What is an Islamic forex account for trading?

Next
Date8/19/2021 12:24:52 PM
Promote
Simply put, the Islamic forex account allows Muslim traders to trade overnight without interest rate commissions. It is offered almost by all Forex brokers.

This article will explain why you need this type account and how it works.

Islamic interest restrictions

One of the most important principles of Islam is to eliminate all interest. You are not allowed to charge interest if you borrow money from a bank or pawnbroker.

This is due to Islam's devotional nature. It is important that people don't place too much emphasis on the benefits of charitable activities. It is against the law to have any interest in any service.

Muslim traders cannot trade overnight.

This directly applies to Forex trading. Forex trading can be done in two ways: long-term overnight trading and short-term day trading.

If you trade on a short term basis, you won't be charged interest rates. Because individual currency interest rates change daily, this is why you won't have to pay any interest rate cha
facebook
Like us on Facebook!