halal (permissible) for them to participate in forex trading. Give it a try with some play money before using your own cash. For each currency, there is a prevailing market interest rate which can differ between the two currencies of the traded pair. In order to assist Islamic traders in finding the best brokers for them to trade with, FX Empire has ranked the leading brokers offering the best swap free Islamic Accounts. Well, the solution to this dilemma is to trade the forex market with a swap free trading account. Trading Platform, metaTrader 4, Proprietary platform, Web-based, max. According to Islamic law, or Shariah law, Muslims are prohibited from earning interest on their giving. AvaTrade Review 3, min. The team at Daily Forex examined the top Muslim friendly Forex brokers and has compared them in an easy to read list where you can determine which Islamic Forex broker is the best one for you. These laws cover all aspects of how a Muslim should live and governs how a Muslim should conduct himself in society and in commerce. However, nowadays and with telephones, computers and the development of online trading, this hand to hand transaction is not as literal anymore.
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If you wish to change from a traditional Forex account to an Islamic account, many brokers will accommodate this change quickly and easily. The Prophet Mohammed thought of exchanges of different types of commodities that would be made between two parties, recognizing that this was a natural and just aspect of commerce. . The differences also extend to the modern banking system and the Islamic banking system. For example, if a person in need was to approach a Muslim for loan, the Muslim is obliged to provide the loan without charging any interest on the loan. Some brokers will agree to change a traditional Forex account into an Islamic Forex account quickly and easily and this one of the features we have noted in the listing below, in addition to the other important information about our recommend Islamic Forex brokers. In Islam, a Muslim has always been encouraged to be selfless and be generous and make sacrifices to those who are less fortunate than them in life. Given the fact that a Muslim trader is forbidden by his religion to charge or earn interest, how can he trade the forex market without breaking the Islamic Shariah principle on interest payment/charges? . Now that we understand that an Islamic or Swap free trading account is a trading account allowed by the Islamic Shariah principle where there is no interest applied for an overnight position, Islamic traders can benefit from online trading. Deposit, trading Platform, metaTrader 4, Proprietary platform, max. This Australia based Forex and CFD broker offers leverage up to 500:1, variable, ultra-low spreads and an overall excellent trading environment.