Benefits of an Islamic broker.
Bank Islam Card-i. General Information; Bank Islam Credit Card-i; Bank Islam Debit Card-i; Bank Islam Visa Infinite Business Credit Card-i; MasterCard’s Pin & Pay Site; Winners of BICC Campaigns; Promotions; Financing Products. Bahasa Malaysia. Ulasan peribadi saya: Terkilan Saya sebenarnya agak terkilan dengan apa yang difatwakan di Malaysia tentang forex trading ini adalah Haram jika trade secara retail (dipanggil retail trader, trade sendiri) dan halal jika di trade di Bank-Bank.
There is little or no disagreement among Islamic scholars and legal scholars about the prohibition against interest. Making money from money is not Islamically acceptable and interest based transactions are a sin. Interest is any predetermined payment over and above the actual amount of principal of loans and debts, regardless of whether interest is charged on commercial or personal loans.
Islam allows only one kind of loan and that is the interest free loan or the qard al Hassan good loan. Of course, there is a widely understood argument that interest carries benefits. Accordingly, forex trading must also conform to Islamic finance principles. An exchange of money-for-money of different currencies, but equal values — such as U. In other words, there is no interest in a spot currency or foreign exchange transaction. The problem arises when one payment is deferred, or delayed, as in a loan transaction, foreign exchange forward or futures contract, or currency swap.
The marketplace currently offers swap-free forex trading accounts allowing clients to trade in any currency pair, carry it overnight and not have any reward or withdrawal.
The result of trading then depends only on currency rate movements for that period. SSBs review and endorse not only the products and services but also all relevant documents pertaining to the products and services.
SSBs review financial transactions and services to ensure they do not involve interest especially in a surreptitious way and also that they do not carry excessive risk. In the second installment of this series on Islamic finance, I shall look in greater detail at risk or gharar, as it relates to currency and commodity trading. Theory, Ethics, and Practice. Read part two of this series here.
You did not cover some of the ways that brokers attempt to make sharia-compliant accounts. In other words, if their upline LPs are charging interest, they must cover it somehow. Very few brokers have a registration page specifically for Islamic accounts, but many brokers taking clients from Muslim predominant countries automatically create accounts as Islamic accounts.
If you are in doubt do not make any deposits before discussing with your account manager. That said, here is a list of brokers that we recommend for Islamic accounts. Rollover interest is a form of interest that can be credited or debited from your Forex trading account , and thus it is prohibited by Islamic financial regulations.
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This would mean that trades must involve either some element of fundamental analysis or technical analysis which the trader actually has a firm reason to believe in.
Interest implies the unlawful taking of property.