Traders of Islam Can apply for A low-priced Trading Account Where No interest fees Will Be Credited Or Debited.
What Is An Islamic Forex Account And How To Trade In Accordance With Islamic Finance?
Pips Market has introduced Islamic trading account. Come and experience a transparent Forex trading environment with Pips Market and trade on a wide range of currency pairs. We offer our clients a solid, secure services, which respects their principles and follows the rules of Islam.
Currency exchange and its profit is also allowed under Islamic Account because every individual has the right to pursue activities that allow them to improve their financial condition.
The main attraction of the Islamic account is that it allows those who trade on the markets without breaking their faith and also allows them to stay with their morals and ethics. Islamic accounts are founded and based on the principles of fairness and transparency in financial markets.
By opening an Islamic account, the trader is avoiding the issue of taking or giving Riba. Pips Market makes Islamic accounts available to any trader who wishes to stick with their trading practice.
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Having reduced the issue to one of Forex trading and assuming there is no interest element deemed to be involved. It would seem to be authorized only “so long as it is hand to hand”. So clearly, keep in mind that exchanges of different types of commodities that would be between two parties, recognizing that this was a natural and just aspect of commerce. In fact, one could assume that it was natural and accepted for a deal to made between two different parties. In modern times, it can be argued that Forex trading is a deal made between a Forex broker and a trader, which would be authorized according to Islamic law.
Trading Forex is Halal. You treat trading as a business where you calculate your risk of investment with proper risk/reward expectations. Do not treat trading as gambling, do not trade with Swap accounts, and make sure that you do not violate any Islamic Religious laws.