What is Riba and what is its ruling in Islamic law?
According to the principles of Islam and the laws of Islamic law, making an unjustified amount of profit by borrowing or lending is a sin (Riba). A Muslim must avoid engaging in any kind of Riba in his business or trade or any type of monetary transaction. The two parties who participate in the process of lending (the lender) and paying the interest (the borrower) participate in this sin (Haram).
If you are trading Forex, CFDs, or cryptocurrencies in an interest-focused manner, this is considered Haram trading in Islam and is strictly prohibited. According to Islamic law – Doing any business that involves commissions, interest, or unjustified profits is a sin in Islam.
It came in Surah Al-Baqarah (Surah 2 – Verse 275):
الَّذِينَ يَأْكُلُونَ الرِّبَا لاَ يَقُومُونَ إِلاَّ كَمَا يَقُومُ الَّذِي يَتَخَبَّطُهُ الشَّيْطَانُ مِنَ الْمَسِّ ذَلِكَ بِأَنَّهُمْ قَالُواْ إِنَّمَا الْبَيْعُ مِثْلُ الرِّبَا وَأَحَلَّ اللّهُ الْبَيْعَ وَحَرَّمَ الرِّبَا فَمَن جَاءهُ مَوْعِظَةٌ مِّن رَّبِّهِ فَانتَهَىَ فَلَهُ مَا سَلَفَ وَأَمْرُهُ إِلَى اللّهِ وَمَنْ عَادَ فَأُوْلَـئِكَ أَصْحَابُ النَّارِ هُمْ فِيهَا خَالِدُونَ
Islam has permitted all kinds of trade, but not Riba. As the world is going digital and investment options are also changing, trading became a major concern due to Riba being included in the trading transactions.
But don’t worry, we have researched everything about Riba and trading. We are a group of traders who are committed to the teachings of Islamic law. So here at Halal Trading Brokers, we only guide you to Halal brokers that you can trade with without any Riba transactions.
How do you know about haram trading brokers?
In online trading, many brokers offer a trading account in which you need to pay interest for holding a position on a trade overnight. In this case, to reap profits from the value of the financial asset, you raise the interest (Riba). This operation is completely forbidden and considered Haram in Islam and Sharia laws.
The Haram broker will charge you for every profit you make on your trade. If you are new to online trading, it becomes difficult to know which broker is haram and which broker is halal.
But, don’t worry, we provide comprehensive reviews of all brokers around the world to suggest to you only the halal broker that offers Riba-free trading accounts.
So it is always better to stay away from haram brokers (who offer trading accounts with interest), you should not open an account with them. Because if you are trading with a forbidden broker, you also need to pay recurring commissions in the form of rollover fees which will reduce your overall profits. For this reason, you should not register with an unverified haram broker.
We are here to guide you with Halal trading brokers offering Riab-free Islamic accounts all over the world. Leave your contact details below and Halal trusted broker ToTradeGlobal.com will contact you soon.
What is an interest-free trading account?
With an interest-free account, you do not need to hold, receive or pay any kind of interest (Riba) with the broker. With this account, your overnight positions are not tied to taxes or additional broker interests.
The term swap (overnight) is used for the adjustments made to the interest that occurs to hold the position overnight.
In the interest-free account, the broker will not deduct any interest from your Islamic account. This way, the prices of the financial assets will depend only on the closing price for that day. In this way, you completely ignore Riba and trade in a Shariah-compliant way to earn money online.
If you are just starting, we recommend that you do not fall into the trap of joining Haram brokers who offer various temptations like discounts and welcome bonuses on their platforms.
At Halal Trading Brokers, we will help you get started in an Islamic way with an approved halal broker.
Halal broker and Islamic trading account
Online trading is becoming the fastest growing and most popular trend to invest money smartly. However, it is very important to make sure that you are trading with the right broker. Since the market is full of scammers, you need to be very careful about online trading. Many brokers offer various bonuses for joining them, but you should ignore them.
At Halal Trading Brokers, we conduct comprehensive and continuous research to find the best Halal trading brokers around the world. If you are new to investing online, we are here to help. We introduce you to the best halal broker to start trading on an Islamic account without interest. Leave your contact details below and Halal trusted broker ToTradeGlobal.com will contact you soon.
