Islamic Forex Brokers - Best Sharia Compliant FX Accounts

Shariah Positional Wealth Creator | Forex profit, Forex Signals, Comex Profit

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How do you invest in Stocks? (EUROPE/US)

Hi, I just want to know Which Broker do you use to Purchase Stocks. I am not interested in Forex/CFD's as i dont consider them to be Halal (Shariah Compliant). I Just want to know which Broker works best so i can create an account and use it to purchase the stocks.
Etoro seems very simple and easy to use but i have heard bad stuff about Payment Delays and i dont want to lose access to my funds for Long periods for no good reason. Heard Decent stuff about Interactive Brokers. Anyways i would love to hear about your experiences and recommendations.
Also, if anyone wants me use their SARWA Code let me know. I think you get a AED 250 bonus if i do that.
THANKS!
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Have any of you radically changed your political views since childhood?

I grew up in a typical conservative middle-class household in the 90s. Like most conservative families, I grew up hearing about how horrible Sheikh Mujib became after 71, and how people were so relieved after he was murdered in 1975. This is something I heard from everyone, relatives, friends, etc. I, too, used to hate Sheikh Mujib. I thought he was a dictator, pro-India, anti-Islam, traitor, just wanted to be Pakistan's PM, etc.
Of course, I was a teenager in the 2001-2006 period when the BNP-Jamat government rammed the entire country into the ground. There were hartals and oborodhs all the time, electricity used to go off every other hour, terrorist would blast a bomb every other week while the government would term it all as a "conspiracy", there was no development and we would stagger from one crisis to another. Mullahs would carry out misils all the time calling for Shariah law, and attacking Ahmadiyya houses. Khaleda Zia had zero control over the country. She just didn't have any leadership qualities. I felt that I wanted to leave this shithole as soon as I got the first opportunity.
The BNP regime was interrupted by the caretaker government. Full of "highly educated" bureaucrats, I naturally supported them. But their "Minus 2" plan went nowhere, and they weren't being able to handle the country either. Fakhruddin Ahmed and Moinuddin Ahmed just didn't' have any leadership qualities either. Facing an unfavourable situation, they at least had the decency to organize elections and arrange a respectable exit for themselves.
Then we the Awami League get power in 2008. I still hated them back then. Their first term, 2009-2013 was full of turmoil, with the "Shahbag movement" and the "ICT Tribunal" and the hanging of the senior Jamat leaders. But the country gradually started getting into shape. If you look at the economic indicators we started taking off in 2010. By 2014 political stability was re-established. This was all possible due to Sheikh Hasina's leadership qualities, which others lack. The Awami League's electricity reforms paid off, and loadshedding is largely over in Dhaka. Awami League drastically reduced prices of broadband internet, and we got access to bufferless YouTube for the first time. BNP was jumping up and down screaming that government was looting crores of taka under the name of quick rental power plants. But our forex reserves zoomed from 10 billion to 30 billion. New roads were being built everywhere and Bangladesh's Debt-to-GDP ratio remains one of the lowest in South Asia, and in the world.
So I was really forced to re-evaluate my hatred of Awami League, Sheik Hasina and Sheikh Mujib. When I looked back at the life of Sheikh Mujib, I found that he dedicated his life to the people of East Bengal. He was a part of the Muslim League to get independence for us, and after witnessing the bloody religious riots changed his worldview to secular democratic socialism. That's something very admirable! That's not anti-Islam at all! And then he joined forces with India to free East Pakistan. That's not treason, his loyalty was to the people of East Pakistan. He single-handedly united 60 million very backward and uneducated people and led them to independence. After that, he presided over the creation of a Constitution that was secular, in a overwhelmingly rural, uneducated Muslim country. He could easily have given in to Saudi Arabia in return for oil, like so many Muslim countries, but did not compromise. He could have chosen to recognize Israel, and have gotten instant recognition and support from the West, but stayed firm to his principles of loyalty to the Palestinian people. All of his actions point towards the qualities of a great leader. Sheikh Mujib did not allow the Indians to stay in Bangladesh and ensured their withdrawal.
