Collective fiqh academy
International Islamic Fiqh Academy (OIC)
مجمع الفقه الإسلامي الدولي
OIC
The fiqh body of the Organisation of Islamic Cooperation. Its resolutions on currency, gold, banking, and derivatives carry weight as collective ijtihad endorsed by member states. Resolutions are issued through periodic sessions and remain reference points for national shariah boards.
Areas of expertise
Notable work
- Resolution 53/4/6 on gold trading
- Resolution 63/1/7 on financial markets
Cited in these rulings
Is spot forex trading halal?
Spot forex is permissible when settlement is immediate (hand-to-hand) and the account does not pay or receive overnight swap interest. Standard accounts that charge rollover swap fees are not.
Are stock options halal?
Conventional stock options are impermissible by the majority of contemporary scholars. The option premium is treated as payment for a mere right (not a tangible asset), which classical fiqh does not recognise as a sellable thing.
Is trading gold halal?
Spot gold purchase with immediate possession is permissible. CFDs on gold, gold futures, and any leveraged gold position with deferred settlement are impermissible.