I have a bit different question regarding Forex account. I am familiar that opening an online forex account (Standard, Micro, Mini) is HARAM because it contain Riba, Interest. I read many fatwa’s on this issue and I am satisfied with them. But I have not been able to get an answer for what I was looking for. Your reply to my question will help every Muslim investor.
Nowadays, some brokers are providing Islamic Forex account for Muslim investors which they claim that these accounts comply with Shariah laws and do not accumulate interest or swap fees. Some common Islamic forex trading account conditions include:
Swap Free Forex Account:
In Forex trading, when traders leave positions open overnight, it is referred to as a rollover. This usually entails rollover fees, but when trading with a Forex Islamic account, these fees are waved.
No Riba Policy:
According to Islamic law, giving or taking interest on transactions is strictly forbidden. This of course presents a problem when dealing with banks or other financial institutions. With Forex Islamic accounts, all “Riba” charges are canceled
Musharaka or commonly called
This refers to a partnership or joint venture for a specific business with a profit motive, whereby the distribution of profits will be apportioned according to an agreed ratio. In the event of losses, both parties will share the losses on the basis of the agreed ratio also known for Islamic MT4 trading platform.
Now my question is that:
Q; Can we trade in Islamic Forex Account as it contains no interest fee on them?
Q: Do they really comply with Shariah rulings?
Q: Can I do Istekhara for this to get a consent from Allah SubhanaoTallah.?
Please answer these questions as, your assistance on ruling set in Shariah Law, will help and protect Muslim investors from investing in what is called as an Islamic Forex account.
I wish to get an answer from you. Atlast, please solve the problem with yor website so that people like me can raise questions easily.