Islamic banking and finance

One estimate of customer preference (given by a Pakistani banker) in the Pakistani banking industry, was that about 10% of customers were

References and detailed analysis can be viewed in

BREAKING DOWN 'Shariah-Compliant Funds'

One estimate of customer preference (given by a Pakistani banker) in the Pakistani banking industry, was that about 10% of customers were

The information generated by the cookie about your use of the website including your IP address may be transmitted to and stored by Google on their servers. Google may use this information to evaluate your use of the website, to compile reports on website activity and to provide other services related to website activity and internet usage. Google may also transfer this information to third parties, where required to do so by law, or where such third parties process the information on behalf of Google.

Google will not associate your IP address with any other data held. By using this website, you give your consent to Google to process data about you in the manner and for the purposes set out above. We are using cookies to give you the best experience on our website. Read more or change your cookie settings. Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure. Open an Account Here.

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 website uses cookies. Why are cookies useful? At the National Zakat Foundation, in collaboration with scholars, financial analysts, accountants and others, we spent almost 5 months analysing the FTSE to determine Summary Any cryptocurrency or token purchased to resell will always be Zakatable.

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.