Plus 45 User Reviews. Muslims cannot just open a regular forex account which makes money from money, by charging interest, and making money from money is not permissible in Islam and referred to as Riba. Your Forex broker could charge interest if you borrow to open a position. Additional reporting by Ryan Hardy. For all these reasons you can not trade more then what you have as money. Winner of 20 Industry Awards.
rows · Muslim Forex Brokers A list of Forex brokers that are friendly to Muslim Forex traders, allowing them to open the accounts without overnight interest (no Riba accounts). Such brokers can be very useful for traders from Iran, Saudi Arabia and other countries of .
Islamic Forex Brokers Reviews
Please consider our Risk Disclosure. Open an Account Here. 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.
How to Open a Forex Islamic Account The swap-free option can be chosen as part of the trading account registration in 3 easy steps: Open a trading account with us.
Login to the Members Area and validate your account. Request An Islamic Account. Account Features at a Glance. No re-quotes, no hidden costs Leverage up to Benefits The XM forex Islamic accounts differ greatly from those generally offered by other forex brokers.
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The intention is to display ads that are relevant and engaging for the individual user and thereby more valuable for publishers and third party advertisers. Preferences cookies Preference cookies enable a website to remember information that changes the way the website behaves or looks, like your preferred language or the region that you are in. I explain to you. If you have usd and you trade for usd with another currency and pay cash rule of Sarf in islamic finance , this is very ok.
For all these reasons you can not trade more then what you have as money. I want to add that it is very permissible to buy the morning and sell the afternoon, it is like a merchant of dates in a city who knows that a big train of camels will arrive, he expects they will need dates and fruits for the travelers, the merchant buys dates and fruits , the travelers arrive , need lot of dates and fruits, the prices go up and the merchant sell. This is logical analysis and in that sense it is not seen as a speculation , so you may buy and sell and again later in the same day buy and sell, it is not a speculation.
A speculation is when the merchant buys more then he has for money, and lead to loss since the caravan of camels may not stop in the city so there will be no price changes leading to losses. Like now a days, its very common that people invest in Euro to earn profits.
One broker keeps on calling me to invest USD in Euro. Is trade in currency halal?. Praise be to Allaah. Dealing in currencies is permissible so long as the exchange takes place in the same sitting as the contract is made. It is permissible to sell euros for dollars so long as the exchange takes place in the same sitting as the contract is made. But when the deal is concerning the same type of currency, such as selling one dollar for two dollars, that is not permissible because it is a type of riba.
In that case they should be of equal amounts and the exchange must take place in the same sitting as the contract if the exchange is concerning one type of currency.
The Messenger of Allaah peace and blessings of Allaah be upon him said: If the types are different then sell however you like, so long as it is hand to hand. Dealing in currency, buying and selling, is permissible, but that is subject to the condition that the exchange be hand-to-hand if the currencies are different.
If a person sells Libyan currency for American or Egyptian or whatever currency hand to hand, there is nothing wrong with that, such as if he buys dollars for Libyan currency hand to hand, exchanging it in one sitting, or he buys Egyptian or English currency etc for the Libyan or whatever currency hand to hand, there is nothing wrong with that.
But if there is a delay, then it is not permissible, and if the exchange is not done in the same sitting, it is not permissible, because in that case it is regarded as a kind of riba-based transaction. So the exchange must take place in the same sitting, hand to hand, if the currencies are different.
But if they are of the same kind, two conditions must be met: If they are of the same kind, such as dollars for dollars, or dinars for dinars, then the exchange must take place in the same sitting and they should be of the same amount.
The answer is in Surah Al Baqarah, verse Trade is Halal, interest is Haram. Trading forex is a business, it involves trades. Instead of buying and selling bananas or furniture I would buy and sell currencies.
Nothing is wrong with that. It has nothing to do with gambling. The thing is if you keep a position open more than 24 hours, interests swaps are applied. You either win or loose money based on the interest rates of the currencies you are trading. Trade 45 currency pairs and CFDs on shares, indices and metals with market execution More Trade 45 currency pairs and CFDs on shares, indices and metals with market execution and no requotes.
Scalping and all EAs allowed on MetaTrader 4 or 5. Trade Forex and CFDs on metals, commodities and indices on tight fixed spreads from a Trade a wide range of asset classes on low fixed spreads all from Fortrade's MT4 plat More Trade a wide range of asset classes on low fixed spreads all from Fortrade's MT4 platform: Forex, stocks, indices, energies, commodities and US Treasuries. Trade Forex as well as CFDs on cryptocurrencies, shares, indices, metals and more on This account, designed for Muslim clients, does not incur swap or rollover charges for holding positions overnight.
Terms and conditions apply. Trading foreign exchange, contracts for differences or spread bets on margin carries a high level of risk and may not be suitable for all investors. You could sustain a loss of some or all of your funds if the markets move against you. For this reason, you should not invest more than you could afford to lose.
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Not all brokers offer an Islamic Forex account but those that do open up trading to millions of Muslim investors. According to Islamic law, often referred to as Sharia law, Muslims are prohibited from earning interest on their giving. In accordance with Shariah Law, Islamic trading accounts have no swap or rollover interest, making them ideal if you're a muslim traders looking to trade forex online. In this up-to-date comparison, we've listed the best online FX brokers that offer Islamic accoutns in September FXOpen, the Forex broker originally based in New Zealand, has announced the launch of a new office in Egypt's capital Cairo. The new premises will be located on the 19th floor of the World Trade Center, a central venue in the Egyptian capital.