Forex for a trader
Forex in islamic point of view

Forex in islamic point of viewBlog about islamic economic, business, and finance. Money's Meaning in Islamic View. On the origin of money has three important functions, namely as a medium of exchange, store of value, and measuring the value of a commodity. However, with interest menyebarluasnya system in the current financial transaction, the function of money has grown into a commodity. The function of money as a commodity is supported by several contemporary financial theories such as the Loanable Funds Theory. In this theory of interest (interest) is considered as the price of the funds available for lending (loanable funds), which became one variable that affects the level of supply (supply of) and demand (demand for) of the loanable funds. Based on the above theory, it can be concluded that the supplier of loanable funds would be willing to lend money to the borrower if the borrower is only willing to pay back the loan in an amount greater than the principal. The difference between the amount due to the principal borrower and that is what is called interest. By contract, the price (interest) is to pay the borrower under any circumstances (the borrower's business profits or losses) to the lender, because the lender has considered selling a commodity called money. Here is clearly seen that in the current financial system right now, money is regarded as a tradable commodity. This is in contrast with Islamic views who do not accept the functions of money as a commodity.

That's because money does not qualify as a commodity. According to Sheikh Muhammad Taqi Usmani, an expert in Islamic finance Shariah, there are at least 3 factors that distinguishes the money to commodities. Firstly, money has no utility instrinsk (intrinsic utility). In contrast to commodities, money can not be eaten, worn, or used directly. Money can be exchanged only with a commodity, and commodities that will be eaten, worn or used. In economic terms, money only has value in exchange as commodities having value in exchange and value in use at once. Second, money does not need the quality to determine its value, in terms of paper currency USD 100.000 an old issue of paper money in 2007 with a new Rp 100.000 published in 2009 has the same purchasing power. Another case with commodities, for example, output of the Honda Jazz Honda Jazz 2007 to January 2009 the output has a different price. This indicates a difference in quality between the two cars on top of which reflected the value and the price difference. Third, the money does not require specification of the validity of transactions, while commodities have specific properties when the validity of transactions. For example, if we want to buy the goods we will choose the things we want to taste us, like color, other complementary accessories.

That is, if the seller offers the same goods but they were not in accordance with our tastes may be we will refuse. But it is different with the money that is not specific. For example, for the payment of monthly electricity bills amounting to Rp 300,000. we can pay these bills by using three pieces of money USD $ 100,000 or four pieces of money Rp 50,000 plus one sheet of Rp 100,000 and even we can pay these bills with three hundred pieces of Rp 1,000. For the recipient there will be no difference in the value of the three ways above payment. There is one additional difference between commodity money, especially with fiat money we use today. Paper money (fiat money) to current has no intrinsic value (intrinsic value). Paper money became legal tender by law issued by a country that declared the validity of the money. This shows that the acceptance of paper money as a means of payment is only due to the government trust factor that ensures the validity of these bills. That is, if the trust is lost or reduced the value of the money will be weakened (terdepresisasi) due to more people off, by selling money, than to have it. Because obviously, have no intrinsic value. However, it should be also stressed here that fiat money is a legitimate money on the side of the sharia. The author does not agree with the view that gold is only valid at the shari'a. Indeed, the true gold is the money the best and most stable in value, and if we can re-use gold as a standard of value for money, of course, the world's financial system would be much better.

However, claims that only gold or silver are recognized Islam as the money and gold and silver but it is not legitimate, this is an excessive claim. The proof, the Caliph Umar never meant to make the camel as a currency, but then was advised not to do it, because eventually the camel will be vanished from life. So is Imam Malik once said that if people make the animal skin as a currency, he undoubtedly would prohibit selling such animal skins but with cash and may not be tertangguh. Although today we are eager to return to the gold as the standard currency value, we should not be excessive and extreme by saying that fiat money is forbidden. Proscribe the same kosher is bad in Islam to justify the unlawful. If unlawful fiat money, a dowry of course we become invalid, and our marriage is not valid, then our children are also to be a bastard. Is not that logical consequence of the said fiat money is forbidden? And Allaah knows best. Is Forex halal: a fresh look with more industry perspective. I have been meaning to explore further the retail forex market following my initial thoughts on the topic here and here.

In brief, my view still remains the same – from a Shari’ perspective it is one to probably still give a miss at this point in time. However, I believe it is not as clear-cut as I previously thought, and there are some quite complicated concepts to tussle with along the way. I am going to assume you know the basics of modern retail forex (e. g. what a pip currency pair is) – so if you don’t, have a quick read of any of the plethora of introductory texts to forex out there on the internet. Brokers are the counterparties. The first insightful thing to note in retail forex is that pretty much all the big brokers in this space will act as your direct counterparty. This means that they will take the opposite side of the trade to you – if you go long USDJPY, for example, they will go short. As an example, see IG’s terms here, and in particular read 2(2). 2(10) and 3(2). Most brokers will have similar terms, which say that they will act as principal (i. e. they will represent just themselves, and not some other client) and market-maker (i. e. the y are the market you will be directly trading into). They will also usually reserve the right to offer different accounts to different clients depending on their experience and broker’s judgement. They will also point out that there can be conflicts of interest between the broker (and its subsidiariesassociates) and its clients. What all this legal jargon means is, that when you, the average retail punter, go long USDJPY, they will go short USDJPY. They will not bother to hedge their own position in the most part, because they know that usually the retail punter (about 80% of the time) will get it wrong and end up making a loss anyway.

