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Islamic Account

The islamic account helps muslims to trade in accordance with the sharia law.
Here all muslims trade in accordance to the terms and conditions of the islamic law.

Sharia law requires selling and buying goods directly and exchanging monetary values directly without monopoly or restrictions on the selling or buying process.
And now with Al Oula you can trade Forex 100% Halal and a client can rest knowing their account is traded lawfully and halal.

Islamic accounts are very sensitive so a client needs to consider the trading conditions and services offered plus the borker himself.Look through all company reviews for a specifc company you would like to open up an account with and settle for the best broker other than trying out with more than one broker to see who works better.

The conditions for Islamic forex trading accounts :

Currency trading is one of the most difficult dilemmas in Islamic jurisprudence (Faqih).It requires the simultaneous exchange of currencies, which makes it a kind of hand to hand exchange.Many scholars consider the record of money transferred to or from a bank account as delivery. To resolve the issue, several decisions and fatwas have been issued and according to these decrees, the conditions for trading currency are :

  • Immediate buying and selling without delay.
  • The currencies need to be transferred from the account of the seller to that of the buyer and the reverse is true.
  • The cost of the trade should be paid immediately
  • No interest on trades. If there is any interest made on the trade, the contract will be invalid, void and Haram.

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