Islamic Finance المعجم for متداول
The العربية الشروط used throughout this hub — defined precisely, with their relevance to فوركس and trading.
الربا
Any guaranteed return on lent money, or compensation for the time value of money. The most universally prohibited element in التمويل الإسلامي. Two subtypes: riba al-nasiah (interest on delayed payment) and riba al-fadl (excess in commodity exchange). فوركس overnight swaps fall under riba al-nasiah.
الغرر
Excessive uncertainty in a contract — uncertainty about the existence of the subject matter, the price, the delivery, or the counterparty's obligations. Minor gharar is tolerated (أنت can شراء fish that haven't been caught yet من a fisherman in some interpretations). Major gharar invalidates a contract. CFDs sit in active debate because the underlying is referenced rather than owned.
القمار / الميسر
Pure speculation where the outcome depends on chance, with no productive economic basis. Scholars distinguish this من analytical trading with risk management. The line: trading with a written strategy, position sizing, and risk control is commerce; revenge trading on hunches with maximum leverage is qimar.
مباح
An action that is permissible — neither encouraged nor discouraged. The default category. التداول, commerce, partnership, and currency exchange are all classically mubah.
المشتبهات
Matters where the halal/haram ruling is unclear — where scholars genuinely disagree or where the structure is novel. The prophetic guidance: "Whoever leaves what is doubtful for what is not, has protected his religion." Many derivative instruments fall here.
بيع الصرف
العقد الإسلامي الكلاسيكي لصرف عملة بعملة أخرى. جائز بشروط: التقابض، عدم التأجيل، وعدم وجود فائدة. The historical basis used to argue that spot فوركس is permissible if those conditions are preserved.
التقابض
The condition that both parties to a currency exchange must take possession at the moment of contract. In modern interpretation, electronic settlement is widely accepted as the equivalent — the trade hits your حساب immediately. T+2 interbank settlement is debated.
حلال
Permitted by Islamic law. The opposite of haram. Applies to actions, foods, contracts, and earnings. In finance: a transaction structured in compliance with Shariah principles.
حرام
Prohibited by Islamic law. In finance: any contract involving riba, major gharar, qimar, or dealing with haram industries (pork, alcohol, weapons for unjust use, conventional gambling, conventional insurance, etc.).
مكروه
Discouraged but not forbidden. A category between halal and haram. Some scholars place certain forms of speculation here — not strictly prohibited, but to be avoided where possible.
فتوى
A formal legal opinion issued by a qualified scholar (mufti) on a specific matter. Not law in the secular sense — it is the scholar's judgment based on Qur'an, hadith, and jurisprudential method. Different scholars can issue different fatwas on the same سؤال.
الزكاة
الصدقة السنوية الواجبة، وهي من أركان الإسلام الخمسة. 2.5% من المال فوق النصاب إذا حال عليه حول قمري. تشمل رأس مال التداول والأرباح المحققة. See our zakat guide.
النصاب
The minimum wealth threshold above which zakat becomes obligatory. Benchmarked to the value of either 85g of الذهب (المزيد conservative threshold) or 595g of silver (المزيد inclusive). Most contemporary scholars use the معيار الفضة for personal zakat.
الحول
شرط بقاء المال فوق النصاب سنة قمرية كاملة قبل وجوب الزكاة. نشط traders typically pick a fixed annual date (often the beginning of Ramadan) and calculate based on the balance on that date, provided the aggregate remained above nisab through the year.
الصكوك
التمويل الإسلامي equivalent of bonds — but structured as ownership certificates in real assets rather than as debt instruments. Returns come من profit-sharing or rental, not interest. Mentioned because sukuk are the halal alternative for fixed-income investors who would otherwise hold conventional bonds.
المرابحة
بيع يعلن فيه البائع تكلفة السلعة مع هامش ربح متفق عليه. يستخدم في المصارف الإسلامية كبديل حلال عن الإقراض بالفائدة. Not directly relevant to فوركس trading but commonly encountered in التمويل الإسلامي discussions.
المضاربة
A partnership where one party provides capital and the أخرى provides labor or expertise. Profits are split per pre-agreed ratio. الخسائر are borne by the capital provider unless the worker is negligent. The Islamic model for fund management.
AAOIFI
Bahrain-based standard-setting body for التمويل الإسلامي. Publishes Shariah standards that are widely referenced by Islamic banks, sukuk issuers, and Shariah supervisory boards. Their standards on currency trading (FAS 1 and related) are commonly cited in scholarly discussions of فوركس.
المذهب
The four main Sunni schools (Hanafi, Maliki, Shafi'i, Hanbali) and the Shia schools (Ja'fari being the largest). Each has its own methodological approach to deriving rulings. On contemporary financial questions, contemporary scholars within each school have produced different rulings. Knowing your madhhab is the starting point for determining your applicable opinion on فوركس.
الفقه
Islamic jurisprudence — the human discipline of deriving practical rulings من the primary sources (Qur'an and Sunnah). "الفقه al-muamalat" is the branch dealing with financial transactions. Distinct من Shariah itself, which is the divine source.
الاجتهاد
The process by which qualified scholars derive جديد rulings on matters not directly addressed in classical sources. Modern financial instruments require ijtihad because they did not exist when the classical fiqh literature was written. The variation in scholarly opinions on فوركس reflects different ijtihad on the same novel structure.