However, brokers will monitor how you do, and if you start improving and making a large percentage of successful trades, then they will still be your counterparty, but they will hedge their positions into the institutional market so that economically they are not exposed to any risk – whatever happens to the trade you placed. So if you, with your successful record that thebroker has earmarked, go long GBPEUR, they will still go short in order to make a market, but there is a third transaction which is happening where the broker is dealing with someone else to go long GBPEUR. The result is obviously neutral. When you close, they will close. Any money they lose if you’ve been successful, they will gain on their own long GBPEUR; equally, if your trade was unsuccessful and they gained money from you, they lose money because they went long GBPEUR elsewhere. Now the only profit they are making is the brokerage commission they charge for each trade. What really is a currency pair? The second insight I found useful was looking at what equivalent economic activity would be required to replicate the effect of the currency pair. Let’s take the USDJPY again. When you go long on USDJPY, you are hoping that the USD will rise against the JPY and you will make a profit. But you have not actually bought the $100,000 worth.

You have simply held an exposure to an amount over a few days, before selling. This means that for those days you will have got paid rollover interest as well. Upon closing the trade you get paid the profit back into whatever currency your account is denominated in with your broker. Economically, what you have done is you have borrowed JPY from the interbank market and then sold JPY for USD (via the broker), and then lent USD back to the interbank market. This means that each day you need to pay the interest on the JPY you borrowed, and each day you get paid interest on the USD you lent out. Eventually you get the USD back and convert it back into JPY, and then give it back to the interbank market where you borrowed it in the first place. Step by step this looks like: Opening transaction. Borrow JPY from Broker Exchange JPY for USD with Broker (Broker gets spread) Lend Broker USD. Closing transaction. Get USD back from Broker Exchange USD for JPY (broker gets spread) Pay back JPY to broker. If the US interest rate that you are getting paid is higher than the JPY interest rate you are paying, then you will make a profit just holding this currency paid (as long as the currencies themselves don’t vacillate too much in price). Shari’ Solution 1. The two haram transactions in the above economic transaction-pattern are the two interest-bearing loan agreements. There are however certain brokers who will offer “Sharia compliant” accounts where there is no rollover. (Rollover however is only part of the puzzle and I don’t view such accounts as fully Sharia compliant – but let’s put that to one side for now). Under such an account, you are gaining exposure directly to holding the money (not to the interest of holding the currencies).

Therefore you are in effect achieving the above economic transaction pattern but without the interest elements. One could therefore argue that such accounts are Sharia compliant. However the problem with this analysis is that the broker is the one who is extending that liquidity and also brokering the exchange. In effect, the broker is extending you that “interest-free” loan as it knows it will get (a) the exchange fee; and (b) 80% of the time it will profit as the counterparty to your trade. Islamically, you are not allowed such a contract where what is actually happening is you have two contracts in one. Ask yourself this: would the broker give you the interest-free loan if you were not going to use that broker for your trade? A counterargument to this is that there is no actual loan taking place when one buys or sells a currency pair, so this Shari’ issue doesn’t apply. But that is trying have your cake and eating it. Either (a) we say a currency pair is a synthetic product not analogous to any real-life economic activity, or (b) it is analogous to real-life economic activity. If it is a synthetic product not related to real-life economic activity then it is best characterised as just like any other zero-sum derivative (e. g. a CFD) and is ipso facto impermissible. Or we do model it as analogous to real-life economic activity – in which case we cannot use as a rebuttal “there aren’t actually any loans going on as it is synthetic” – because then (a) is applicable. Shari’ Solution 2. The second approach to finding a solution is to take a purposive approach.

The benefit of this approach is that a currency pair doesn’t easily translate to an equivalent real-world series of transactions (as we’ve just seen), but one can take a step back and see the wider purpose of forex. That is, to provide instant access to the currency market in a cheap and efficient way. Under this analysis, if forex is just a modern, better, way of going to Travelex, then we should overlook any modern developments as wrinkles, rather than anything that fundamentally changes the nature of the activity. Thus the fact that the broker is often the counterparty to the trade and that the trade is on margin, should be overlooked. But the problem with this analysis is that you can’t actually get physical money through forex, which is the whole point of currency conversion. However, this could arguably be a quirk of the international financial plumbing we have in place today as well as an increasingly globalised world. But in order to explain that point, let’s turn to the institutional forex market. Institutional Forex Market. The institutional forex market is made up of large financial institutions, where trades are between such financial institutions (as opposed to the broker and you), where margin is not used (most of the time), and where the primary driver of these trades is necessity rather than speculation. For example, companies will need to transfer ?100m into dollars or yen in order to complete a transaction, and in order to do that, they go through the institutional forex market. Other companies will need regular arrangements in place to facilitate payments tofrom their supplierspurchasers. Yet other companies will need to hedge their currency risk (though these are separate topics in themselves).

