What are Islamic forex accounts
An Islamic forex account is a specific category of forex trading account that caters to customers of Islamic religion. Offering this type of account will appeal to customers from Iran, Saudi Arabia and other countries of the Middle East, however, anybody is free to open an Islamic forex account.
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Islamic forex accounts explained
The forex industry is a vast, worldwide and popular one that operates on a 24 hour basis. The forex industry sees clients trading from across the globe and many individuals from the Middle East participate in forex trading. In order to fulfill the needs of different types of traders, Islamic forex accounts were created.
An Islamic forex account, also know as a Shariah forex account, enables customers to trade forex on interest-free accounts, also known as SWAP free or Roll Over free. One of the key features of Islamic forex accounts is interest-free forex trading, referred to as the No Riba policy. This policy maintains that traders may hold positions for an undetermined period of time, and there is usually no extra charge for such a service; however this is dependent on the specific charges of each individual forex company.
Islamic forex accounts allow customers the freedom to trade in adherence with their religious principles. Another feature of Islamic forex accounts is the ability to set up partnerships in compliance with the needs of the Islamic community. Also known as a joint venture, the premise of such an agreement is that all profits and losses are split on an agreed, predetermined ratio.
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