Many followers of Islam confuse themselves that Forex trading is haram. Forex trading is halal when done with a proper trading strategy with an Islamic account. Another set of Muslims thinks that forex trading is similar to gambling which got prohibited in the Islamic religion. MRFX wants to clear one thing to the traders. Forex trading is a process of purchasing and selling currencies. It gets performed with the help of a market analysis done based on the available data by learning fundamental and technical analysis. Beginners can start trading once they feel confident of their expertise in the markets. Forex Trading this way is not haram. It is halal!
As a renowned Forex trading company, We wish to answer some questions. These questions raised here are from our Islamic brothers and sisters. We hope these answers will help create promising and successful traders in the future. MRFX feels happy about being a part of making new ventures in people's lives.
The Islamic religion believes most of the trading activities are not halal. As We have already mentioned, MRFX follows practices that never disrespect the thoughts and beliefs of the holy Islamic religion. These practices include following Islamic finance principles. The principles we follow are, prohibition of the collection or payment of interest rates; Sharia law prohibits interest payments (riba), which the religion views as an exploitative technique that increases a lender’s profitability at the expense of the borrower — in this case, it’s the liquidity provider and the trader. Prohibiting any form of gambling or speculation Sharia law also prohibits maisir, which refers to any form of gambling or speculation. It indicates that Islamic financial institutions should not make transactions based on a game of chance. We, MRFX, use past data instead of playing such games against the buyers. The Islamic financial principles are not encouraging transactions since those transactions carry risks; The market analysis will help mitigate the related risks. These principles follow sharia law. If you need any further clarifications, we recommend you consult your religious leaders or our Islamic team members for confirmations regarding forex trading.
Trading principles of western banking principles and what Islam preaches regarding trading are little different. Our Islamic forex brokers work tirelessly to make Islamic traders' investments profitable by adhering to Islamic religious principles. Islamic Forex brokers also act like other standard brokers. They try to make some amendments to adhere to Islamic trading principles. Accordingly, Swap-free accounts come into play that do not charge swap interests or commissions while swapping the currencies. Though these Islamic accounts do not bring much profit to the brokers who deal with them, MRFX is concerned about the growth and well-being of the traders in terms of profit.
Followers of Islam can buy and sell currencies. According to Sharia Law, it agrees on the trading of different currencies. It is generally halal since it is compatible with the Shari Law.
An Islamic broker has many similarities with a standard broker. Working with such a broker might bring you a better understanding of Islamic Trading. Islamic Accounts will not have swap commissions for the broker. We, MRFX, want to assure you that, We are well aware of this fact. Our brokerage services are flexible to cater to your trading needs. A crucial point to be noted here is, Trading is an activity that requires the collaboration of both broker and the trader. MRFX welcomes all trade enthusiasts with open arms to start off their trading experience. Trust Us! We bring you towards the profit arch that never ends.
Our products are traded on leverage. It means the products that got traded carry a high level of risk. So, there are possibilities of losing your entire deposit. MRFX wishes to clarify that these products are not suitable for all investors. Investors should make sure that they have fully understood the risks associated. Before investing, please carefully consider your financial situation and trade at your own risk. Seek independent advice if necessary. MR Square Global Investment Pvt Ltd has incorporated in the United Kingdom. We offer services to south Asian and middle east countries to ensure every individual in this part of the world has access to leveraged financial products.