WHY I DELIBERATELY BREACHED $60K FUNDED CAPITAL

Bismillahir Rahmanir Rahim

On the authority of Abū Hurayrah, may Allāh be pleased with him who said Allāh’s Messenger صلى الله عليه وسلم said:

“A time will come upon the people [in which] a person will be less concerned about what he takes [his wealth] from, whether it is lawful or unlawful.” Al-Bukhārī: 6424]

For roughly about 2years, i envisioned reaching the level many forex traders dream of. Talk about consistent profitability, financial freedom and the feeling of “I Finally Made It”. And eventually, i did reach it.

I secured multiple funded accounts worth $60,000 in capital including a $25k funded account with sureleverage, 3 $10k funded accounts with fundingpips, alphatraderfirm & fundedhive and a $5k funded account with instant funded. All achieved without spending a dime.

all funded in oct.

From a forex trading perspective, this was a major breakthrough. I knew what this meant which includes consistent payouts, scaling and probably a new chapter in my financial life. However, despite knowing all of this including the fact that i knew the payouts will soon start flowing in massively as i have done this before with just a single $10k funded account securing at least $2000 before i lost the account not to now talk of a total of $60k funded capital.

Now with all this in mind; happy and excited, i wanted to be sure and certain that this was an Halal income. I had always being having thoughts and doubts before now but i was too lazy to seek knowledge or make my own research on the subject matter. But this time, i could not resist asking questions.

Anyways, i decided to ask the more knowledgeable ones i trust and made my own research too and my findings were consistent that Forex Trading is HARAM with the following reasons:

1. Most forex trading firms and brokers operate as CFDs( Contract For Difference) which simply means there is no form of ownership of the assets we trade. Definitely, the price is based on the underlying asset but there is no exchange of the actual asset. Hence not a valid commodity according to shariah. It also means that we are betting on the price fluctuation rather than there being an exchange of assets. Forex trading is permissible when it comes to buying and selling currencies, however there is no buying and selling of actual currencies when it comes to CFDs as they are simply just derivatives.

2. Due to the first reason, it makes forex trading fall under the category of GHARAR(High level of uncertainty) which is not permissible in ISLAM. One of the reason or let me say thoughts that i had before now that kind of convinced me Fx trading was Halal was the fact that it is not an easy task and would require a lot of discipline, patience and consistency to have the skill. But the skill is not the issue, it is the way the trades are being executed which makes it unanimously agreed by many scholars that it is HARAM. Trust me even the so called GAMBLERS will claim to have worked to have the skill or even the yahoo boys but one thing that is common between all of them is the way the interactions or executions are being made.

GOOD INTENTIONS DOES NOT MAKE HARAM, HALAL.

WHAT HAPPENED TO MY FUNDED ACCOUNTS?

Yh, i deliberately breached all when i finally realize it was an HARAM Income even the $100 payout i already secured with fundingpips. All these were in October so i had to wait till now to inform us while still doing more research and seeking more knowledge before now. This is only to emphasize on the fact that you can still quit no matter the stage you’re in whether just getting started, still i evaluation phase or already funded.

WHY AM I TELLING YOU ALL THIS?

This write-up is not to shame any Forex Trader but to serve as a reminder to seek knowledge and clarity especially for the Muslim traders. This is for:

1. Those that are just getting started into trading

2. Muslim traders whether already having doubts or not

3. Those who come to me for forex-related discussions, opinions and teachings

it is very important i publish this and make it known to the general public so none would think i am shunning or dismissing them when they meet me for such discussions or signals.

WHAT NEXT AS A TRADER AFTER QUITTING FX?

The major reason why fx trading was agreed upon to be HARAM as previously stated was the high level of uncertainty and trading without owning the assets being traded. What if i still want to trade but this time with a more reduced level of uncertainty and owning my assets. Yh, i am sure Crypto Spot trading came to your mind as well. You might also want to stay positioned in web3 as well..

Definitely not Crypto perpetual or futures trading as this is just a mini fx brokerage system if you get. Honestly trading memecoins, Degen is quite debatable cause this will only fall under GHARAR, at least with the best of my knowledge. However, just sticking to the core of blockchain(BTCUSDT,ETHUSDT,SOLUSDT) then the native tokens of various centralized exchanges like BNB,GT,BGB etc as this is likened to owning shares with them because no company will want their token to depreciate thereby reducing the level of uncertainty.

Hasan ibn Ali reported: The Messenger of Allah, peace and blessings be upon him said: “Leave what makes you doubt for what does not make you doubt. Verily, truth brings peace of mind and falsehood sows doubt.”

With all this, you still have to make your own research and seek knowledge.

Anyways , I will now love to conclude with this verse in Surah At-Talaq 65:2–3

“And whoever fears Allah- HE will make for him a way out, and will provide for him where he does not expect. And whoever relies upon Allah- then HE is sufficient for him”

As-salāmu ‘alaykum wa rahmatu-Llāhi wa barakātuh.