Just have a look at countries around the world today. Look at Syria, where they have a bastard dictator who murders his own people, and an opposition full of traitors and terrorists. Look at Libya, where the people have no leadership. Look at India, where they are under the thrall of a fascist religious dictator Modi. Sudan is only establishing secularism in their constitution in 2020, while Bangladesh did it 50 years ago!!! Look at Iran, where people are all trying to escape their religious government. Look at Pakistan with their blasphemy laws and their mullahs trying to oppose any law against child marriage! We bypassed all of this thanks to Sheikh Mujib and his foresight!!!
The closest leader who resembles Sheikh Mujib would be Mustafa Kemal Ataturk. While Ataturk was objectively greater than Sheikh Mujib, since he was an accomplished military leader who led the actual Turkish War of Independence himself, Ataturk also modernized a backward, rural, uneducated nation overnight into a modern, secular and democratic state. Of course, Ataturk has many haters. They also accuse him of being a dictator. But his achievements greatly overshadow any sacrifices that may have been required to achieve the goal of a modern independent Turkey. The same goes for Shiekh Mujib. Whatever are his faults, Rakkhi Bahini, BAKSAL, I am willing to forgive him for his leadership during our independence and his creation of a secular and democratic Bangladesh.
Today we are blessed to have his daughter Sheikh Hasina in power. Lots of you might call her "fascist". That's such a lazy and pathetic position to take. Trust me, if there was any other leader other than SH as PM the government would be just as "fascist" as her government is now. Its so easy to sit back behind a PC and cry "fascist fascist fascist". YOU try organizing a political party in a nation of 165 million people, and then successfully leading that country on the path towards economic development. Without a doubt, if those crying 'fascist fascist' were put into power as PM they would be 100 times more fascistic than Sheikh Hasina is right now.
Without a doubt, human rights abuses occur under her. Abrar was beaten to death by BCL thugs (which was fully supported by the 'humanist' Taslima Nasrin btw). But those BCL thugs are in jail now. Major Sinha Rashed Khan was murdered by OC Liakat and Prodip. Both of them are in jail. If SH was as fascist as people claim, they would be out in the streets, like the Hindu thugs who carried out the Delhi riots in February, or the terrorist Mullahs in Pakistan who forcibly convert and kidnap Christian girls.
So, from what I have seen, Awami League is an organic political party of the people of East Bengal. They have deeper roots in the hearts of the people than any other political movement. And they should be lauded because they have established secularism and inclusive nationalism where there is space for Bangladeshis of all religions and ethnicities in a united Bangladesh. While sometimes they have acted in a fascist manner, it is excusable because there is no other alternative in Bangladesh who can win elections and be more liberal than BAL. Instead of pathetically criticizing them, those who want the best for Bangladesh should work with them in order to reduce the human rights abuses which do still occur. BAL will be remembered in history like the PAP of Singapore, or the UMNO of Malaysia, or the Chinese Communist Party; all of whom were authoritarian, who were accused of being fascist, but ultimately ensured the evolution of their societies from backward uneducated agricultural societies to modern, secular democratic industrial ones.
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The rough guide to the Islamic Investment world (in South Africa)

So this is my rough guide to Islamic investments within the South African Universe (it can apply globally, except my examples is all South African based). Hope it is informative and encourages halal investing.
Suggestions welcome
Section 1: Investment Universe 
  1. Islamic Bank fixed deposits
About: Invest your money for a fixed period (1 month up to 5 years). Get profit when period is completed
Pros: Reliable profit , Low financial risk, low Islamic risk : covered by a board of Shariah scholars
Cons: Low profit rates.

  1. Unit trusts
About: Collective investment - managed by investment company, protected by SA law, typically invests in equities, sukuks and property
Pros: Plenty of choice, Provided by registered Financial Service Providers, Sharia Boards , diversification
Cons: Typically High fees, .

