Is buying or selling forex, commodities and stock indices halal in Islam?

Sources

• ✓ 2:198 · Al-Baqara

  2:198 · Muhammad Marmaduke Pickthall

  لَيْسَ عَلَيْكُمْ جُنَاحٌ أَن تَبْتَغُوا۟ فَضْلًۭا مِّن رَّبِّكُمْ ۚ فَإِذَآ أَفَضْتُم مِّنْ عَرَفَٰتٍۢ فَٱذْكُرُوا۟ ٱللَّهَ عِندَ ٱلْمَشْعَرِ ٱلْحَرَامِ ۖ وَٱذْكُرُوهُ كَمَا هَدَىٰكُمْ وَإِن كُنتُم مِّن قَبْلِهِۦ لَمِنَ ٱلضَّآلِّينَ

  It is no sin for you that ye seek the bounty of your Lord (by trading). But, when ye press on in the multitude from 'Arafat, remember Allah by the sacred monument. Remember Him as He hath guided you, although before ye were of those astray.

• ✓ 2:266 · Al-Baqara

  2:266 · Muhammad Marmaduke Pickthall

  أَيَوَدُّ أَحَدُكُمْ أَن تَكُونَ لَهُۥ جَنَّةٌۭ مِّن نَّخِيلٍۢ وَأَعْنَابٍۢ تَجْرِى مِن تَحْتِهَا ٱلْأَنْهَٰرُ لَهُۥ فِيهَا مِن كُلِّ ٱلثَّمَرَٰتِ وَأَصَابَهُ ٱلْكِبَرُ وَلَهُۥ ذُرِّيَّةٌۭ ضُعَفَآءُ فَأَصَابَهَآ إِعْصَارٌۭ فِيهِ نَارٌۭ فَٱحْتَرَقَتْ ۗ كَذَٰلِكَ يُبَيِّنُ ٱللَّهُ لَكُمُ ٱلْءَايَٰتِ لَعَلَّكُمْ تَتَفَكَّرُونَ

  Would any of you like to have a garden of palm-trees and vines, with rivers flowing underneath it, with all kinds of fruit for him therein; and old age hath stricken him and he hath feeble offspring; and a fiery whirlwind striketh it and it is (all) consumed by fire. Thus Allah maketh plain His revelations unto you, in order that ye may give thought.

• ✓ Tafsir Ibn Kathir on 2:198

  Sunni

  Tafsir Ibn Kathir · 2:198

  Ibn Kathir explains that this verse (2:198) was revealed to permit trade during the pilgrimage seasons, where previously the Arabs refrained from commerce out of respect for the sacred months. Before Islam, certain major Arabian markets took place at specific times, such as at ʻUkaz, Majanna, and Dhu al-Majaz, which were key marketplaces of the Jahiliyyah (pre-Islamic era). When Islam began, some found it inappropriate to conduct business during the pilgrimage because they considered it a sacred time for worship alone and were hesitant to engage in trade. Therefore, they asked the Prophet Muhammad ﷺ about the ruling on commerce during these seasons. God revealed this verse to clarify that there is no sin upon them in seeking profit from God by trading in the pilgrimage seasons. This was reported by several chains of narration from Ibn Abbas and others. This permissibility applies specifically to the pilgrimage seasons and the times leading to Ihram (the sacred state for Hajj), allowing buying and selling before entering the sanctified state and even during some part of the season. The verse includes the phrase “when you depart from Arafat,” which refers to the key standing place of Hajj rituals. Arafat is a place of great importance in the Hajj pilgrimage; it is the spot where the pilgrims stand in contemplation and worship. Ibn Kathir notes that although “Arafat” is grammatically feminine, it is actually a plural of known terms and refers to a particular area designated for this sacred rite. The standing at Arafat is essential and is the climax of the Hajj rites—a key pillar acknowledged by the great scholars and authenticated through strong prophetic narration. Ibn Kathir further elaborates on the rituals connected to Arafat and the related locations such as Muzdalifah and Mina, explaining their significance and how pilgrims perform specific acts there—standing, praying, throwing stones, and sacrificing. The narration quotes the Prophet ﷺ explaining that whoever reaches Arafat before dawn on the Day of Arafah, even if only briefly, has fulfilled this critical component of Hajj. This is one of the scholarly views on the timing of the Wuquf (standing) at Arafat. Additionally, Ibn Kathir includes narrations where companions like Ibn Umar were questioned about whether hired pilgrims (those who rent transport or animals) counted as performing Hajj. Ibn Umar replied that as long as they perform the core rituals—entering Ihram, circling the Ka‘bah, standing on the plains of Arafat, throwing stones at the Jamarat, and shaving or cutting hair—they are indeed performing Hajj. The verse thus affirms the permissibility of commerce and trade during these times, countering prior hesitation. In summary, this tafsir explains the legislative and ritualistic context of the verse, highlighting the allowance to conduct trade in the sacred pilgrimage seasons, the significance of places such as Arafat in Hajj, and the correct practice around these rites, based on numerous reports from the Prophet's companions and the scholars' consensus, affirming the divine guidance and prophetic teachings concerning the pilgrimage.

