Get Out of Debt :Islamic Forex Trading That’s Ethical and Fully Compliant With Sharia Law
Article Summary:
While the Foreign Exchange Market has developed in a way that makes it a world wide institution, Islamic forex trading remains a challenge for millions of Muslims. One of the major problems is in interest, or Riba as it’s known in Sharia Law. Because of the very nature of
Article Content:
While the Foreign Exchange Market has developed in a way that makes it a world wide institution, Islamic forex trading remains a challenge for millions of Muslims. One of the major problems is in interest, or Riba as it’s known in Sharia Law. Because of the very nature of the Foreign Exchange Market (including the effect of world time zones), trades are often initiated and completed hours apart, which means funds might sit in an account and generate (or require) interest payment for that time. An Islamic forex account at many brokers might involve a claim of no-Riba, but in reality the broker is charging Muslim clients other fees that are just interest by another name.
Tadawul FX (TDFX) prides itself on being an honest and ethical Islamic forex broker. This means fully supporting Sharia Law and Muslim clients, rather than creating loopholes and technical workarounds. With TDFX’s no Riba policy, Islamic forex trading is completely SWAP-free. There are no specially assessed fees that take the place of interest. Musharaka (or joint venture) and Hibah (gift or donation) are also offered as part of a TDFX Islamic forex account.
TDFX has a close relationship with SPASDI, a charity that cosponsors projects with the United Nations, supporting children affected by disease and hardship. TDFX clients with an Islamic forex account can easily arrange that Hibah be directed to SPASDI, helping this worthwhile cause while further supporting Sharia Law.
In order to be an effective Foreign Exchange Market trader, a solid and fully featured trading platform is required. TDFX provides its clients with MetaTrader 4, a state of the art package that fully supports Islamic forex trading. MetaTrader 4 is available in over 20 different languages and supports a variety of different technology platforms, including PC, mobile phones and PDAs. Data is fully encrypted using 128-bit keys and system recovery capabilities are available in the event of hardware failure. So long as they have an Internet connection, MetaTrader 4 and an Islamic forex account through TDFX, any Muslim is fully capable of participating in forex trading, while remaining in full compliance with Sharia Law.
While TDFX has established a reputation as a leading Islamic forex broker, the firm is known in trading circles for providing exemplary customer service and for operating under the principles of honesty, fairness and integrity. TDFX provides a range of educational material through its web site and offers prospective clients the opportunity to try out online forex trading and MetaTrader 4 without financial risk, through a demo account and virtual balance.
To open your own Islamic forex account through the leading Islamic forex broker, visit www.tadawulfx.com, call +357 25200900 or send an e-mail to support@tadawulfx.com. One of the company’s customer support agents will be happy to answer any questions you might have about Islamic forex (or anything to do with forex trading) and they can assist you in downloading MetaTrader 4 and setting up an account.
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