Under this characterisation of the industry, institutional forex trading looks Sharia compliant to me for three primary reasons: There is a genuine need for these transactions; There does not appear to be margin being used in a lot of these transactions; and Actual settlement takes place. (1) is important, as it allows us to live with the conventional T+1 or T+2 settlement that is standard in this industry. In Islamic law, currency trading should be hand-to-hand, and on-spot, and therefore should not be delayed for 1 or 2 days as is standard in the industry. However, given the degree that this T+2 convention is now established, it is something institutions have to live with if they are to participate in the institutional forex market – which they need to participate in. For the more Sharia-aware, it might be an idea to use the biggest banks, with the strongest capitalisations, to handle forex trades, as that reduces riskuncertainty – which are some of the key reasons for the prohibition in the first place. Banks have established debtor-creditor agreements between themselves, rather like margin accounts that retail traders will have with their broker, so one could argue that this is a form of margin. However, this need not concern the institutional participant for two reasons. Firstly, what the bank does at the settlement stage is their own concern, and secondly, the institutional investor itself is clearly not magnifying its profitslosses by way of this debtor-creditor agreement. Finally, actual settlement takes place, even if it is T+12. Given we are talking about $5.3 trillion being traded daily, it seems sensible enough to me to allow a couple of days to get the money flows to the right place. But the fact that actual money goes from one person to another supports the idea that institutions are trading in currency because of a genuine need, as opposed to pure speculation. But pure speculation is not in my view wrong either. If you have a ?100m and decide that you want to trade it for Euro, because Euro is going to rise in your view, then as long as you do not use margin, I don’t see any reason to stop you from placing that trade. Returning to Shari’ Solution 2. But that takes me back to retail forex.

The only reason why you and I cannot trade in the institutional forex market (which is halal, in my view), is because we don’t have sufficient funds to meet even the very minimum trade sizes ($1-5m) in the institutional market. But if you do want to speculate, then the only way you can do so efficiently is by participating in the retail forex market. The alternative of using Travelex is not viable, as there would be no margin involved and currency movements are tiny from day-to-day. The argument would therefore be, that as a retail trader you can only speculate using retail forex, with a margin account, and as fundamentally currency speculation is halal, trading on a margin account is halal as that is the only way available. However this is a flawed argument too. You can’t say “a man with ?100m can set up and run a large successful international business. Running such a business is halal. But I don’t have that ?100m. So the only thing stopping me from doing the halal business is money. Therefore I can borrow that money.” Just because scale is stopping you from accessing a halal way of doing that activity, does not mean you can justify margin tradinginterest-based lending. There is also no need for you to speculatively trade forex, which might have otherwise justified things. Conclusions. Retail forex is still not permissible in my book, for all the reasons discussed above, and generally, as retail forex is equivalent to a CFD and receives the same Shari’ treatment all such products receive. If however, one could have a forex set-up where a retail punter was given an interest-free loan of ?x on an interest free basis from an entity legally distinct from the broker (and properly distinct from it, i. e. not in the same group), and could use that for trading, then that would be Sharia-compliant. But that doesn’t look particularly commercially viable. The only way that I could see would be a government profit-free trust set up to lend to Muslim retail forex traders for the purpose of allowing them to trade forex.

But that seems like a rather frivolous use of government money, and one that no government would ever seriously consider. I look forward to hearing your thoughts on this, particularly if you disagree with me! Please also remember to subscribe to our website if you would like to keep in the loop with more articles like these. Two excellent resources I stumbled across: Forex in islamic point of view. I would like to know about investment in curreny (FOREX Market). Like now a days, its very common that people invest in Euro to earn profits. One broker keeps on calling me to invest USD in Euro. Is trade in currency halal?. Dealing in currencies is permissible so long as the exchange takes place in the same sitting as the contract is made. It is permissible to sell euros for dollars so long as the exchange takes place in the same sitting as the contract is made. But when the deal is concerning the same type of currency, such as selling one dollar for two dollars, that is not permissible because it is a type of riba. In that case they should be of equal amounts and the exchange must take place in the same sitting as the contract if the exchange is concerning one type of currency. The evidence for that is the report narrated by ‘Ubaadah ibn al-Saamit (may Allaah be pleased with him) who said: The Messenger of Allaah (peace and blessings of Allaah be upon him) said: “Gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, salt for salt, like for like, same for same, hand to hand. If the types are different then sell however you like, so long as it is hand to hand.” Narrated by Muslim, 1587.

It says in Majmoo’ Fataawa Ibn Baaz (19171-174): Dealing in currency, buying and selling, is permissible, but that is subject to the condition that the exchange be hand-to-hand if the currencies are different. If a person sells Libyan currency for American or Egyptian or whatever currency hand to hand, there is nothing wrong with that, such as if he buys dollars for Libyan currency hand to hand, exchanging it in one sitting, or he buys Egyptian or English currency etc for the Libyan or whatever currency hand to hand, there is nothing wrong with that. But if there is a delay, then it is not permissible, and if the exchange is not done in the same sitting, it is not permissible, because in that case it is regarded as a kind of riba-based transaction. So the exchange must take place in the same sitting, hand to hand, if the currencies are different. But if they are of the same kind, two conditions must be met: they should be of equal amounts and the exchange should take place in the same sitting, because the Prophet (peace and blessings of Allaah be upon him) said: “Gold for gold, silver for silver…” The ruling on currency is as mentioned above; if they are different then it is permissible for the amounts exchanged to be different, so long as the exchange takes place in the same sitting. If they are of the same kind, such as dollars for dollars, or dinars for dinars, then the exchange must take place in the same sitting and they should be of the same amount. And Allaah is the source of strength. End quote. Forex Islamic Accounts.

