Islamic Forex
Islamic Forex Accounts are also called Shariah forex accounts to indicate that they are in accordance with the Islamic religious beliefs and Shariah law. According to the Islamic religion, any business transactions, in which one of the parties has to pay or receive some interest from another party, are forbidden.
Many people may also refer to these accounts as swap-free forex accounts, because within this kind of accounts no swap or roll over interest will be charged or incurred to any positions held overnight. Islamic forex accounts are intended especially to Muslims as swaps go against their religious beliefs.
No Riba Policy: A client may hold positions for an undetermined amount of time and may close at any time without being charged any fees. If a ThinkForex compliance officer determines abuse in the use of this policy the client will be notified 72-48 hours and the policy can be revoked.
Musharaka or commonly called joint venture: Musharakah or shirkah can be defined as a form of partnership where two or more persons combine either their capital or labour together, to share the profits, enjoying similar rights and liabilities. In the event of losses, both parties will share the losses on the basis of the agreed ratio.
Hibah (Gift or Donation): This is a token given voluntarily by a debtor to a creditor in return for a loan. Hibah usually arises in practice when Islamic banks voluntarily pay their customers a 'gift' on savings account balances, representing a portion of the profit made by using those savings account balances in other activities. Hibah is a gift, which can be given by either patron or financial institution, in appreciation for services received.
Many people may also refer to these accounts as swap-free forex accounts, because within this kind of accounts no swap or roll over interest will be charged or incurred to any positions held overnight. Islamic forex accounts are intended especially to Muslims as swaps go against their religious beliefs.
No Riba Policy: A client may hold positions for an undetermined amount of time and may close at any time without being charged any fees. If a ThinkForex compliance officer determines abuse in the use of this policy the client will be notified 72-48 hours and the policy can be revoked.
Musharaka or commonly called joint venture: Musharakah or shirkah can be defined as a form of partnership where two or more persons combine either their capital or labour together, to share the profits, enjoying similar rights and liabilities. In the event of losses, both parties will share the losses on the basis of the agreed ratio.
Hibah (Gift or Donation): This is a token given voluntarily by a debtor to a creditor in return for a loan. Hibah usually arises in practice when Islamic banks voluntarily pay their customers a 'gift' on savings account balances, representing a portion of the profit made by using those savings account balances in other activities. Hibah is a gift, which can be given by either patron or financial institution, in appreciation for services received.
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