Among the many different Forex brokers and Forex trading accounts available to the Forex trader, there is one particular type of broker and trading account that stands out. An Islamic account, provided by an Islamic Forex broker is a very unique type of trading account that we do not find in other trading markets.
An Islamic Forex broker might offer its customer base the option of opening an Islamic Forex account, which is of course not limited to Muslims only. No Forex broker, not even an Islamic Forex broker can or will ask you your religion when trading Forex.
What an Forex Islamic account is in simple terms is an interest free, also known as a No Riba trading account. So how does this all work? For example, if a Forex trader decides to leave his or her trading positions open overnight, the standard broker will charge rollover fees, which are basically the interest the broker pays the bank to leave the trade open overnight.
The thing about these fees is that they are problematic for the Islamic community. According to the Islamic Shariah law, Muslims are forbidden to take any money in return for their "giving". That means if a Muslim is investing in Forex, he/she is not allowed to pay or receive any type of interest on their payment. By the way, this is something that exists in the Jewish religion as well.
In order to meet the needs of the Islamic population and to enable them to trade Forex, the concept of an Forex Islamic account was invented. Anyone can open such an account in theory, but it might not be right for everyone. An Islamic Forex account is in fact interest-free but it often times comes with higher spreads or other down sides, all depending on the Islamic broker,
If you are a trader that leaves trades open overnight on a regular basis and regularly pay high rollover fees, an Islamic account might be the perfect solution for you. Once you decide to trade with an Forex Islamic account, the next step is choosing the best Islamic Forex broker for you. The most effective way to do that is to read Forex broker reviews by some of the Web's leading sites, and simply filter out all brokers that do not have the option to trade with a Forex Islamic account.
Article Source: http://EzineArticles.com
Custom Search
This is very interesting, but it is necessary to click on this link: best online trading platform islamic
ReplyDeleteA cartoonist often performs comic acts and striptease shows in major cities in Belgium such as Brussels , Antwerp , Leuven , Ghent & Hasselt . You can rent her and see her at work in all corners of Flanders. The provinces of Limburg , Antwerp , Flemish Brabant , Brussels , East Flanders and West Flanders all belong to the presentation area. Striptease
ReplyDeleteIt is fine, nonetheless evaluate the information and facts around this correct. TRUE COMMERCIAL APPLIANCE REPAIR in Escondido
ReplyDeleteThis is helpful, nonetheless it can be crucial so that you can check out the following website: Rafeeg
ReplyDeleteVery good topic, similar texts are I do not know if they are as good as your work out. temporary phone number
ReplyDeleteI can recommend primarily decent and even responsible tips, as a result view it: dm atmak
ReplyDeleteMalvorlagen für Menschen jeden Alters ausmalbilder
ReplyDeleteBruc Bond endeavor to lead the financial sector with sustainability, customizable product offering, and open communication. At Bruc Bond we aim to make 21st century banking straightforward, simple, and transparent.
ReplyDeleteCardiovascular disorder is therefore common it's about the radar of each and every key care doctor. When an individual develops a risk factor, or some known hazard variable simplifies physicians accept actions to prescribe medications or lifestyle interventions created to prevent disease by progressing or developing. Dr. Eyal Nachum is a senior cardiologist (check this to learn more) working in Heart Transplantation Unit, Sheba Medical Center, Ramat Gan, Israel.
ReplyDeleteReally satisfied! Many thanks for sharing.
ReplyDeleteinvestment
I am always searching online for storys that can accommodate me. There is obviously a multiple to understand about this. I feel you made few salubrious points in Attributes moreover. Detain busy, awesome career! https://wevino.store/
ReplyDeleteGet access to global databases with emails and contact details for over 500 business niches, marketing products and SEO and lead generation software to take your online business to new heights. Instant download. Flexible membership plans and low pric Technology
ReplyDeleteGenerate your own targeted business sales leads with laser precision on complete auto pilot with revolutionary CBT Web Scraper and Email Extractor Software. Scrape and extract business data from Google Maps, Google SERPs, Yellow Pages, Yelp, Facebook Business Pages, Twitter, LinkedIn and custom website lists. Download the only lead generation tool you will ever need right now. Technology
ReplyDeleteReally nice and interesting post. I was looking for this kind of information and enjoyed reading this one. forex kings
ReplyDelete