Tuesday 18 Rajab 1442 - 2 March 2021
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Ruling on working in translation of Forex trading platforms and contract for differences (CFDs)

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Publication : 21-02-2021

Views : 1020

Question

I work in the field of translation. The company for which I work does a lot of translation for various projects, but  we take care not to translate anything that is contrary to Islamic teachings or haraam. Whilst working, sometimes we get some projects having to do with online trading platforms, such as Olymp Trade and Saxo Bank. These platforms deal with more than one thing, such as “Trading options – Forex – crypto-currencies…” Does translating such projects and helping to promote them come under the heading of what is prohibited, if these things are haraam?

Summary of answer

It is not permissible to translate for websites and platforms that are based on haraam investment.

Answer

Praise be to Allah.

It is not permissible to translate websites and platforms that are based on haraam investments, such as selling options and futures (contract for differences (CFDs)), or trading in margins (Forex) or haraam shares, or websites for trading in currencies in which the exchange does not take place as prescribed in sharee‘ah, because that is helping in something which is prohibited, and Allah, may He be exalted, says (interpretation of the meaning): And cooperate in righteousness and piety, but do not cooperate in sin and aggression. And fear Allah ; indeed, Allah is severe in penalty” [al-Maa’idah 5:2].

Muslim (1598) narrated that Jaabir ibn ‘Abdillah (may Allah be pleased with him) said: The Messenger of Allah (blessings and peace of Allah be upon him) cursed the one who consumes riba and the one who pays it, the one who writes it down and the two who witness it, and he said: they are all the same.

An-Nawawi (may Allah have mercy on him) said: This clearly indicates that it is haraam to write down a contract between the two people who are dealing in riba, or being a witness to it. This indicates that it is haraam to help someone in doing something that is wrong.

End quote from Sharh Muslim (11/26).

We have previously discussed the prohibition on these transactions, and the prohibition on dealing with websites and companies that engage in such transactions. Please see the answers to questions no. 106094, 315959, 310956, and 269079.

The Olymp Trade platform is based on Forex, which is haraam, so it is not permissible to translate this platform. The same applies to the Saxo Bank platform, which combines Forex, which is haraam, with dealing in contract for differences (CFDs), futures, and shares of various kinds. So beware of translating that which will spread corruption and unlawful things among the people. Whoever gives up something for the sake of Allah, Allah will compensate him with something better than it.

And Allah knows best.

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Source: Islam Q&A