The answers to your questions are as follows:

1. The permissibility of day trading is not determined by the specific app or platform used, but by how the platform functions and the nature of the transactions carried out by the trader. Any trade that is executed on a platform that conducts real-time stock purchases on a recognized exchange (such as the NYSE or NASDAQ), and in which the trader uses only their own available funds without engaging in margin trading, short-selling, or any interest-bearing mechanisms, would generally be permissible. Apps like Zoya are screening tools that help identify Sharia-compliant stocks, but the actual trading can be done through any legitimate brokerage platform that meets the above criteria.
2. This simply means that the trader already has enough money in the account to cover the full cost of the stock purchase at the time of the trade, without relying on a pending deposit or borrowed funds. For example, if one wants to purchase a stock worth $50, one must already have at least $50 in their trading account before placing the order. The amount of $50 is considered sufficient in this scenario because it fully covers the trade being made. In other words, the trader must ensure that they are using their own, fully available capital.
3. This means that the trade should not be executed using money that has not yet reached the account. Some platforms allow users to make purchases using an “instant deposit” feature or pending ACH transfer, assuming the funds will arrive before settlement. Such transactions may lead to complications from a Sharia perspective, due to the lack of immediate financial backing and the potential for dispute.

Day trading, like all forms of trading, requires experience and sound knowledge of the market. It should not be undertaken haphazardly, as many individuals lose money due to inexperience or poor judgment. The referenced fatwa is not intended to encourage or discourage day trading, but simply to clarify its permissibility from a Sharia perspective.

And Allah knows best.

Mf. Zeshan Ahmed
Senior Assistant Mufti, Darul Iftaa Chicago

Checked and Approved:

Mf. Abrar Mirza
Head Mufti, Darul Iftaa Chicago