If you are looking for Islamic Forex brokers in Dubai, you must need to make sure, it is swap free and broker is Shariah Compliant. Many Forex broker in Dubai, claim they offer Islamic Account but in reality, they are not. So please double check.
UAE have became bigger community for Muslim Traders and trend is like rising sharply as compare to other GCC and Muslim countries. Lot of people asking me for Swap Free Islamic Forex Trading account now a days, which show more and more people in Dubai, UAE are jumping to trade online to earn extra. It is good that some people are concerned about online trading from Sharia point of view and always prefer to have swap free accounts but lot of people still don't know about this
which need to be addressed and today blog post will cover this.
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Lot of People believe Forex Trading is not Halal and Consider it to be gambling.
The thing that makes it quite questionable is regarding swap for as Muslims it's clearly categorized as riba just like loans interest.
But nowadays many brokers provide swap free or Islamic account for higher spread as consequence.
So above claim about the swap look like solved while trading Swap Free Forex Brokers in Dubai.
But again from my personal perspective, it could be consider Haram in shape of Gambling so how you can avoid this while trading online in Dubai.
Jumping in a trade as rolling a dice without proper analysis and such could put you in a gambling situation. It's a bit blurry so to say. But if you're honest to yourself, you know whether you're trading or gambling.
There are lot of Muslim countries who support Forex and Make it Halal to trade.
Learning to do our best in trading should prevent us from making ourselves gamblers in trading fields.
So to summarize my above stance regarding Forex is Halal or Haram..
you need to justify yourself on two things.
1) Swap Free Account
2) Trade and not gamble.