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To cater to a growing clientele of Muslims in forex trading, the No Riba or Islamic forex accounts was created. The principal belief of Muslims in financial speculation is that the concept of interest is bad and should be avoided at all costs. Muslims, by faith, cannot earn interest on their deposits. Investors can trade in forex, but not earn interest in their opening accounts.

Open an ISLAMIC Forex account today:

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Roll over fees

The policy of faithful Muslims is to avoid receiving or paying interest in any kind of economic activity. The interest charged in a usual forex account is known as SWAP or roll over fees and they can vary from one forex broker to another. As a Muslim, anyone can opt for an Islamic forex account in keeping with the person’s faith. Muslim forex traders are not charged interest on their opening accounts to avoid non Muslims from feeling discriminated against.

The reason why non Muslims feel they are not being fairly treated is that Muslims can keep their open accounts for a long period without any interest. This is one of the downsides of a Muslim forex account. Many people also misuse the facility by maintaining two accounts, one Islamic and a normal account. They take a short position on an Islamic account and go for a longer position on a non Islamic account. The profit in one account gets cancelled by the other.

Many Muslim forex accounts are called Sharia accounts as well with free options for getting more Muslim clients. Many traders using both accounts can offset the loss on one with the profit earned from another. This system is also known as carry trades and is not allowed by many forex brokers who want to stick to a fair rule for everybody. Many professional brokers do allow traders to maintain both accounts in keeping with the growing demand.

Total compliance with Sharia laws

You can find accounts with forex brokers that are in full compliance with Sharia laws and you can open a real money trading account. With the forex brokers, you can also get to practice at their demo account which is a great way to master the technical and fundamentals. Once you sign up, you can request the broking firm for a swap free account which is easily downloadable. You can send them back after signing to the broking firm where you have your Islamic forex account.

Usually, all broking firms have a set rule about the swap account. As soon as they receive your request after you send the filled out and signed form, the accounts department of the forex broking firm will file it according to Islamic accounts guidelines. The policy to be followed by the firm will automatically be swap free.

But the brokers will always verify whether you have submitted the right evidences for maintaining the account and also if there is any complaint, they can ask you to close the account with them. Once you get your Islamic forex accounting systems done, you will begin to enjoy the same features of the Metatrader platform that is available to others for availing the forex sign up bonuses.

You can also enjoy the leveraging facilities and the options trading that are enjoyed by others. These are common advantages that forex traders with a Sharia account can also enjoy. You can trade in more than 70 currencies, futures and CFD’s. Like others, Islamic forex account holders will be assigned a forex account manager and you will be entitled to 24/7 support and service for making money in the very high volume speculative of all trades.

On the national multi commodity exchange of India the online gold futures trade would be launched very soon. This launch would literally place India with New York and even the Tokyo commodity exchange in terms of gold. This would benefit many exports, jewelers, banks that are into bullion trade do a fantastic job and it would secure them from the sharp price fluctuations actually. This online gold futures trade is being launched over the online commodity futures trading terminal of Geojit. This would really enable India to be one of the countries that would determine the price of gold in the world gold market.

There are quite a number of people who try to protect themselves by positioning themselves over the international commodity exchange. But then there are quite a number of people who like to go for the illegal routes. It has been reported that at the moment demand is a little bit on the lower side. This is mainly because the rate of gold dollar has shown an upward trend actually. It has come close to a value of $1255.

It has been observed that both and dollars move in the opposite direction actually. And investors usually choose one as the alternative when the other is not as favorable. In India gold at MCX (multi commodity exchange of India) was found to do trading at a value of 18,966. This value coincides to a percentage of 0.57%.

A bank dealer complained that though they had been in position where they were able to do dealing of 100kgs but in a market where demands start coming up, it was not possible to strike a very good deal actually.

It has been pointed out interestingly that the deman for gold in a country like India which happens to be the biggest buyer of bullions show an upward trend during few particular months like the region between September to November. Basically in the month of November the auspicious occasion of dhanteras is celebrated. During this point of time basically people are interested in buying things made of gold, be it jewelries or any other embellishments.

If the rupee gets stronger then it would naturally have a very important role to play out here. The dollar denominated commodity would turn cheap as soon as the previously mentioned strength increment of rupee takes place. And this mainly happens because it plays a prime role in determining the cost of gold. The cost of gold is usually quoted in dollars. A poll has given an estimate value of India’s gold imports in the year of 2010. It came to 504.5 tonnes which happens to be a figure which is 24.5 tonnes more that what it was in the last year. Gold happens to be one of the most well known and popular commodity that is used actively as traded futures. Basically if we observe carefully then we will find practically every country has futures exchanges. Some of the countries are really lucky since they have more than one commodity as futures exchanges. But now let us have a look at the meaning of futures trading briefly. When the buyers and the sellers get involved in this kind of transaction, then there can be special contracts which they can choose to enter. One such contract is the futures trading contract. This process is usually aided by futures exchanges, here one would get the right to sell or buy any commodity or product or it can be any service in the future. Now this happens to be one of the most colorful and bright option as trading.