About Forex Islamic Accounts. Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith. We offer our Islamic accounts to clients following the Muslim faith. How to Open a Forex Islamic Account. The swap-free option can be chosen as part of the trading account registration in 3 easy steps: Open a trading account with us. Login to the Members Area and validate your account. Request An Islamic Account. As soon as our relevant department receives your request, your trading account will receive swap-free status and you will be notified by email accordingly. Please note that XM reserves the right to revoke the swap-free status granted to any real trading account in the event of any form of abuse. No Expiration, No Spread Widening, No Commissions and No Hidden Fees.

100% Shariah Compliant. Account Features at a Glance. No interestswap charges on overnight positions No spread widening No up-front commissions Positions can be held with no time limit. No re-quotes, no hidden costs Leverage up to 888:1 100% real-time market execution Same trading conditions as for our trading account types. Free and instant access to all trading platforms 245 dedicated support from your Client Account Manager. The XM forex Islamic accounts differ greatly from those generally offered by other forex brokers. The difference lies in the fact that unlike most forex companies who substitute additional fees by widening the spread on Islamic accounts, XM imposes no additional charges. In order to abide by the religious law of Islam, traders of Islamic belief are forbidden to pay interest. However, if the interest charge is transferred to a different type of fee, it is basically still a charge that covers the interest. This is also known by the name of swap-free in disguise. XM is firmly against such practices as it opposes to fair and ethical trading conditions.

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By using this website, you give your consent to Google to process data about you in the manner and for the purposes set out above. First-hand Forex trading experience and information about foreign exchange market that will be useful to traders. Subscribe to get daily updates directly to your email inbox. Forex Trading and Islam. The topic of Forex trading prohibition in Islam is vast and controversial. Many points of view exist on different aspects of on-line Forex trading including — spot trading, futures and options trading, margin trading, overnight interest, etc. The majority of the Islamic jurists agrees that Forex trading can comply with Sharia only if it is spot trading (while futures and options are considered to earn Riba) and if it doesn’t involve any overnight interest (or interest hid by commissions, though Muslim traders should know that not all commissions are to hide overnight interest). One of the main point of debate lies in margin trading (almost every transaction in Forex is based on margin) and hedging (it is compared to futures trading usually). Dr. Mohammed Obaidullah of Universiti Tun Abdul Razak (located in Malaysia) discusses this topic in his article — Islamic Forex Trading. It is a well grounded article covering every aspect of Forex trading and providing references to the fundamental Islamic sources. Among other things, Dr. Mohammed Obaidullah proves margin Forex trading to be legal for Muslims, as long as it doesn’t involve any Riba (unlike some other Islamic jurists who look at margin Forex trading as forbidden activity). In this articles the Forex hedging is also analysed and is seen as the source of Riba income. I strongly recommend reading this article to all Muslim traders and those who want to start trading Forex while remaining a lawful Islamic believer.

I also recommend looking at the list of the Forex broker that offer Muslim-friendly trading accounts with no overnight-interest applied on the open positions. Some important things have changed in Islamic Forex since this article had last been updated. In February 16, 2012, the National Fatwa Council of Malaysia (nation’s supreme Islamic legal body) announced that spot Forex trading performed by individual traders (contrary to authorized dealers ) is considered haram (sinful). Technically, it restricts all Muslim residents of Malaysia from participating in online foreign exchange trading. It is important to add that no other Muslim fatwa institution in other countries has issued similar prohibition. On the contrary, National Sharia Board of Indonesia had previous issued a fatwa (the link is in Indonesian) stating the legality of Forex. Apparently, the situation with Islamic Forex trading still remains quite unclear. And what do you think about legality of currency trading for Islamic believers? Forex in islamic point of view. The Swap-free trading account services are intended for traders who use trading systems that do not take into account the impact of swaps or those clients who cannot use swaps owing to their religious beliefs.

This determines the secondary name of this type of accounts: “forex Islamic accounts.” In transition to the swap-free system, all the remaining trading terms and conditions of accounts remain intact. When performing deals using the Swap-free trading account for any currency pair, in transiting the position over midnight the trader does not gain or lose any amount, regardless of the position volume. Even holding on the deal for a long time, the trader can be sure that only the conduct of the exchange rate for the set time interval will affect the result of the deal. The Islamic forex accounts offered by Trading Point are not the same as the Islamic accounts generally offered by other ‘forex’ companies. They differ based on the fact that Trading Point offers Swap-free trading accounts with no other additional charges, whereas most other companies substitute this fee by widening the spread on Islamic accounts. In order to abide by Islamic religious beliefs, one must not pay interest but if that interest charge is transferred to a different type of fee, it is basically still a charge to cover the interest. This is also referred to as a Swap-fee in disguise. Trading Point does revert to such practices, again demonstrating that Trading Point offers fair and ethical trading conditions. Trading Point Swap Free Forex Islamic Account Characteristics. No interestswap charges on overnight positions No up-front commissions No time constraints. No spread widening. How to Open a Swap Free Forex Islamic Account. The Swap-free option can be chosen as part of the trading account registration in three simple steps: Customers that wish to open a Swap-free Islamic Account (1) will have to open a real live money trading account with Trading Point, (2) fill out the request for a swap free account and accept the “Swap-Free Trading Account Use Agreement” set forth therein, and (3) thereafter, return the duly signed and executed request for a Swap-free trading account to us by e-mail (in scanned form) or by fax. 1. To open a real live money trading account, click on the link: Open a real account with Trading Point.

