Swap free Forex accounts are set up specifically for Islamic Forex trading. These accounts specifically apply to Forex accounts that must be free of swaps and interest earnings. All of these accounts comply with Shariah laws and do not accumulate interest or swap fees. The swap free Forex accounts are free from Riba, which is unearned interest. There are also no roll over charges. Anyone can apply for a swap free Forex account as long as they do not abuse the privilege. If brokers feel you are taking advantage of the swap free account they have the right to cancel the account.
Islamic jurists generally agree that the currencies of different countries can be exchanged with those of different countries on a spot basis at a rate that is different from units. This is because currencies of different countries are unique and have different intrinsic values and purchasing power. There is also an agreement that the currency exchange is not permissible on a forward basis, this means that when the rights of both of the parties relate to an upcoming date.
I have done quite a bit of research on Islamic Forex sites and can tell you there are many that are available to you. The top ten Islamic Forex sites that I have found are as follows.
Forex trading is the exchange of one foreign currency for another. The term Forex is derived from the two words foreign and exchange. It is basically the simultaneous buying of one currency and the selling of another. These exchanges take place in pairs of currency. A Forex broker who handles your Forex account usually handles these exchanges.
The Middle East is one of the most volatile regions of all, as well as being a major player in the crude. It is one market that a savvy business man needs to always keep on monitoring. As crude oil moves out of the Middle East in large quantities, the foreign exchange market in that particular region is quite dynamic and it goes on to influence other world markets.
The Middle East region now has three main trading centers and the stakes are very high in terms of investment potential of the Gulf. These financial centers include: the Bahrain Financial Harbor (BFH), the Dubai International Financial Center (DIFC) and the Qatar Financial Center Regulatory Authority (QFC). The landmark building owned by DIFC is nearing completion. It is set on a 110-acre piece of land and is a massive complex that is to the south of Dubai Emirates Towers.