Forex Brokers in Dubai - Page 2
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Thread: Forex Brokers in Dubai

  1. #11
    Quote Originally Posted by ;
    Forex Currency trading is considered as gaming in Shariah Law and Dubai comes under King Abdullah's regime.
    It depends on who you ask actually. There's not any answer between Sheikhs. Trading Derivatives of which Forex is one, is commerce where the spot price is paid along with the exchange occurs. If you close a trade, the exchange happens and you gain or lose based on your choice. You need to be careful though to not hold a trade and incur swap interest or open a swap free account with a broker that provides it.

    It is your choice to ask a Sheikh that you trust and follow his guie on the matter in the long run.

  2. #12
    Quote Originally Posted by ;
    It depends upon who you ask actually. There's no response between different Sheikhs. Trading Derivatives of which Forex is one, is trade in which the spot price is paid and the trade takes place. The trade happens when you close a transaction and you gain or lose depending upon your decision. You have to be careful though not to hold a transaction and incur exchange interest or start a swap free account with a broker that offers it.

    It is your choice to ask a Sheikh whom you trust and follow his guie on the topic at the end....
    As per my comprehension No Roll over charges signifies its Shariah compliant.

  3. #13
    Quote Originally Posted by ;
    As per my comprehension No Roll over fees means its Shariah compliant.
    That would help avoid Riba (interest) that is forbidden in Islam. The difficulty here is not or whether is real. If you're trading using a bucketshop, there's absolutely no true trade taking place so it would make trading with that broker forbidden. Only trading using a properly controlled ECN can you relieve those concerns. But is a ch 22. In order to offer a swap free account, a broker should exchange to zero out the swap generated from the trades as most banks do these days in order to transact in the system that has interest everywhere. The ch is that a controlled broker isn't allowed to exchange a customer's funds in their behalf so swap accounts aren't possible.

    The ideal option therefore for trading Muslims is to exchange intraday only preventing the rollover time where possible.

  4. #14
    Does anyone know if I could trade the Kuwaiti Dinar on mt4 platform?

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