Anyone who scrutinizes various moneymaking efforts on the internet certainly knows about Forex. Forex, or foreign exchange, trading business is a moneymaking business that involves the selling and buying of a pair of foreign currencies. This business becomes extremely popular when it is available to be undertaken over the internet. Many internet users who seek extra income can find numerous Forex brokers with which they can collaborate to gain lucrative income through their Forex business.
There are many terms involved in Forex trading business. Among them, Forex SWAP and Forex roll over are considered the most polemical especially among Muslim traders because those Forex terms involve the reception of interest. SWAP, or usually called overnight interest or premium interest, is the exchange of one interest for another to get the profit from the difference of those two interests. Roll over, on the other hand, is the process of extending the settlement date of an open position. This process, again, also involves interest because the buyer expects to receive interest from the extension. Such interest is common in Forex trade because this trade involves the borrowing of one country’s currency to buy that of another country. Both SWAP and roll over are polemical among Muslim traders because most Muslims believe that income gained from interest is regarded as religiously unlawful.
Fortunately, there are a number of brokers on the internet that enable traders to join Islamic Forex account. Unlike regular Forex account that enables traders to get profit from Forex SWAP and roll over interests, this Forex account is completely interest free. There are several policies involved in this account, including no riba policy, which makes sure that interest will not be involved in the trading; musharaka policy, which refers to the kind of Forex trading as a profitmaking joint venture that is not intended to burden one side of the cooperating parties with interest; and hibah policy, which refers to gift awarded voluntarily in return for a loan given. Those three policies make sure that income gained from this Forex account is religiously lawful.
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January 14th, 2012 at 6:50 pm
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January 14th, 2012 at 8:10 pm
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March 15th, 2012 at 12:12 pm
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