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Islamic accounts

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best forexrebatecommission rebate company bestforexrebatecompany, also known as Muslim accounts, interest-free accounts, meaning cashback forex such accounts do not calculate overnight interest In the teachings of Islam, greed for money rebatesforexbroker an unrighteous act that will be punished by Allah, so it is forbidden for one party in a transaction to charge or pay interest to the other party Islamic forex accounts are designed for Muslims, because overnight interest is against their religious beliefs The account is also The Islamic account is suitable for customers who do not want to pay overnight interest Islamic accounts allow traders to hold positions without time restrictions It is important to note that some platforms have eliminated the Islamic account trading overnight interest, but additionally charged an account overnight fee, changing the soup without changing the medicine  Islamic forex trading is becoming more fxrebatecentral more prevalent around the world What exactly is an Islamic forex account? Now, many forex brokers in different countries around the world are starting to offer interest and commission free Islamic forex accounts for Muslim traders In the past 10 years, the concept of Islamic forex has grown in countries around the world, and is especially popular in Islamic economic zones Many people are starting to adopt Islamic forex accounts because it offers interest free trading Why are Islamic accounts interest free? Because there are several verses in the Islamic Quran that strictly prohibit usury These years the concept of Islamic forex has spread rapidly and many countries have seen the emergence of Islamic forex investors UAE, Turkey, Saudi Arabia, Qatar, Iran, etc. are the main countries that offer Islamic forex and Islamic accounts are mainly offered by local forex brokerage institutions to their customers If you dont want to pay commissions for buying and selling forex If you dont want to pay commissions for buying and selling foreign exchange, then you can consider Islamic forex accounts Islamic finance The theory and practice of finance according to Islamic teachings is called Islamic finance Shariah defines the objectives and operation of Islamic finance and unlike conventional finance, Islamic finance has two most important features: 1. But in the Islamic view, it is unfair for the borrower to take too much risk, a waste of social and economic resources, and an act of exploitation 2. Benefits Who Needs an Islamic Forex Account?  The main advantage of an Islamic account is that the trader does not have to pay any interest Shariah views money as an instrument of value measurement, it is not an asset in itself, therefore Shariah states that one should not derive benefit from money, and the essence of benefit etc. is money, therefore charging interest is forbidden and considered unrighteous therefore for Muslims who want to trade forex, interest free The Islamic forex account is very popular traders who open Islamic forex accounts are not required to be Muslims, therefore, Islamic forex has traders customers all over the world Moreover, Islamic accounts are exempt from overnight interest trading, therefore, all open positions overnight are interest free, traders can hold positions for a long time for many days, and the only thing that ultimately affects the outcome of the transaction is the change in the exchange rate This is also the reason why many Forex traders prefer Islamic forex accounts Islamic brokerage account standards Islamic brokerage accounts must meet the following criteria: 1. The commodity or potential asset at the time of purchase or sale must be owned by the trader Shorting the asset borrowed from the broker is a trading practice that violates Shariah law, therefore, Islamic accounts do not allow shorting transactions Instead, traders Instead, a trader can sell the currency of the account and buy another currency from the exchange 2. Forward trading is prohibited so accounts that allow trading in foreign exchange futures are definitely not Islamic brokerage accounts 3. However, once an account is trading in prohibited commodities such as alcohol, tobacco, alcohol manufacturers or pork manufacturers, then the account must not be an Islamic brokerage account 4. The price of the asset must be fixed and the exchange has party information that is publicly available therefore the spreads for trading in Islamic forex brokerage accounts must also be fixed Shariah Supervisory Board (SSB) Islamic financial mechanisms and transactions should be approved by the Shariah Supervisory Board (SSB) SSB is responsible for ensuring that financial instruments and transactions comply with Shariah SSB reviews and approves financial products and services, as well as all related documentation Conclusion Forex is one of the few markets that can form a unique financial system based on religious teachings and Shariah, Islamic finance has gained a high level of attention globally and its ethical attributes have even attracted non-Muslim traders Islamic Forex Interest-free accounts are also one of the options for making forex investments
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