2. To download and fill out the request for a Swap-free trading account and accept the “Swap-Free Trading Account Use Agreement” set forth therein, click on the link:Download it. 3. Return the duly signed and executed request for a Swap-free trading account and “Swap-Free Trading Account Use Agreement”, either by e-mail (in scanned form) (click here: [email protected] com), or by fax to +357 25 820 344. Once the signed form is received by our accounts department, your live ‘forex’ trading account will be registered under the Islamic accounts guidelines and the trading policy of your account will be converted to swap-free status. Additionally ‘forex’ Islamic account holders will be accommodated by a forex account manager and will be entitled to 24 hour support; please note that if you are a beginner trader you can still download the Metatrader terminal and experience and learn trading with a forex demo account with no obligations and no questions asked. If you have any questions regarding ‘forex’ Islamic accounts options please feel free to contact Trading Point’s customer support to clarify any questions or queries you may have. This Privacy Policy sets out how Finance Magnates LTD uses and protects any information that you give Finance Magnates LTD when you use this website. If you continue to browse or use this website andor any of its affiliated websites andor services you are agreeing to comply with and be bound by the following Privacy Policy, which together with our Terms and Conditions (link) govern Finance Magnates LTD’s relationship with you This privacy notice applies to any Finance Magnates LTD websites, applications, services, or tools (collectively "Services") where this privacy notice is referenced, regardless of how you access or use them, including through mobile devices. Please review carefully the entire website's Privacy Policy before agreeing to it. By viewing or using this website or any part of it, you agree to the complete Privacy Policy of this website. The term "Finance Magnates LTD", "this website", "the website", "us" or "we" refers to the owner of the website. The term "you" refers to the user or viewer of the website. Finance Magnates LTD is committed to ensuring that your privacy is protected as provided in this Privacy Policy. Should we ask you to provide certain information by which you can be identified when using this website, you can be assured that it will only be used in accordance with this Privacy Policy.

What is personal information? Personal Information is information relating to an identified or identifiable natural person. An identifiable natural person is one who can be identified, directly or indirectly, by reference to an identifier such as a name, an identification number, location data, an online identifier, or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person. We do not consider personal information to include information that has been anonymized or aggregated so that it can no longer be used to identify a specific natural person, whether in combination with other information or otherwise. We collect personal information from you when you use our Services. What we collect. The provision of all personal information is voluntary, but may be necessary in order to use our Services (such as registering an account). We may collect the following personal information: Identification details, such as name, age etc: When you create an account with us When you register to our events When you fill in forms on our websites Contact information including email address, phone, etc: When you create an account with us When you register to our events When you fill in forms on our websites Information we are required or authorized by applicable national laws to collect and process in order to authenticate or identify you or to verify the information we have collected. Any information that is provided by you when using our services (community discussions, contact forms, etc). Information about other services you have bought from us, when you purchase products or services on our sites Communication we have with you (emails, letters, messages sent to us through our social media platforms, feedback, contact forms) Information about you, your location and how you use our website, information about your interests and preferences: When you accept our cookies placed on your device When you update your account information When you open our marketing emails When you click on our banner adverts When you fill in forms on our website When you get in touch with us When you respond to our requests for feedback When you opt in to receiving messages from us Personal information we collect automatically when you use our Services.

We collect information about your interaction with our Services and your communications with us. This is information we receive from devices (including mobile devices) you use when you access our Services. This information could include, but not limited to, Device ID or unique identifier, device type, unique device token. Location information. Keep in mind that when using a mobile device, you can control or disable the use of location services by any application on your mobile device in the device's settings menu. Computer and connection information such as statistics on your page views, traffic to and from the sites, referral URL, ad data, your IP address, your browsing history, and your web log information. Personal information we collect using cookies and similar technologies. We use cookies, web beacons (or pixels), unique identifiers, and similar technologies to collect information about the pages you view, the links you click, and other actions you take when using our Services, within our advertising or email content. We use Google Analytics which is a web analyzing tool of Google Inc. for the purposes of the adequate design and continuous optimization of our website. Google Analytics works with cookies and creates pseudonymised usage profiles, which enable an analysis of your use of our website. Information stored in such cookies (such as browser typeversion, operating system used, referrer URL, Hostname of the accessing computer, time of server request) are usually transmitted to and stored on Google's servers. How we use cookies. A cookie is a small file which asks permission to be placed on your computer's hard drive. Once you agree, the file is added and the cookie helps analyze web traffic or lets you know when you visit a particular site. Cookies allow web applications to respond to you. As an individual the web application can tailor its operations to your needs, likes and dislikes by gathering and remembering information about your preferences. We use traffic log cookies to identify which pages are being used.