• ✓ Majma al-Bayan fi Tafsir al-Qur'an on 2:198

  Shia

  Majma al-Bayan fi Tafsir al-Qur'an · 2:198

  Recitation: The verse reads: "There is no blame upon you for seeking bounty from your Lord. Then when you depart from 'Arafat, remember Allah near the Sacred Monument (al-Mash'ar al-Haram). And remember Him as He has guided you; and indeed, those who were before you were surely astray." Language Notes: The term "jinaah" means hardship or difficulty in religion, specifically a deviation from the straight path. "Al-ibtigha'" means to seek or desire. The word "afadtum" derives from the idea of a vessel overflowing, implying a pouring forth. Thus, "afadtum" signifies that you depart from 'Arafat to Muzdalifah, indicating a dispersal from the congregation and number. The verb "afaada" is used in language to mean flow or pour; for example, the people are said to have "afadu" in speech when they rush and speak profusely. To pour water is to let it overflow; to strike with cups is also called "afaada" because the cups scatter. Similarly, camels are said to "afaadu" with their pots when they cast lots or scatter heavily. So, in language, "ifaada" always implies dispersal or abundance. 'Arafat is the name of the well-known plain where pilgrims must stand during Hajj. The Day of 'Arafat is the day pilgrims gather there. There are different accounts for the origin of the name "Arafat": - It may be so called because Prophet Ibrahim (peace be upon him) recognized it, as narrated from Ali and Ibn Abbas. - It could be because Adam and Eve met and recognized each other there after their separation, according to al-Dahhak and al-Suddi, also reported by our scholars. - The name might refer to its elevation and height, akin to how the word "roof" means an elevated place. - Another explanation is that Ibrahim saw the rituals through Gabriel and responded, "I knew, I knew," as narrated from 'Ata. - Ibn Abbas narrated that Ibrahim dreamt he was to sacrifice his son and worried about the matter (called "Yawm al-Tarwiyah"), and later realized it was from God, naming the subsequent day the Day of 'Arafat. - Another narration is that Gabriel told Adam there to confess his sin and acknowledge the rites. Therefore, the verse "Our Lord, we have wronged ourselves" refers to this and the place took the name 'Arafat. The Sacred Monument (al-Mash'ar al-Haram) is Muzdalifah, so named because it is a landmark for pilgrimage rites such as prayer and lodging, and is where pilgrims stay overnight and supplicate. It is called "Muzdalifah" because Gabriel instructed Ibrahim from 'Arafat to "advance to the Sacred Monument," thus it was named to indicate closeness or gathering. It is plural to signify it combines Maghrib and Isha prayers with one call to prayer and two sets of standing for prayer. Mina is so named because Ibrahim wished there that God would substitute a ram for his son and commanded him to sacrifice it as a ransom. Grammar: "Jinaah" is the subject of the negation "laysa," and its predicate is "alaikum" (upon you). The phrase "an tabtaghu" (to seek) is in the accusative case after the implied phrase "laysa 'alaykum jinaahun fi" (there is no blame upon you in). Hence, the meaning is: "There is no sin upon you for seeking." "'Arafat" is a proper noun referring to multiple contiguous sites. Although it is feminine and definite, it is treated as a plural collective noun, thus prevented from declension changes. It parallels the word "Muslimoon" in morphological treatment. It is usually vocalized with tanween (nunation), but sometimes the tanween is dropped by analogy to a singular noun; if dropped, the vowel under the ت is kasra (i), not fatha (a). The phrase "wa-in kuntum" here is a reduction of a heavier form indicated by the preposition Lam al-Ibtida; thus, the particle "in" does not function grammatically. The following phrase "wa-kuntum min qablihi lammin al-dhaalimeen" is not syntactically parsed because it follows a non-governing particle; it is joined as a conjunction meaning "and if you were before him among the misguided." Meaning: The opening phrase "There is no blame upon you for seeking bounty from your Lord" was explained by Ibn Abbas, Mujahid, al-Hasan, and 'Ata as lifting the blame from those who engage in trade during Hajj. Thus, it explicitly permits commerce during pilgrimage, as transmitted by our authorities. Alternatively, it may indicate allowance for workers or hired individuals during Hajj who feared their pilgrimage would not be valid if they worked or hired others. Another interpretation is that it means there is no blame upon the pilgrim to seek forgiveness from their Lord, as narrated by Jabir from Abu Ja'far (peace be upon him). The phrase "Then when you depart from 'Arafat" means once you have moved away after congregating there. "Remember Allah near the Sacred Monument (al-Mash'ar al-Haram)" indicates that standing at the Sacred Monument is an obligatory rite, as we have indicated before. This is evident because Allah commands remembrance there, and such command signals obligation of presence. The implied meaning is: "Once you depart from 'Arafat, be at Muzdalifah and remember Allah there." "And remember Him as He has guided you" means you should mention Allah with praise and gratitude commensurate with His guidance to you. Gratitude must match the favor in both greatness and smallness; it is not permissible to equate someone greatly blessed with one less so. The inferred meaning is to remember Him with reflection and remembrance corresponding to His guidance. The clause "And indeed, those who were before you were surely astray" signifies that prior peoples were misguided before this guidance came through Prophethood and Sharia.'