Islamic Accounts
Islamic Forex Trading
PipsForex has introduced Islamic trading account. Come and experience a transparent Forex trading environment with PipsForex and trade on a wide range of currency pairs. We offer our clients a solid, secure services, which respects their principles and follows the rules of Islam.
The main attraction of the Islamic account is that it allows those who trade on the markets without breaking their faith and also allows them to stay with their morals and ethics. Islamic accounts are founded and based on the principles of fairness and transparency in financial markets.
Currency exchange and its profit is also allowed under Islamic Account because every individual has the right to pursue activities that allow them to improve their financial condition.
By opening an Islamic account, the trader is avoiding the issue of taking or giving riba. PipsForex makes Islamic accounts available to any trader who wishes to stick with their trading practice.
Online trading platforms allows you to access the trading markets 24 hours a day, and gives a large variety of trading appliance – foreign exchange, commodities, shares and many more. Some traders start trading in daytime, which means keeping positions open for a few hours. Other traders, employ trades with a longer scope, and keep their positions open for more than 24 hours. When you keep a position open overnight, you will need to pay a fee. For that reason, we offer an Islamic account that can be used by our Islamic clients.
How to open an Islamic account in few simple steps:
We’ll ask you some questions about your trading experience in the online form.
We will quickly proceed for the verification & authenticate your identity immediately..
Just deposit the amount into your account and instantly start trading without any delay.
What Islam Says on Online Forex Trading
Having reduced the issue to one of Forex trading and assuming there is no interest element deemed to be involved. It would seem to be authorized only “so long as it is hand to hand”. So clearly, keep in mind that exchanges of different types of commodities that would be between two parties, recognizing that this was a natural and just aspect of commerce. In fact, one could assume that it was natural and accepted for a deal to made between two different parties. In modern times, it can be argued that Forex trading is a deal made between a Forex broker and a trader, which would be authorized according to Islamic law.
Trading Forex is Halal. You treat trading as a business where you calculate your risk of investment with proper risk/reward expectations. Do not treat trading as gambling, do not trade with Swap accounts, and make sure that you do not violate any Islamic Religious laws.
What is Swap-Free Islamic Forex Trading Accounts?
By using this account, the stock’s positions are set out and are not associated with taxes or additional interests. The swap term is used for the adjustments that are made for the interest that occurs for holding a stock. In a swap-free account, we won’t deduct any charges from your Islamic account. In this way, you completely neglect the riba and trade in a sharia-compliant way to make money online. We are here to help you, start an Islamic way with a verified and a halal broker.
Is Forex Trading Haram or Halal in Islam?
Forex trading is halal (lawful) and forbidden when traders use swap-free trading accounts because riba or interest doesn’t exist in that case. Most CFD brokers offer Islamic swap-free trading accounts that do not charge or pay interest on the open positions.
Generally, trading is not haram because:
- There is no interest element in trading.
- Trades are conducted “hand to hand.” (Islam allows).
- Currency exchange, stocks or commodities do not offend against the rules of Islam.