This helps us analyze data about web page traffic and improve our website in order to tailor it to customer needs. We only use this information for statistical analysis purposes and then the data is removed from the system. Overall, cookies help us provide you with a better website, by enabling us to monitor which pages you find useful and which you do not. A cookie in no way gives us access to your computer or any information about you, other than the data you choose to share with us. You can choose to accept or decline cookies. Most web browsers automatically accept cookies, but you can usually modify your browser setting to decline cookies if you prefer. This may prevent you from taking full advantage of the website. Personal information collected from other sources. We allow you to share information with social media sites, or use social media sites to create your account or to connect your account with the respective social media site. Those social media sites may give us automatic access to certain personal information retained by them about you (e. g., content viewed by you, content liked by you, and information about the advertisements you have been shown or have clicked on, etc.). You control the personal information you allow us to have access to through the privacy settings on the applicable social media site and the permissions you give us when you grant us access to the personal information retained by the respective social media site about you. By associating an account managed by a social media site with your account and authorizing us to have access to this information, you agree that we can collect, use and retain the information provided by these social media sites in accordance with this privacy notice. We may also use plug-ins or other technologies from various social media sites. If you click on a link provided via a social media plug in, you are voluntarily establishing a connection with that respective social media site. If you give us personal information about someone else, you must do so only with that person's authorization.

You should inform them how we collect, use, disclose, and retain their personal information according to our privacy notice. What we do with the information we gather. We require this information to understand your needs and provide you with a better service, and in particular for the following reasons: Internal record keeping. Providing customer service. Improvement of our products and services. When you register to one of our events we use the information to send you information regarding the event and other relevant upcoming events. Please notice that you will subscribe to the event mailing list after clicking "save and continue" in the first registration page. Periodic promotional emails about new products, special offers or other information which we think you may find interesting using the contact details which you have provided. You can opt out of receiving marketing emails by clicking on the unsubscribe link which we include in all our marketing emails. Emailsalerts to you based on your account settings. Personalized experience (including advertising and marketing) on our sites according to your interests. Detect, prevent, mitigate and investigate fraudulent or illegal activities. How long we keep your data: We retain your personal information for as long as necessary to provide the Services you have requested, or for other essential purposes such as complying with our legal obligations, resolving disputes, and enforcing our policies. How we protect your data.

We protect your personal data against unauthorised access, unlawful use, accidental loss, corruption or destruction. We use technical measures such as encryption and password protection to protect your data and the systems they are held in. We also use operational measures to protect the data, for example by limiting the number of people who have access to the databases in which our booking information is held. We keep these security measures under review and refer to industry security standards to keep up to date with current best practice. Sharing your data How we might share your personal information. We may disclose your personal information to other separate services within Finance Magnates LTD or to third parties. This disclosure may be required for us to provide you access to our Services, to comply with our legal obligations, to enforce our Terms of Service, to facilitate our marketing and advertising activities, or to prevent, detect, mitigate, and investigate fraudulent or illegal activities related to our Services. We attempt to minimize the amount of personal information we disclose to what is directly relevant and necessary to accomplish the specified purpose. We do not sell, rent, or otherwise disclose your personal information to third parties for their marketing and advertising purposes without your consent. In the event that Finance Magnates LTD is acquired by or merged with a third party, we reserve the right, in any of these circumstances, to transfer or assign the information we have collected from you as part of such merger, acquisition, sale, or other change of control. In the unlikely event of our bankruptcy, insolvency, reorganization, receivership, or assignment for the benefit of creditors, or the application of laws or equitable principles affecting creditors' rights generally, we may not be able to control how your information is treated, transferred, or used. How do we protect your personal information. We use secure server software (SSL) and firewalls to protect your information from unauthorized access, disclosure, alteration, or destruction. Furthermore, our employees and third party service providers have access to your non-public personal information only on a "need to know" basis.

We follow industry standards to protect the personal information submitted to us, both during transmission and once we receive it. No method of transmission over the Internet, or method of electronic storage, is 100% secure. Therefore, while we use commercially acceptable means to protect your personal information, we cannot guarantee its absolute security. When your credit or debit card account information is being transmitted to our Sites or through our Sites, it will be protected by cryptographic protocols. To be clear, Finance Magnates LTD does not itself store your credit or debit card account information, and we do not have direct control over or responsibility for your credit or debit card account information. We use third party payment processors that are the controllers of your credit card information. Our contracts with third parties that receive your credit or debit card account information require them to keep it secure and confidential. You have the following rights concerning our processing of your personal data: Right to access Right to rectification what is that? Right to erasure Right to object (on grounds relating your particular situation) in case of processing of your personal data based on our legitimate interest (e. g. direct marketing) Right to withdraw your consent at any time in case of any consent-based processing of your personal data without affecting the lawfulness of processing based on consent before your withdrawal; Right to lodge a complaint with a supervisory authority. To raise any objections or to exercise any of your rights, you can send an email to us at [email protected] com or you can write to us at 7 Zabotinski Street, Ramat Gan, Israel. To exercise choices regarding cookies, you can modify your browser setting to decline cookies if you prefer. This may prevent you from taking full advantage of the website. To stop receiving marketing emails from us, you can opt out of receiving marketing emails by clicking on the unsubscribe link which we include in all our marketing emails. If you have created an online Profile with us and would like to update the information you have provided to us, you can access your account to view and make changes or corrections to your information. You may also contact us as detailed in the Contact Us section, below.

