Questions About Islamic Forex
The only difference between an Islamic forex account (forex halal) and a regular account is that there are no interest charges. According to the Islamic law, no matter what kind, interest or receipt is forbidden. Islamic forex accounts are designed with this prohibition in mind.
The account without rollover (swap) and the account with no interest payment are the same. Consider the example of the interest rate that is normally part of the foreign exchange trading market and is applied to move overnight transactions to the next sun.
How can I find an Intermediary that provides proper service to Islamic Rules?
This should be done carefully and meticulously when the subject is Islamic brokers who provide services in accordance with the rules. Before choosing an intermediary institution for yourself, it would be logical to read the interpretations written about the intermediary institution and the appropriate services of Islam.
What fees have been removed from Islamic Forex Accounts?
In Islamic Forex accounts, all interest charges have been removed. We can give an example of the removal of the charge for the rollover applied during the move of the opened positions to the next sun.
What are the Disadvantages of Islamic Forex Account?
Although there is no interest rate, Islamic Forex accounts are attractive, but there are some disadvantages. The minimum principal required for an investor to open an account may be higher than normal accounts, or leverage may be less than normal accounts. As a result, the Forex Islamic account may not be suitable for everyone..
What are the Advantages of Islamic Forex Account?
If you keep your positions open often and for a long time, the Islamic Forex account is the perfect solution for you. With the Islamic Forex account, you can move your positions to the next day without paying interest fees.