Forex trading in islamic perspective of peace

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The simple concept of online forex trading is about selling and buying foreign exchange. In economics Islam , this activity can be specified with Al-Sharf as the form of selling and buying in Fiqh Muamala. The practice of online forex trading in Islam is permissible and lawful to do as long as it based on the Islamic way.

Such as on the Al-Sharf system, there are some rules you should follow so that your online trading allowed to do. So, here are the following rules about online forex trading in an Islamic way so you cannot be the one as the eat usury people. Not For Speculation Speculation with a selling and buying system in Islam refers to gambling. It is uncertain and makes a bad habit for you.

It can be a bad addiction that killing you and your family. Because this activity is harmful to everyone, that is why it is unlawful to do. This makes clear that online forex trading is made not for speculation. Besides, Allah has mentioned about not to do gambling on the Quran surah Al Baqarah verse mention about this.

But the sins outweigh the benefits. Saving or Transaction Needs On the online forex trading, there should be a saving or transaction needs system. The transaction must be in the Islamic way so that it will be your saving profit. The transaction should be emphasized with the same type of currency exchange term. For example, gold with gold at the same quality and quantity.

Based on the Quran surah Al Baqarah verse mentions about this. That is because they say that buying and selling is the same as usury. Though Allah has justified the sale and purchase and forbid usury. Whoever repeats, they are the inhabitants of hell, they are eternal in it.

The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. It goes without saying that forex trading is a very attractive market for not only banks and hedge funds, but even for the small individual trader, due to the low barriers for entry.

One literally only needs a computer with an internet connection, and some money deposited with a forex broker. A lot of time and effort is needed to practice trading on demo and eventually on real accounts. No doubt it takes dedication, discipline and patience, along with developing an edge to beat the market. That edge is gained by studying at least one of two fields, known as technical analysis and fundamental analysis.

The former involves looking at currency charts, seeking out certain patterns using tools and software known as price action and indicators to help determine which way a particular forex pair may meander. By extension, the latter involves focusing on the latest news reports and geopolitical situation of the countries involved. Forex trading is the buying and selling of foreign currencies with the aim of generating a profit.

Read this Term we need to acquaint ourselves, albeit briefly, with Islamic finance. Islamic finance The theory and practice of finance according to Islamic principles is called Islamic finance. Islamic principles determine the objectives and the operations of Islamic finance. According to the Islamic view, a non-Islamic, interest-based loan guarantees a return to the lender but the burden of risk falls disproportionately onto the borrower.

This unequal distribution of risk where the borrower bears more than the lender is exploitative, socially unproductive and economically wasteful. Secondly, the purpose of Islamic finance is to promote economic and social development, through specific business practices. Accordingly, the objective of Islamic finance is also the well being of people in this life and in life Hereafter.

Islamic finance must contribute to the development and the good of the Islamic community. Not surprisingly, therefore, the fundamental feature of Islamic finance is socio-economic and distributive justice. Basic prohibitions in Islamic finance are: 1 Interest or riba.

Making money from money is not Islamically acceptable and interest based transactions are a sin. Interest is any predetermined payment over and above the actual amount of principal of loans and debts, regardless of whether interest is charged on commercial or personal loans. Islam allows only one kind of loan and that is the interest free loan or the qard al Hassan good loan. Islamic scholars propose five reasons for prohibiting interest or riba.

Interest is unjust. The generally accepted arguments are that earning money through interest involves no self-exertion by the lender, and causes oppression to the borrower.

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With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions. All one needs is a computer, an internet connection, and an account with a forex broker.

Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i. The main two fields of trading are known as technical analysis and fundamental analysis. Read this Term trading will increasingly be in demand. Before we understand Islamic Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit.

The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. It goes without saying that forex trading is a very attractive market for not only banks and hedge funds, but even for the small individual trader, due to the low barriers for entry.

One literally only needs a computer with an internet connection, and some money deposited with a forex broker. A lot of time and effort is needed to practice trading on demo and eventually on real accounts. No doubt it takes dedication, discipline and patience, along with developing an edge to beat the market. That edge is gained by studying at least one of two fields, known as technical analysis and fundamental analysis. The former involves looking at currency charts, seeking out certain patterns using tools and software known as price action and indicators to help determine which way a particular forex pair may meander.

By extension, the latter involves focusing on the latest news reports and geopolitical situation of the countries involved. Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. Read this Term we need to acquaint ourselves, albeit briefly, with Islamic finance. Islamic finance The theory and practice of finance according to Islamic principles is called Islamic finance.

Islamic principles determine the objectives and the operations of Islamic finance. According to the Islamic view, a non-Islamic, interest-based loan guarantees a return to the lender but the burden of risk falls disproportionately onto the borrower. This unequal distribution of risk where the borrower bears more than the lender is exploitative, socially unproductive and economically wasteful.

Secondly, the purpose of Islamic finance is to promote economic and social development, through specific business practices. Accordingly, the objective of Islamic finance is also the well being of people in this life and in life Hereafter.

Islamic finance must contribute to the development and the good of the Islamic community. Within a specified time period, if the buyer does not terminate the contract, the payment will be added to the purchase price. The buyer only loses his deposit if he cancels the contract for any reason, for instance, due to a change in the market price.

This is essentially an alternative to a call option. Unlike traditional bonds, a Sukuk allows traders to own an asset, whereas traditional bonds are considered debt obligations, which are prohibited under Islamic Law. Traders will be given partial ownership of the asset of an Islamic trading account when trading this type of bond. The broker, which combines social media and trading, allows you to see what other customers are trading and copy their actions instantly. Traders who are new to the Forex market will find the broker appealing due to its low account deposits and hundreds of instruments available to trade, including Cryptocurrencies and gold.

Notably, interest-free leverage is also offered to Islamic account holders. The broker offers a minimum spread of 0. The other trading conditions also remain the same across all of their trading accounts. XM Group does not charge hidden fees or commissions, having one of the lowest-cost Islamic accounts. In addition, opening an Islamic account with XM Group is relatively straightforward.

First, a trader must open and validate a standard account and then file a request for an Islamic account with the XM Group back office. Approval usually takes a matter of minutes. XM Group is one of the most regulated market makers in the Forex industry and stands out for leading trading conditions, account choice, execution speed, and a wide range of CFD assets available on both the MT4 and MT5 platforms.

XM also offers a multi-level Forex bonus program: mainly, there are three bonus types complementing each with free VPS and zero-fee deposits and withdrawals. In addition to its headquarters in Cyprus, the brokerage firm also has offices across the world, including Dubai. AvaTrade Islamic Accounts AvaTrade is a highly reputable broker in the trading world with many awards.

Nine regulatory bodies regulate and authorize AvaTrade, including Abu Dhabi Global Market ADGM , an international financial center that guarantees both the safety of your funds and the legitimacy of your transactions. AvaTrade offers more than financial instruments. Furthermore, AvaTrade does not charge its Muslim clients a swap fee. Transactions are settled immediately according to Sharia Law. Since the currencies are transferred from one account to another right after the deal, Islamic rulings are not violated.

Since the broker has an office in the United Arab Emirates, it is even more trustworthy for traders in the Gulf region. Axiory offers Islamic variations of all account types currently available.