Islamic Forex Trading
Islamic finance is the practice of finance according to the principles of Islam. It is driven by ethical principles. Two striking features of Islamic finance are:
- It proposes a risk sharing philosophy wherein the lender must share in the borrower’s risk.
- The purpose of Islamic finance is to promote economic and social development through specific business practices.
Islamic Forex trading also needs to confirm to the Islamic finance principles.
Islamic Forex Trading Account is offered to traders of Islamic faith. These traders cannot receive or pay swaps (interests) for religious reasons. To enable many Muslims to take advantage of the Foreign Exchange markets benefits, many brokers made it possible for Muslims to trade in Forex with the help of Islamic Forex trading accounts.These special accounts called Islamic Forex Trading accounts are compliant with Sharia law enabling traders of Islamic faith to take advantage of Forex trading. These accounts offer NO SWAP for trades that remain open over night. These brokers also have dedicated staffs for support and trading experts fluent in Arabic as well as the intricacies of Shariah law.
The only determining factor to Islamic account is that the trader should be of Islamic religion. These accounts are offered for all account types regardless of base currency or leverage offered.
Modern day trading have gone a long way from traditional trading of goods and commodities, which were physically exchanged while doing business. Early traders of Muslim faith used to cross vast oceans and lands to trade all over the world. They were liked all over, because their methods of trading are truthful, principled and dictated by the teachings of their faith. This tradition continues up to this day.
Most prestigious Forex trading brokers offering Islamic Forex Trading Account are :
|Forex Brokers||Islamic Account||Features||Open Islamic Account|
|Yes||Islamic Account. Arabic language support|
|Yes||Offers ForexCopy Systems, PAMM Accounts.|
|Yes||Crowd Trading. Know live market trading trends. $50 Joining Bonus.|
|Yes||Offers CopyTrader to copy best traders' trading portfolio performance.||Open Account|
Selection of brokers for Islamic Trading:
When selecting a broker to operate your Islamic Forex trading account one needs to carefully make an analysis. It is important to choose the account type. The services and trading conditions should also be studied in prior. Also one may choose to operate through two different brokers to see which one gives better results. Also sometimes trader are willing to take higher spreads to get better results or even better customer service.
There are a lot of brokers available on the Internet for carrying out Islamic Forex trading. One can just open their account and begin to trade in Forex.
In this world of profit oriented businesses it is become imperative to sustain certain ethical and moral standards. The Islamic finance principles adhere to the same. As per the Muslim law, it is prohibited to carry out any business and financial contracts which do not adhere to the Islamic principles. The fundamental feature of Islamic finance is socio-economic and distributive justice. Islamic finance must help in the development and the well being of the Islamic community. The manner in which finance achieves this purpose is provided in the Holy Quran.
Featured broker offering Islamic Forex Trading :
Trade360 is a fully regulated broker who offers Islamic Forex account and exciting trading resources to help you make trading decision. Its crowd trading feature is unique and shows you the majority of traders activity on any specific asset. It can assist you to take decision about placing a trade. Open an account with TRADE360 now !