  1. ETF
About: Collective investment
Pros: low fees, Provided by registered Financial Service Providers, Sharia Boards , diversification
Cons: only one option in SA, heavily weighted on Resources

  1. Shares
About: Pick your own stocks off the exchange
Pros: High profit potential,
Cons: Very Risky, No Islamic oversight (hence need to do your own screening)

  1. Property
About: Tried and test property
Pros: Stable Asset, Tangible, Straightforward, Zakah benefits,
Cons: High capital outlay, expensive legal costs (transfebond registration) , Not very liquid,
  1. Custom Wealth Solutions
About: Customized Wealth management and investments
Pros: Professional advice, custom solution
Cons: Available exclusively to high net worth individuals, Investment advise appears to be fee based

Section 2: Definitely not halal 
  1. Margin based investing: Margin = interest = haram. Also very risky
  2. Futures contracts: Shorting, going long, all CFD's and futures contracts are impermissible. Because a condition for a halal investment is that the underlying asset must be owned
  3. Forex: Or at least forex based on CFD's and margins. Buying dollars to travel should be perfectly fine.
  4. Stocks/Equities that primarily deal in haram activities: Gambling, pork, etc

Section 3: Grey Areas 
  1. Crypto ( Bitcoin ,etc) : In theory these should be more "halal" than fiat currency (what all money in the world is) however there are differences of opinion.
  2. Shares : There are grey areas : Most companies has an element of haram income (interest, etc). Scholars have devised ratios to to filter out "islamic stocks" from haram stocks (30-33% max debt, max 5% haram income, liquid ratios, etc). It is for this reason these stocks requires dividend purification.
However you should be aware of this before venturing into to stocks as you might not be comfortable with that thought (This also affects EFTs, Unit trusts, etc).
3 Easy Equities: Easy equities makes it cheap and easy to own equities. However I would at all times buy/sell only whole shares and not fractional shares. Fractional shares are done as a CFD (a bit different from a forex CFD). You get all the benefits of ownership such as dividends and capital gains on a pro rate basis. But you do not actually own the CFD until you buy enough CFD to get a real whole share. That being said, it is still grey, best to avoid fractional shares entirely
4. Halal Forex Accounts: Somehow these are marketed that way. Here's a link to (Islamic Finance Guru) who has a bit more knowledge on this. (Note: I am not affiliated in any way or get any benefit)
Section 4: Conclusion 
I sincerely hope this helps , and encourages to invest in the Islamic world.
Any ideas, inputs and suggestions welcome.


Disclaimer 1 : Corrections welcome, I am not a learned scholar, this is not financial advice, you bear the responsibility & consequences of your own decisions/investments
Disclaimer 2 : At some point FNB Sharia board quit , they subsequently hired a new board. They don't however make it easy to find who is in the board from their website. However the information can be found in news websites.
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Shariah ETFs?

Just want to know if anyone is investing in Shariah compliant ETFs, according to the Lowyat post on directly investing in the S&P 500 there is no Shariah-listed ETFs available (I've checked). So according to my research there seems to be a few ways:
  1. Wahed Invest, though it's indirect investment since they spread out the investment even if risk-tolerance is maxed out.
  2. MyETF US Dow Jones US50 Index. Listed in the local stock market but subject to Forex changes, denominated in USD, prices not following NAV (a lot of the times if you buy you'll buy at a PREMIUM compared to NAV) and unknown whose exchange rate we're using. Even then I don't know whether my broker will charge additional fees in order to convert. The fund itself charges around 0.4% annually calculated from your number of stocks times the NAV price at the time of fee charges. Also probably 30% dividend witholding tax.
Anyone willing to share their knowledge? Maybe the sifus could put out a Shariah-compliant version for us noobs. :P
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The first round of IEO successfully completed!

