Forex and Islam

Gaining halal money (legal way of earning money based on Islamic rules) is a very sensitive matter in Muslim world. When observing the Forex market from a religious point of view, one problem that can be seen is daily interest rates that investors pay or receive. However, at ForexSignalsTurkey, your account can be an interest-free account. We make sure to respect religious views of our clients, therefore we made agreements with our main brokers in order to allow you to operate interest-free accounts. You can contact us if you have any questions regarding our interest-free accounts. Another expectation a religious person might have regarding Forex would be an answer to the following questions: Is making trades and gaining profits (or incurring losses) in Forex market halal?

Yes. There is a term in Islam called sarf akti. Sarf akti is known as the exchange of money in transactions in Islamic law. Because this exchange takes place with cash, it is allowed by Islam. You may buy or sell money in any country including your own. Prophet Hz. Muhammad also has statements in holy book Quran which confirms the legality of such trades in Islam.

Note: Note: Most of the brokers we work with do not apply daily interests. However, if you work with brokers that apply interests, you may distribute those interest amounts to the people in need. Practicing such activity will provide you with a chance to protect yourself from earning "haram" income.

Forex is a High Risk Investment

Trading in the foreign exchange markets on margin carries a high level of risk, and may not be suitable for all individuals. The high degree of leverage offered in the Forex markets can work against you as well as for you. Before deciding to trade in the foreign exchange markets you should carefully consider your investment objectives, your level of experience, and your risk appetite.

The possibility exists that you could sustain a loss of some or all of your equity and therefore you should not invest money that you cannot afford to lose. Only true discretionary cash should be used in trading. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle.

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