Islamic jurisprudential analysis of the international Forex market, relying on its prohibition in Iran's laws

Document Type : Research Article

Authors

1 Ph.D. student of jurisprudence and the basics of Islamic law of the University of Sistan and Baluchestan

2 Professor, University of Sistan and Baluchestan, Sistan and Baluchestan, Iran

3 Assistant Professor, University of Sistan and Baluchestan, Sistan and Baluchestan, , Iran.

Abstract

Foreign exchange trading or "Forex" is a decentralized global market in which currencies are traded in pairs and traders benefit from currency price changes. The ban on this market by the Iranian legislator should be taken into consideration. This article assesses the angles of these transactions by examining the nature of the Forex market and complaining about it in a descriptive analytical approach. The arguments presented based on the similarities of gambling transactions are reasons for the illegal Forex market. Because financial damage is not just for a trader and in turn affects many communities; several laws, including injunctions, bans on deception, profits in the country, etc., are the basis for analysis and evaluation. The article has been studied. With all of the above, not only religious status, but also the prohibition of these transactions is clear in Iran's law.

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The Journal of Islamic Law Research
Volume 20, Issue 1 - Serial Number 49
September 2019
Pages 77-96

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History

  • Receive Date: 23 April 2018
  • Revise Date: 10 August 2018
  • Accept Date: 23 August 2019

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