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Is it Halal To Trade Forex If I Use An Islamic Account?

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@lawanf - 1 year ago - Forex Education

I get into a lot of arguments with my friends about Islamic Accounts and if they truly work to make forex trading Halal. So, I guess my question is does trading with an Islamic Account make forex trading halal? I have never traded forex on an Islamic Account before and I would like to hear how they work from someone who has used one.

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@lawanf - 1 year ago

can I get some answers please anyone?

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@cahaya_dewan - 1 year ago
Quoted - lawanf

can I get some answers please anyone?

Hi brother,

Forex trading is Halal provided you do not receive or pay any overnight interest from your broker.

Islamic Accounts are designed not to receive or pay interest on overnight trades but you must check that your Islamic forex trading account is properly configured not to receive or pay overnight swaps.

While opening your Islamic forex trading account, make it expressly clear to your broker that you are of Muslim faith and do not want a partial swap-free account but instead want a fully swap-free account.

This is important because certain swap-free accounts are not designed for Muslims and they can suddenly start charging you overnight swap interest when they notice you are leaving too many trades open overnight.

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