References and detailed analysis can be viewed in
BREAKING DOWN 'Shariah-Compliant Funds'
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About Forex Islamic Accounts Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith. How to Open a Forex Islamic Account The swap-free option can be chosen as part of the trading account registration in 3 easy steps: Open a trading account with us. Login to the Members Area and validate your account. Request An Islamic Account. No re-quotes, no hidden costs Leverage up to Benefits The XM forex Islamic accounts differ greatly from those generally offered by other forex brokers.
This short treatise analyses the concept of ownership in Shariah and considers the concept of a trust under Shariah. Ownership is described as a relationship This is an overview and my personal conclusion to an ongoing research in respect to Bitcoin. References and detailed analysis can be viewed in Is Qurbani necessary for a young teenager with a Child Trust Fund but no other funds? In the Name of Allah, the Most Gracious, Thus, in retail forex, there is no actual trading of any currency.
The entire industry is speculative. There are multiple products offered by conventional brokers in non-deliverable FX such as: All of the above is non-compliant with Shariah due to the following reasons: There is gross Gharar uncertainty in forex trading. How the trade will close is totally unknown. The outcome of the open position where money has been staked is subject to Gharar. This Gharar is in the interim of a transaction and a component of the actual trade.
This is different to purchasing shares, as one actually purchases a known subject matter. The transaction of purchasing shares is therefore free of Gharar. Uncertainty in shares is therefore post-contract, whilst in FX trading it is peri-contract and during the trade. The transaction does not involve any valid Shariah compliant commodity.