What is a Halal Trading Broker?

No-swap period
Some brokers will only allow you a limited amount of time during which you can trade without interest. These are known as no-swap or no-swap periods. The Halal broker will allow unlimited trading without interest.What is an Islamic trading account?
An Islamic trading account is an account that is free of interest in all its forms, regardless of the term of the contract. Here we mean usurious interests, those interests that the trader pays in exchange for leaving the position open for the next day or a longer period.
The problem with ordinary trading accounts lies in paying a usurious value to the broker in financial transactions. Therefore, the forbidden Riba in Islam is the basis for trading in these accounts. Riba in online trading mainly arises from rollovers imposed on trades that remain open for the next day. Here arises the problem of usurious interests in violation of the provisions of Islamic law. If a trader opens a position and more than 24 hours have passed without closing it before 5 PM New York time, that position will be rolled over for the next day. At that point, an extension fee is applied to the transaction, and these fees are considered Riba. Many may think that the solution to this problem is to close the position before the end of the day so that no interest or swaps are charged. But this method can also cost you a lot due to the shortening of the transaction time and the spread of the spread (price difference). Therefore, the ideal solution for traders who want to follow the teachings of Islamic law is to open an Islamic account that is free of any Riba interests. In this account, the Halal broker closes the position at 5 PM New York time, so the trader avoids paying any interest and the broker bears the cost of the spread for the new contract as well.
In an Islamic trading account, the broker pays the spread commission on behalf of the trader for opening new trades, and the trader does not incur any additional fees even if the trade is not renewed for the next day. The difference between the Islamic account and the regular account lies in the Riba interest imposed on the regular account, which is considered a violation of Islamic law. The Islamic trading account is free from any form of usurious transactions and will not pay any additional fees for overnight trades or any other fees for reopening positions the next day.
Islamic trading account features
- Completely free from any usurious transactions or interest.
- Elimination of overnight fees on transactions of more than 24 hours
- There is no delay in trading, but trading continues during the official market sessions.
- All Islamic account transactions comply with the provisions of Islamic Sharia.
- Transactions depend on the credibility and transparency that the trader is looking for in today's markets.
- Long-term deals without the risk of lowering your profits, and this is due to the absence of swap commissions.
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