Islamic account

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tomsmart2001

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As I am an amateur Forex trader, I was searching for differences between Forex accounts in Forex brokerage. Some brokers has not Islamic account or swap free but some others has got these type of accounts. What are the benefits of a swap free account in compare with a no swap free account?
 
is it not same at the end of the day instead of SWAP in an Islamic A/c they charge some "other fee" so to make it Islamic "Compliant" .. no free lunch , this is a business at the end of the day!
 
tomsmart2001 said:
As I am an amateur Forex trader, I was searching for differences between Forex accounts in Forex brokerage. Some brokers has not Islamic account or swap free but some others has got these type of accounts. What are the benefits of a swap free account in compare with a no swap free account?
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Swap accounts are only for Muslim and you have to confirm your confession so its not easy to get it.
The benefit of swap free accs is keeping some trades where swap fee is high for example buying USD/RUB or USD/ZAR other currencies where differences in interest rates is high.
 
gerryg said:
To be precise, the absence of usury :)
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really?
lets say i go to an unholy bank and borrow £100 and their interest rate is 10% so i have a total of £110 to pay back.
or
i go to an islamic bank and borrow £100 and they say our interest rate is 0%.we just charge an administration fee of £10 so i still have a total of £110 to pay back.
now whats the difference apart from the god damn semantics?
you want to fool your self into believing that the first bank has a 10% interest rate but the other one has 0% interest but just charges an admin fee.
alas,believe what ever warms the cocks of your heart.religion is just for such.
 
aag100 said:
really?
lets say i go to an unholy bank and borrow £100 and their interest rate is 10% so i have a total of £110 to pay back.
or
i go to an islamic bank and borrow £100 and they say our interest rate is 0%.we just charge an administration fee of £10 so i still have a total of £110 to pay back.
now whats the difference apart from the god damn semantics?
you want to fool your self into believing that the first bank has a 10% interest rate but the other one has 0% interest but just charges an admin fee.
alas,believe what ever warms the cocks of your heart.religion is just for such.
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Well, usury implies unjustifiably high interest rate (according to modern islamic interpretation). And there are brokers that offer islamic accounts without any alternative fees.
But regarding banks loans, I agree current situation shows money becomes more powerful than ideas about happy eternal life beyond the grave :D
 
Interest and usury free,the western banking world will be ****ed if they start offering 72 virgins too
 
aag100 said:
Interest and usury free,the western banking world will be ****ed if they start offering 72 virgins too
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Well the money itself is a value[/U or better expression of value of a good so I guess lending it for free is like giving a car for the use to some person for free! And anybody decides himself which price for the rent he wants to set. So interest rate make a full sense for me.
 
aag100 said:
really?
lets say i go to an unholy bank and borrow £100 and their interest rate is 10% so i have a total of £110 to pay back.
or
i go to an islamic bank and borrow £100 and they say our interest rate is 0%.we just charge an administration fee of £10 so i still have a total of £110 to pay back.
now whats the difference apart from the god damn semantics?
you want to fool your self into believing that the first bank has a 10% interest rate but the other one has 0% interest but just charges an admin fee.
alas,believe what ever warms the cocks of your heart.religion is just for such.
Click to expand...

Hmm, interesting my friend, that sounds about right
 
Nowadays practically all brokers offer special swap-free accounts for muslims. Some companies offer them even to every trader, not depending on their religion
 
alextrader79 said:
Nowadays practically all brokers offer special swap-free accounts for muslims. Some companies offer them even to every trader, not depending on their religion
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Are you sure? And how non-Muslim guy can apply for swap free. My broker (Нotforex) asks for document confirming my religious beliefs.
And I don't look for ****ty brokers that hand down swap-free accounts just to keep their client loyal.
 
gerryg said:
Are you sure? And how non-Muslim guy can apply for swap free. My broker (Нotforex) asks for document confirming my religious beliefs.
And I don't look for ****ty brokers that hand down swap-free accounts just to keep their client loyal.
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Mine doesn't allow non-Muslims to trade on swap-free accounts either. I stated the fact that some companies do. Google 'swap free for everyone' and it will show you the list of those brokers that do allow it.
 
let me tell you a little story
once upon a time...........
i used to be a shopkeeper selling alcohol.
i am of muslim parents but not religious myself.i wouldnt say atheist but probably more agnostic.i mean if god ever revealed himself to me then i would happily prostrate in submission.
anyhoo back to the story
so i was selling alcohol,about the only thing worth selling with reasonable margin keeping the shop afloat.and i used to buy said alcohol from a cash n carry owned by a muslim(the mans probably a billionaire by now)
however a guy working there as hes putting my items through the till starts off with his holier than thou BS.......ohhh you shouldnt be selling alcohol bla bla bla
i asked him what he was doing working in a place that sells alcohol and his reply was my 'wages come from the portion of sales which are non-alcohol'
now what can you say to bird brain like that except leave him to his ignorant bliss
 
aag100 said:
let me tell you a little story
once upon a time...........
i used to be a shopkeeper selling alcohol.
i am of muslim parents but not religious myself.i wouldnt say atheist but probably more agnostic.i mean if god ever revealed himself to me then i would happily prostrate in submission.
anyhoo back to the story
so i was selling alcohol,about the only thing worth selling with reasonable margin keeping the shop afloat.and i used to buy said alcohol from a cash n carry owned by a muslim(the mans probably a billionaire by now)
however a guy working there as hes putting my items through the till starts off with his holier than thou BS.......ohhh you shouldnt be selling alcohol bla bla bla
i asked him what he was doing working in a place that sells alcohol and his reply was my 'wages come from the portion of sales which are non-alcohol'
now what can you say to bird brain like that except leave him to his ignorant bliss
Click to expand...


Religious beliefs are highly subjective and can be interpreted in any manner which can even make usury or selling alcohol an innocent business. :)
Back to the sheeps, I don't see a problem with usury as lending money is transferring a value to the other person which took efforts to create it. Why he should use this value free of charge without paying anything. How we can tell apart a person which really in a trouble and needs the money and person that doesn't want to spend time to earn those money instead of taking them ready from some other guys. What is an exact measure of a person that is deemed to be awarded with interest-free loan?
In this way Islamic interpretation puts two parties in win-lose situation.
 
If Islamic accounts was better than regular one, you may expect the enormous increase of "Muslims" in the Forex world, heh.
 
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