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Question about Forex trading in the Islamic world

Hey everyone! Sorry If I am posting this in the wrong area but as a non-Muslim I am curious about Forex trading in the Islamic world.
What should a forex broker do to ensure that its activities comply with Shariah law, and what features should trader’s accounts have in this connection? Do Halal accounts give brokers any advantage over competitors?
I know there is a lot of discussion on this and how it is Haram or Halal and I just wanted to learn more about it.
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Message from BNM Governor MI

My dear colleagues,
No doubt many of you have read, listened or watched the news and social media coverage on the speculation of me vacating the Governor’s position. In fact, you were probably queried and asked by numerous family and friends on the validity of these reports.
This morning, I thought it is important that I speak to you candidly on this matter.
When I took office in May 2016, I vowed to execute the responsibility of the office of the Governor with the highest level of professionalism, integrity and honour. Over the past few weeks, there have been serious questions raised if I have fallen short of this standard and put at risk public confidence in the Bank.
As a central bank, we are only as effective as the trust and confidence that the people of Malaysia and its leaders place in us.
I am prepared to relinquish my post if I no longer have the strong trust and support of the public. I cannot in good conscience continue if it affects the Bank’s image and reputation.
We are judged by the decisions we make, like for example the recent purchase of Lot 41, acquired at RM850 per square foot, which has attracted wide public interest.
The perception is that the purchase of the land was made to intentionally aid and abet the misappropriation of public funds pertaining to the corruption and scandal surrounding 1MDB. This is totally untrue. Bank Negara Malaysia will never be party to any such activities that would betray the public trust in us. We abhor any semblance of corruption and abuse of power.
Skeptical as many may be, the Bank did not know nor did we have any control over the proceeds of the land purchase that would be used to settle 1MDB’s obligations. It is simply unthinkable for us to be associated with such a controversial entity mired with accusations of fraud and mismanagement. It is not in our nature to do such things. We even took enforcement action against them earlier.
The 1MDB scandal has cost the country dearly and as a Malaysian myself, I am deeply angered, distressed and outraged. This is indeed a matter of significant public focus and I can understand why any association with the scandal, unintended or otherwise, is invariably met with a strong sense of public outrage.
My priority now is for the Bank to move forward and continue to focus on delivering its mandates to serve the Malaysian people.
My dear colleagues,
The purchase of Lot 41 land was not the first time we have done such a transaction. As many of you would know, we have over the years, acquired several pieces of land throughout the country to enable the discharge of our mandates. Our own headquarters presently were built on three separate land acquisitions made in the 1950s and 1980s. The Bukit Perdana land, acquired in 2013 at the price of RM1,235 per square foot was also based on an independent professional valuer, upon which the ongoing construction of the Asian School of Business and the Financial Industry Training Centre are being done, are also the nearest examples.
We have also always wanted to create greater synergies between our numerous affiliated institutions and ensure talent development for the financial sector workforce. With this objective in mind, we indicated our interest as early as September of 2016. We initiated the purchase of the land a year later when we knew that there was an emergent interest by the Government then to sell this land. We believe that it was an excellent opportunity to secure an asset on fair terms that will be central to sustain our future long-term growth. We have a vision for a Financial Education Hub that will also host among others, a global Islamic finance university, a Shariah academy and research centre, a financial services library, innovation labs, a cybersecurity operations centre and an integrated security command centre.
We ensured that everything was done in the right manner, with proper governance and accountability, including compliance with all relevant laws. Internally, we deliberated this at a number of Board meetings. We even recommended to the Government for the sale to be best done by way of a public tender which we would be glad to participate competitively in along with any other interests. We also chose to publish a press release in January 2018 to inform the public of the purchase in our effort to be transparent.
Coming out fresh from the experience of a Royal Commission of Inquiry on forex losses of thirty-years past, the Bank was careful to make sure everything is above board. We knew that we need to pass the test of public scrutiny in everything we do to maintain our reputation and confidence of the public.
For more than 34 years, I have always strived to serve, to do my best in the interest of the country, its values and its people. The office of the Governor is a heavy responsibility with great capacity for good. It is also a privilege, as it entails working with possibly the best talents Malaysia has to offer. Malaysia is at a critical juncture in our history, it is important for us to stand united as an institution in rising to the occasion. The Malaysian people expect nothing less than our full dedication and commitment.
This institution is bigger than any individual, and I truly believe our best days are ahead of us. Let us draw courage, lessons and strength from this.
Thank you.
Regards,
Muhammad bin Ibrahim Governor
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Question about forex trading in the Islamic world