When you get in touch, we will come back to you as soon as possible and where possible within one month. If your request is more complicated, it may take a little longer to come back to you but we will come back to you within two months of your request. There is no charge for most requests, but if you ask us to provide a significant about of data for example we may ask you to pay a reasonable admin fee. We may also ask you to verify your identity before we provide any information to you. You can write to us at 7 Zabotinski Street, Ramat Gan, Israel. or you can send an email to us at [email protected] com. Finance Magnates LTD may change this policy from time to time by updating this page, and by providing any information to Finance Magnates LTD you're accepting such changes. You should check this page from time to time for any changes. This policy is effective from 2505 2018. Cookies Policy : What Are Cookies. As is common practice with almost all professional websites this site uses cookies, which are tiny files that are downloaded to your computer, to improve your experience. This page describes what information they gather, how we use it and why we sometimes need to store these cookies. We will also share how you can prevent these cookies from being stored however this may downgrade or ‘break’ certain elements of the sites functionality. For more general information on cookies see the Wikipedia article on HTTP Cookies. How We Use Cookies. We use cookies for a variety of reasons detailed below.

Unfortunately is most cases there are no industry standard options for disabling cookies without completely disabling the functionality and features they add to this site. It is recommended that you leave on all cookies if you are not sure whether you need them or not in case they are used to provide a service that you use. You can prevent the setting of cookies by adjusting the settings on your browser (see your browser Help for how to do this). Be aware that disabling cookies will affect the functionality of this and many other websites that you visit. Disabling cookies will usually result in also disabling certain functionality and features of the this site. Therefore it is recommended that you do not disable cookies. The Cookies We Set. If you create an account with us then we will use cookies for the management of the signup process and general administration. These cookies will usually be deleted when you log out however in some cases they may remain afterwards to remember your site preferences when logged out. We use cookies when you are logged in so that we can remember this fact. This prevents you from having to log in every single time you visit a new page. These cookies are typically removed or cleared when you log out to ensure that you can only access restricted features and areas when logged in. This site offers newsletter or email subscription services and cookies may be used to remember if you are already registered and whether to show certain notifications which might only be valid to subscribedunsubscribed users. This site offers e-commerce or payment facilities and some cookies are essential to ensure that your order is remembered between pages so that we can process it properly. From time to time we offer user surveys and questionnaires to provide you with interesting insights, helpful tools, or to understand our user base more accurately. These surveys may use cookies to remember who has already taken part in a survey or to provide you with accurate results after you change pages.

When you submit data to through a form such as those found on contact pages or comment forms cookies may be set to remember your user details for future correspondence. In order to provide you with a great experience on this site we provide the functionality to set your preferences for how this site runs when you use it. In order to remember your preferences we need to set cookies so that this information can be called whenever you interact with a page is affected by your preferences. Third Party Cookies. In some special cases we also use cookies provided by trusted third parties. The following section details which third party cookies you might encounter through this site. Third party analytics are used to track and measure usage of this site so that we can continue to produce engaging content. These cookies may track things such as how long you spend on the site or pages you visit which helps us to understand how we can improve the site for you. From time to time we test new features and make subtle changes to the way that the site is delivered. When we are still testing new features these cookies may be used to ensure that you receive a consistent experience whilst on the site whilst ensuring we understand which optimisations our users appreciate the most. As we sell products it’s important for us to understand statistics about how many of the visitors to our site actually make a purchase and as such this is the kind of data that these cookies will track. This is important to you as it means that we can accurately make business predictions that allow us to monitor our advertising and product costs to ensure the best possible price. The Google AdSense service we use to serve advertising uses a DoubleClick cookie to serve more relevant ads across the web and limit the number of times that a given ad is shown to you. For more information on Google AdSense see the official Google AdSense privacy FAQ. We use adverts to offset the costs of running this site and provide funding for further development.

The behavioural advertising cookies used by this site are designed to ensure that we provide you with the most relevant adverts where possible by anonymously tracking your interests and presenting similar things that may be of interest. In some cases we may provide you with custom content based on what you tell us about yourself either directly or indirectly by linking a social media account. These types of cookies simply allow us to provide you with content that we feel may be of interest to you. We also use social media buttons andor plugins on this site that allow you to connect with your social network in various ways. For these to work the following social media sites including; Facebook, Twitter, Instagram, YouTube, LinkedIn, Google+, will set cookies through our site which may be used to enhance your profile on their site or contribute to the data they hold for various purposes outlined in their respective privacy policies. Agreement or the failure of either Party to exercise any right or remedy to which it, he or they are entitled hereunder shall not constitute a waiver thereof and shall not cause a diminution of the obligations under this or any Agreement. No waiver of any of the provisions of this or any Agreement shall be effective unless it is expressly stated to be such and signed by both Parties. Notification of Changes. Hopefully that has clarified things for you and as was previously mentioned if there is something that you aren’t sure whether you need or not it’s usually safer to leave cookies enabled in case it does interact with one of the features you use on our site. However if you are still looking for more information then you can contact us through one of our preferred contact methods. Terms Of Use: In using this website you are deemed to have read and agreed to the following terms and conditions: The following terminology applies to these Terms and Conditions, Privacy Statement and Disclaimer Notice and any or all Agreements: “Client”, “You” and “Your” refers to you, the person accessing this website and accepting the Finance Magnates LTD’s terms and conditions.

