Forex trading and islam. With regard to the fees for delaying the deal and trading in margins, a statement has been issued by the Islamic Fiqh Council concerning this, which says the following: Praise be to Allaah alone and blessings and peace be upon the one after whom there is no Prophet, our master and Prophet Muhammad.

Forex trading and islam

Concept of Forex Trading in Islam

Forex trading and islam. What is an Islamic Forex Account? An Islamic Forex account is a regular Forex trading account minus the interest fees. According to Islamic Law, it is forbidden to take or give interest of any kind and Islamic Forex accounts were designed with this in mind. 2. What is Swap Free Forex account? Swap free is another way of.

Forex trading and islam


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Your statutory Consumer Rights are unaffected. Islamic forex trading will increasingly be in demand. Before we understand Islamic forex trading we need to acquaint ourselves, albeit briefly, with Islamic finance. The theory and practice of finance according to Islamic principles is called Islamic finance.

Islamic principles determine the objectives and the operations of Islamic finance. Two features of Islamic finance distinguish the system from conventional finance. According to the Islamic view, a non-Islamic, interest-based loan guarantees a return to the lender but the burden of risk falls disproportionately onto the borrower.

This unequal distribution of risk where the borrower bears more than the lender is exploitative, socially unproductive and economically wasteful.

Secondly, the purpose of Islamic finance is to promote economic and social development, through specific business practices. Accordingly, the objective of Islamic finance is also the well being of people in this life and in life Hereafter. Islamic finance must contribute to the development and the good of the Islamic community.

Not surprisingly, therefore, the fundamental feature of Islamic finance is socio-economic and distributive justice. Basic prohibitions in Islamic finance are:.

There is little or no disagreement among Islamic scholars and legal scholars about the prohibition against interest. Making money from money is not Islamically acceptable and interest based transactions are a sin. Interest is any predetermined payment over and above the actual amount of principal of loans and debts, regardless of whether interest is charged on commercial or personal loans. Islam allows only one kind of loan and that is the interest free loan or the qard al Hassan good loan.

Of course, there is a widely understood argument that interest carries benefits. Accordingly, forex trading must also conform to Islamic finance principles. An exchange of money-for-money of different currencies, but equal values — such as U. In other words, there is no interest in a spot currency or foreign exchange transaction. The problem arises when one payment is deferred, or delayed, as in a loan transaction, foreign exchange forward or futures contract, or currency swap.

The marketplace currently offers swap-free forex trading accounts allowing clients to trade in any currency pair, carry it overnight and not have any reward or withdrawal. The result of trading then depends only on currency rate movements for that period. SSBs review and endorse not only the products and services but also all relevant documents pertaining to the products and services.

SSBs review financial transactions and services to ensure they do not involve interest especially in a surreptitious way and also that they do not carry excessive risk. In the second installment of this series on Islamic finance, I shall look in greater detail at risk or gharar, as it relates to currency and commodity trading.

Theory, Ethics, and Practice. Read part two of this series here. You did not cover some of the ways that brokers attempt to make sharia-compliant accounts. In other words, if their upline LPs are charging interest, they must cover it somehow.

Either by charging increased commissions, widening spread, etc. The next article should be fascinating. I suppose like anything else, it is about interpretation of what is risk. This is a very informative piece on the subject and in my opinion one of the best written articles by a non-Muslim scholar.

In fact, it is so informative that I have shared it with my team of lawyers, some of whom practice Islamic Finance. Not only that, I have sent it to my wife and our three teenage children eldest a freshman in university to read and I am sure they will enjoy it. My hat off to the author. In light of 1: Our Quarterly Report incorporates unique data on trading volumes and traders, in-depth insights, special guest articles, regional information, regulations, updates and much more.

This exclusive report aims to serve as a manual, answering all of the questions on the Chinese multi-asset trading industry that you were always afraid to ask. You can Call us or simply leave your details and we will get back to you shortly.

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