Hey everyone! Sorry If I am posting this in the wrong area but as a non-Muslim I am curious about Forex trading in the Islamic world.
What should a forex broker do to ensure that its activities comply with Shariah law, and what features should trader’s accounts have in this connection? Do halal accounts give brokers any advantage over competitors?
I know there is a lot of discussion on this and how it is Haram or Halal and I just wanted to learn more about it.
submitted by Welcome_to_Russia216 to stocks [link] [comments]

Forex trading in the Islamic world

Hey everyone! Sorry If I am posting this in the wrong area but as a non-Muslim I am curious about Forex trading in the Islamic world.
What should a forex broker do to ensure that its activities comply with Shariah law, and what features should trader’s accounts have in this connection? Do halal accounts give brokers any advantage over competitors?
I know there is a lot of discussion on this and how it is Haram or Halal and I just wanted to learn more about it.
submitted by Welcome_to_Russia216 to Forex [link] [comments]

Forex com Review 2020 - Pros and Cons Uncovered - YouTube Stock Market Investing & Trading in Sharia Perspective, By Doctor Zeeshan Saheb What is Forex? Shariah Compliant Forex is Here. A look at Wahed, an online halal investment platform ... Islamic Forex broker ⭐Best Islamic Forex trading account ⭐ Do Shariah compliant trade forex? - YouTube HOW IS FOREX RELATED TO ISLAMIC SHARIAH ( HALAL/HARAAM ... Islamic Finance - FOREX Trading: Halal or Haram by Sheikh ... FOREX.com - YouTube

Also known as swap-free accounts, Islamic trading accounts differ in several ways from regular Forex accounts. As Sharia law prohibits the accumulation of interest, traders with Islamic accounts do not pay or receive interest rates. In addition, transactions in accounts based on Islamic finance must be carried out without delay, so currencies must be transferred from one account to another ... Many brokers offer these traders the possibility of trading Forex according to Sharia law by opening an Islamic Forex account where interest-free Forex trading is made available. This is also called a ‘No Riba Forex’ account. The team at Daily Forex examined the top Muslim friendly Forex brokers and has compared them in an easy to read list where you can determine which Islamic Forex ... Currency trading on forex trading accounts is fully Sharia-compliant if you’re not charged daily interest known as swaps. Interest is replaced by daily administration fees or the like, charged at the broker’s discretion. Islamic gold trading. Trading gold is one of the oldest exchanges on the planet. Throughout history, gold has been traded by Islamic businessmen in full Sharia-compliance ... Forex trading generally involves what Islamic finance terms as ... You did not cover some of the ways that brokers attempt to make sharia-compliant accounts. E.g. so called “swap-free” In other words, if their upline LPs are charging interest, they must cover it somehow. Either by charging increased commissions, widening spread, etc. How do you respond to people who say that these ... If you practice the Islamic faith and observe Sharia law using a regular forex trading account, interest charged or paid on regular forex accounts might be against your beliefs. For this reason, a ... Islamic Forex Account. Are you a trader of Muslim faith? Then consider our Islamic Forex Account, which allows you to trade on the standard terms without having interest fees credited or debited. The swap-free option is available on our Trade.MT5 account, and ensures Islamic traders do not pay or earn swaps or interest on CFDs on currency pairs, indices, commodities, shares, ETFs and bonds. Standard Forex trading accounts tend not to be Sharia compliant due to the practice of charging overnight swaps. Forex accounts either receive or are charged a fixed rate of interest when a trader holds a position overnight. Whether an account receives or is charged a rate of interest depends on the borrowing costs for the two quoted currencies, though many brokerages add in an extra charge to ...

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Forex com Review 2020 - Pros and Cons Uncovered - YouTube

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