In Islam, trading is often considered to be haram. However, under 3 considerations, trading can be halal - 1) no interest element, 2) trades are conducted “hand to hand”, and 3) the stocks, commodities, or currencies purchased do not offend against the tenets of Islam.

Is online Forex trading halal or haram?

If the riba (interest) element is removed and if leverage is not used, you can convincingly start trading Forex online. Many Forex / CFD brokers offer Islamic trading accounts which do not charge or pay overnight interest on open positions which makes your trading halal.

There is no room for a 'grey' area when it comes to taking interest when trading. When you step into the world of FX market and you want to trade halal then avoid taking interest in currency trade transactions

What is an Islamic Forex Account?

An Islamic Forex Account is a Forex trading account that follows Islamic law (Sharia). Those who follow the Sharia and are guided by the holy book of Quran, need to maintain a certain standard when considering trading. An Islamic Forex Account makes sure of the standard of trading.

What makes a Forex Islamic account halal?

Forex brokers offer Islamic Trading Accounts based on Islamic principles which aim to meet the following criteria:

Immediate execution of trades: Cutting out the delay helps satisfy the rule of prompt hand-to-hand exchanges between two parties.

Immediate settlement of transaction costs: Brokers are wary of accounts where open trades are automatically rolled over to the next trading day, as they may incur interest charges for the rollover.

Zero interest rates on trades: Islamic accounts do not consist of interest based on the rules around riba as any interest will deem the contract invalid and haram.

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