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The untold truth about Islamic trading accounts in forex by Andrew Bezen
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The untold truth about Islamic trading accounts in forex |
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Business,Finance & Investment
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Expecting something more than the profit is haram i.e. forbidden in Islam. The Riba-free accounts are accommodated for the Muslims. The Muslims should not pay or receive interest while trading the Forex market. The Islamic faith is being respected by the Forex market and the riba-free accounts are introduced. The interest will be charged if the position is left open overnight. The major factor you should understand in the Forex market is that you cannot trade the market without being intelligent. But more than being intelligent you should be disciplined in the market. As Muslims being disciplined will not be hard because you are practicing to become disciplined by praying (prostrating) every day. So let us check out more about trading like a Muslim trader.
Interest and charges Normally, the other traders assume that the Islamic traders are being treated better by not charging interest but that is not the truth. There is a certain amount charged from the Muslim traders instead of the interest. So the assumption of other traders is completely wrong and Forex market has never been unbiased. If you are using the Islamic accounts make sure that you are aware of the charges and fees related to the forex account.
Patience and success
How can the Muslim trader be the successful trader? We will tell you the reason; they are working as the Forex market wants them to work. This means the Muslims are trading the market by analyzing it and also by remaining patient in the market. An essential factor you need in order to trade the market is to be patient so as Muslims they have the great personality to be patient in the market. The religion teaches them to be patient, although they gain losses they should remain patient in the market. And they do remain patient and that is how they are becoming successful traders. The Muslim traders are the ones who are capable of holding the swap-free accounts.
Essential information There are certain Muslim traders who take advantage of the interest-free swap accounts which mean they hold the positions for some time i.e. more than a day but Forex market does charge an interest for the positions held open for more than one week. With the time the Forex traders are increasing and the recognition for other religion’s faith is also increasing so in order to trade the Forex market you do not have to be a non-Muslim.
Summary
As we mentioned above the Forex market is bias, so the Muslim community cannot be left alone. If you are a Muslim you too can trade the market like the other traders the only difference is that you will not involve interest. But instead of interest, there are some other charges involved in trading the Forex market. The Forex market is highly risky and competitive so you should be someone who is capable of taking the risk and facing the competition of the market successfully.
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