“The Finance Magnates LTD”, “Ourselves”, “We” and “Us”, refers to our Finance Magnates LTD. “Party”, “Parties”, or “Us”, refers to both the Client and ourselves, or either the Client or ourselves. All terms refer to the offer, acceptance and consideration of payment necessary to undertake the process of our assistance to the Client in the most appropriate manner, whether by formal meetings of a fixed duration, or any other means, for the express purpose of meeting the Client’s needs in respect of provision of the Finance Magnates LTD’s stated servicesproducts, in accordance with and subject to, prevailing English Law. Any use of the above terminology or other words in the singular, plural, capitalisation andor heshe or they, are taken as interchangeable and therefore as referring to same. We are committed to protecting your privacy. Authorized employees within the Finance Magnates LTD on a need to know basis only use any information collected from individual customers. We constantly review our systems and data to ensure the best possible service to our customers. Parliament has created specific offences for unauthorised actions against computer systems and data. We will investigate any such actions with a view to prosecuting andor taking civil proceedings to recover damages against those responsible. Client records are regarded as confidential and therefore will not be divulged to any third party, other than Finance Magnates LTD, if legally required to do so to the appropriate authorities. We will not sell, share, or rent your personal information to any third party or use your e-mail address for unsolicited mail. Any emails sent by this Finance Magnates LTD will only be in connection with the provision of agreed services and products. Exclusions and Limitations The information on this web site is provided on an “as is” basis. To the fullest extent permitted by law, this Finance Magnates LTD:excludes all representations and warranties relating to this website and its contents or which is or may be provided by any affiliates or any other third party, including in relation to any inaccuracies or omissions in this website andor the Finance Magnates LTD’s literature; and excludes all liability for damages arising out of or in connection with your use of this website.

This includes, without limitation, direct loss, loss of business or profits (whether or not the loss of such profits was foreseeable, arose in the normal course of things or you have advised this Finance Magnates LTD of the possibility of such potential loss), damage caused to your computer, computer software, systems and programs and the data thereon or any other direct or indirect, consequential and incidental damages. Finance Magnates LTD does not however exclude liability for death or personal injury caused by its negligence. The above exclusions and limitations apply only to the extent permitted by law. None of your statutory rights as a consumer are affected. We use IP addresses to analyse trends, administer the site, track user’s movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information. Additionally, for systems administration, detecting usage patterns and troubleshooting purposes, our web servers automatically log standard access information including browser type, access timesopen mail, URL requested, and referral URL. This information is not shared with third parties and is used only within this Finance Magnates LTD on a need-to-know basis. Any individually identifiable information related to this data will never be used in any way different to that stated above without your explicit permission. Like most interactive web sites this Finance Magnates LTD’s website or ISP uses cookies to enable us to retrieve user details for each visit. Cookies are used in some areas of our site to enable the functionality of this area and ease of use for those people visiting. Links to this website. You may not create a link to any page of this website without our prior written consent. If you do create a link to a page of this website you do so at your own risk and the exclusions and limitations set out above will apply to your use of this website by linking to it. Links from this website. We do not monitor or review the content of other party’s websites which are linked to from this website. Opinions expressed or material appearing on such websites are not necessarily shared or endorsed by us and should not be regarded as the publisher of such opinions or material. Please be aware that we are not responsible for the privacy practices, or content, of these sites. We encourage our users to be aware when they leave our site & to read the privacy statements of these sites.

You should evaluate the security and trustworthiness of any other site connected to this site or accessed through this site yourself, before disclosing any personal information to them. This Finance Magnates LTD will not accept any responsibility for any loss or damage in whatever manner, howsoever caused, resulting from your disclosure to third parties of personal information. Copyright and other relevant intellectual property rights exists on all text relating to the Finance Magnates LTD’s services and the full content of this website. All rights reserved. All materials contained on this site are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Finance Magnates LTD. You may not alter or remove any trademark, copyright or other notice from copies of the content. All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at Finance Magnates LTD are those of the individual authors and do not necessarily represent the opinion of Fthe Finance Magnates LTD or its management. Finance Magnates LTD has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions might occur. Any opinions, news, research, analyses, prices or other information contained on this website, by Finance Magnates LTD, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. Finance Magnates LTD will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Neither party shall be liable to the other for any failure to perform any obligation under any Agreement which is due to an event beyond the control of such party including but not limited to any Act of God, terrorism, war, Political insurgence, insurrection, riot, civil unrest, act of civil or military authority, uprising, earthquake, flood or any other natural or man made eventuality outside of our control, which causes the termination of an agreement or contract entered into, nor which could have been reasonably foreseen. Any Party affected by such event shall forthwith inform the other Party of the same and shall use all reasonable endeavours to comply with the terms and conditions of any Agreement contained herein. Failure of either Party to insist upon strict performance of any provision of this or any Agreement or the failure of either Party to exercise any right or remedy to which it, he or they are entitled hereunder shall not constitute a waiver thereof and shall not cause a diminution of the obligations under this or any Agreement. No waiver of any of the provisions of this or any Agreement



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