Forex trading has never been a boundary for Muslims because they have gained the ability to trade using the swap free trading accounts. The swap free trading accounts are specially created for the Muslims. The swap free trading accounts are also called the sharia accounts. The term sharia Forex is being used because of the Islamic rules (sharia laws). As Muslims, it’s important to adhere to Islamic trading rules which mean there are rules and regulations as for the Muslims to comply with because it will protect them from engaging in haram activities. Haram means the forbidden acts of Islam. These are regulated because the interest is completely forbidden to Muslims. Any activity which is related to interest will not satisfy both the parties so in Islam none of the activities should be in that form. Let us learn more about it.
The Islam law in Forex
The Sharia law is something which every Muslim should adhere in living their lives. Anything Allah (SWT) has forbidden cannot be done by the Muslims but Allah has given the permission to Muslims to trade but not if an interest is involved. Anyways, the finance and banking should be also based on Sharia law. The sharia law will differ according to the situation so in case, you come up with any problems in Forex trading it’s better to consult the Islamic scholars.
The Islamic trading account
There are many Fatwa related to Islamic trading accounts and the issues cannot be resolved easily. But we are making it clear for you these conditions for Islamic trading account, they are such as there should not be any delay in buying and selling currencies, the cost of the trade should be made on the spot, there should not be any interest involved, and interactive option. So if your trading account includes these above-mentioned rules then you would be able to carry out the transaction via the Islamic trading account.
The Islamic accounts offer Binary option trading to Muslims too
This means that the Islamic trading account enables the Muslims to trade binary options trading online by compiling to Islamic rules (sharia law). And also there are no options left open for overnight, plus there are no additional costs associated. The Forex market should be appreciated because they are providing their service to all the people without any discrimination. So the Islamic trading accounts let it be in any form it will not include the interest in any circumstances.
Summary- Muslims are afraid of trading the Forex market that they should understand that the market does not limit its service. If you are reading this article now, you will be able to understand that the Islamic trading accounts are designed by targeting the Muslim community which means that the Muslims should not fear about trading the Forex market. Islam is a beautiful religion and it never involves unjust to any people so that is the prior reason to forbid Interest in Islamic trading account.