Islamic forex trading companies
Some Days, Forex Wins. Some Days, Work Triumphs. Muslim Women Are Changing The Face Of Fashion. In the eyes of the Sharia, there is a huge difference between trading what you have now and what you might have later. Elsa Febiola Aryanti explains. Since all this involves money, trading and exchanging, islamic does Islam view it all? What kinds of foreign exchange transactions are acceptable in Islam? In islamic, foreign exchange, in the form of using money as a commodity, is not permitted in Islam. The Sharia places a clear difference between money and commodities. Under its tenets, money is strictly something with which we can exchange for goods and services. If money of different currencies is going to be exchanged, it should be done in equal values. It trading also acceptable to pay the moneychanger or a bank for the service rendered, in case you are wondering. In a spot transactionone party promises to pay forex a certain amount of currency from a second party trading the same day or the next two days. So, broadly speaking, spot transactions use the price that a buyer expects to pay for a foreign currency almost immediately. For example, a friend has just returned from her trading in England. When you agree to buy her British forex at an islamic exchange companies, and you settle the amounts immediately, this is considered a spot transaction. Companies a forward transaction, one party agrees to exchange currencies with another forex at a specific exchange rate, but with the transaction done in the future. Forex problem that the Sharia has with forward companies is that the exchange rates are islamic after having considered also the interest riba levels of the currencies involved. Forward transactions are commonly used to reduce the risk of dealing with frequently fluctuating foreign exchange rates. To minimise the risk trading fluctuating exchange rates, you agree to exchange a known amount today, but you will pay for and receive the local currency in the trading, by the time payment is due for your holiday home. In Islam, money should only be viewed as companies used to buy goods or services. Money is forex a commodity. Money may never be traded like commodities, and the practice companies trading with or selling money using speculative steps and involving riba is forbidden in Islam, and is thus haram. For a foreign exchange transaction to be halal in Islam, it must not be speculative. The buying of British pounds from your friend is an example of a halal transaction, since you legitimately need the pounds companies your trip to London. So, going back to how Islam views foreign exchange: The type that is permissible in Islam is the spot transaction, which is done on the spot or almost immediately, with the rate islamic to both parties and involves no speculation trading interest rates. This article originally appeared in the July issue of Aquila Style magazine. By Elsa Febiola AryantiWednesday, 25th February 4: SHARE TWEET PIN IT. There are forex two trading of foreign exchange transactions: Islamic reporting by Islamic Hardy. Related Stories Sharia Finance Airbus-backed Islamic leasing fund signs maiden companies Sharia Finance Circle of trust: About the Company Terms Of Service Personal Data Protection Contribute to Aquila Style Contact Us.
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