Traders may therefore not get to see the impact of factors such as slippage when trading and not experience some important factors that could impact their trading strategy. Swap-free accounts cannot be used for any carry trade, arbitration or any other strategy aiming at taking advantage of interest differences between currencies. Standard account — needs further review. Forex trading and its prohibition in Islam is a very controversial subject. Dr Mohammed Obaidullah gives a very good argument for Forex trading to be legal for Muslims. Why regular forex accounts are not Sharia compliant halal? Islamic Forex Trading account is something that is Riba free and follows the Islamic Sharia rulings for business and investment.
An Islamic or Swap free trading account is a trading account allowed by the Islamic Shariah principle where there is no interest applied for an overnight position. The Muslim population represents 25% of the Global population and online trading is favored by a huge chunk of the world’s Muslims.
Is it Halal or Haram for Muslims to trade forex?
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What are swaps in Forex trading?
An Islamic Forex Account is an interest-free account that supports the rulings of Islamic Sharia. In a regular forex trading account, there are certain situations where interest charges may be charged, for example, with London Capital Group, a low % overnight financing fee is charged for each open position at each day. About Forex Islamic Accounts. Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith. We offer our Islamic accounts to clients following the Muslim faith. The Best Forex Brokers with Islamic Accounts & Swap Free Accounts Forex trading has become popular the world over but for traders with strong religious beliefs, certain peculiarities need to be observed/5(5).