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Asset security, regulations tell the future of cryptocurrency. Luno appoints AmBank as primary banker for its exchange in Malaysia. Previous Next. Wednesday, November 21, No end in sight for crypto sell-off as bitcoin breaches RM18, Monday, July 2, Bitcoin jumps back above RM24, to give respite to investors. Tuesday, February 20, Asset security, regulations tell the future of cryptocurrency.

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Tuesday, January 15, Digital currency law comes into force today. Top stories. Stories From Says. Sharia law believes and dictates that Muslims should be giving for the sake of giving and not to receive something in return. Read More.

Choosing a Forex broker is something every new trader has to do at one point or another. This can be tricky if you do not know where to look or how to filter our the Forex scams out there. If you are looking to open an Islamic Forex account, finding an Islamic Forex broker is no easier. What do I mean when I say Islamic Forex broker?

To understand the meaning of an Islamic Forex account, you need to know some basic laws of Islam, also known as Sharia law. Among many other laws, one of the most fundamental laws when it comes to doing business with Muslims is the prohibition for a Muslim to take interest of any kind. The Islamic religion believes that anything given or taken should be free of interest, which would indicate that the reasons behind the transaction were not pure.

What this means when it comes to an Islamic Forex account is that rollover fees, for example, are strictly prohibited.

What are rollover fees? Forex trades, in theory, are supposed to be closed at the end of every trading day. If a trader leaves his positions open overnight, they need to pay rollover fees, which are interest payments that are generated when a position is left open overnight. Based on Sharia law, this type of payment is forbidden, and therefore Islamic Forex accounts are free of rollover fees.

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Password recovery. Forex Islamic Accounts.

Shari'ah compliance of foreign exchange transactions in the islamic banking institutions

Top Brokers that offer you a Forex Islamic Account. Author - January 31, 0.

Author - January 30, 0. Author - January 28, 0. Author - January 25, 0. Author - January 22, 0. Author - January 16, 0. Author - December 30, 0. Benefits of an Islamic broker. Interest-free leverage. Islamic Forex brokers will provide interest-free leverage.

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In other words, you can borrow entirely free of charge. No rollover interest. With an Islamic Forex account, your open positions will be closed by 5pm New York time to avoid rollover interest.