied in Global Markets") and published in issue 39 of the journal of the Islamic Fiqh Academy of the Muslim World League before being released as a standalone book with minor revisions.
Al-Marzooqi authored the study to address the rapid expansion of international foreign exchange markets (al-būrṣa) and the widespread participation of Islamic institutions and individuals through modern electronic channels, such as satellite links, computers, and the internet. The book aims to delineate lawful earnings from prohibited financial transactions, defining legal possession (al-qabd), contractual conditions, and legitimate alternatives to impermissible market practices.
Structure and Content
The book comprises an introduction, four main chapters, and a conclusion containing findings and recommendations:
- Chapter One: The Legal Foundations of Trading in Currencies via Modern Means of Communication (al-Usus al-Sharʿiyya li-l-Ittijār bi-l-ʿUmlāt ʿabr Wasāʾil al-Ittiṣāl al-Ḥadītha): Divided into six sections, it details classical and contemporary juristic opinions on currency trading, the prerequisites of money exchange (sarf), constructive and physical possession (al-qabd), concluding contracts through electronic media, appointing agents (tawkil) in currency dealings, and trading currencies through bank deposits.
- Chapter Two: Trading in Currencies at Spot, Forward, and Reciprocal Rates (al-Ittijār fī al-ʿUmlāt bi-l-Siʿr al-Ḥāḍir wa-l-Ājil wa-l-Asʿār al-Tabāduliyya): Divided into two sections, it examines market mechanisms for spot, forward, and reciprocal currency exchange, and outlines legal parameters for rectifying and validating spot transactions that face settlement delays.
- Chapter Three: The Nature of Currency Trading via Modern Means of Communication (Forex) (Māhiyyat Tijārat al-ʿUmlāt ʿabr Wasāʾil al-Ittiṣāl al-Ḥadītha: al-Forex): Divided into three sections, it introduces electronic banking and transaction security, defines the global foreign exchange market (Forex) alongside prevalent derivative structures such as options and futures, and assesses the Sharia ruling on Forex trading.
- Chapter Four: Trading in Currencies Through Electronic Platforms (al-Ittijār bi-l-ʿUmlāt bi-Wāsiṭat al-Mnaṣṣāt al-Iliktrūniyya): Divided into two sections, it defines online retail margin trading platforms and evaluates their legal status under Islamic law.
Legal Rulings and Findings
The author concludes that conventional Forex transactions and online speculative platforms are legally impermissible (haram) under Islamic law, even when marketed under "Islamic" labels. He argues that deferred settlement systems fail the fundamental Sharia requirement of simultaneous mutual receipt (al-taqabud) in currency exchange, and characterizes betting on currency price fluctuations on retail platforms as a form of gambling (qimar) rather than genuine commercial sale. Conversely, direct interbank spot exchanges conducted electronically are deemed permissible when constructive possession (qabd hukmi) is established through uninterrupted, instantaneous debit and credit notifications during the contract session.
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