Islamic Forex Trading
Islamic finance is the practice of finance according to the principles of Islam. Similarly, Islamic Forex trading complies with Islamic 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 conform to the Islamic finance principles.
Islamic Forex accounts – Why is it important?
An Islamic Forex account, provided through an Islamic Forex broker is a really distinctive kind of trading accounts which we don’t find with all brokers. The opening of an Islamic account is obviously not restricted to Muslims traders only.
The traders of Islamic faith can open Islamic Forex Trading Account. 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 overnight. 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 the Islamic religion. These accounts are offered for all account types regardless of base currency or leverage offered. The brokers verify the trader before they offer them an Islamic Forex trading account.
Modern-day trading has 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 to this day.
Islamic Forex Account – Brokers offering Islamic Forex Trading Account :
|Forex Brokers||Islamic Account||Features||Open Islamic Account|
|Yes||Offers Forex, CFD, Crypto and Binary Options under one platform.||Open Account|
|Yes||Islamic Account. Arabic language support. Low spread.||Open Account|
|Yes||Islamic Account. Arabic language support||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 is willing to take higher spreads to get better results or even better customer service.
There are a number of brokers available on the Internet for carrying out Islamic Forex trading. But you can not just open their account and begin to trade in Forex. You must analyze their terms and conditions for offering Islamic forex account. You should check the reputation, popularity and track record of the broker before you put your hard earned money for trading.
In this world of profit-oriented businesses, it becomes imperative to sustain certain ethical and moral standards. The Islamic finance principles adhere to the same. As per the Muslim law, one can not 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 :
IQ Option – Islamic Forex Account
IQ Option complies with stringent regulations set by European regulators. It offers its state of the art trading platform with many advanced features. Their trading platform gives you the best trading experience. Easy to set Stop Loss (SL) and Take Profit (TP) settings can help you minimize your loss and book the profit automatically. You need not keep watching the market continuously. The most obvious advantage of STOP LOSS and TAKE PROFIT is, of course, the freedom from the need for a permanent presence in the trading terminal. After you set the necessary SL and TP, you can safely go about your business, knowing that the positions will be closed according to the Stop Loss and Take Profit settings. You can open Islamic Forex Trading account with IQ Option in just a few minutes.
HotForex – Islamic Forex Account
HotForex complies with regulators and offers Islamic Forex account to traders of the Islamic faith. It also gives you free trading resources to help you make a better trading decision. HotForex offers you free Autochartist and Premium trader tools which can give you advantages in placing a successful trade. It can assist you to take the decision about placing a trade. Open an account with HotForex now!