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Islamic Brokers

  • #1
  • First Post: Edited 11:39pm Sep 14, 2008 8:53pm | Edited 11:39pm
I'm looking for an Islamic broker which has "NO Riba", Interest or swap.

I found one broker TadawulFx http://www.tdfx.ch/ but i don't know how is their performance.

If you know any other broker that can be trust please let me know.

Thank you in advance.

Qs.
"Invest With The Insiders, Not The Masses" George Muzea
  • #2
  • Sep 15, 2008 3:42am Sep 15, 2008 3:42am
I used them last year...

- Very Fast Execution
- Scalp not allow (they claim that no professional trading) !!
- If you made profit they will manual Execution you account.
Charting Markets into the Future...MǎҖ€¥.
  • #3
  • Sep 15, 2008 6:20am Sep 15, 2008 6:20am
I believe there are a number of brokers, altho not specifically Islamic, that offer a no-swap/no-interest account.

A quick google search turned up Marketiva, Gain Capital, Crown Forex, FXT Swiss, Ikon GM, and a few others.

I don't know what the current status of those are, or whether they still offer this. But if you're not able to find a reliable broker on here you might inquire directly of different brokers and see if you have options there.
  • #4
  • Sep 15, 2008 6:45am Sep 15, 2008 6:45am
FXCM also allows you to have a no-swap/interest-free account
Trade what you see, not what you think.
  • #5
  • Sep 15, 2008 2:25pm Sep 15, 2008 2:25pm
Quoting Qu|cksilver
I'm looking for an Islamic broker which has "NO Riba", Interest or swap.

I found one broker TadawulFx http://www.tdfx.ch/ but i don't know how is their performance.

If you know any other broker that can be trust please let me know.

Thank you in advance.

Qs.
I have one with mgforex
  • #6
  • Sep 15, 2008 3:05pm Sep 15, 2008 3:05pm
What's the difference between an Islamic broker or anybody else?
Life is too short to have anything but delusional notions about yourself.
  • #7
  • Sep 15, 2008 6:21pm Sep 15, 2008 6:21pm
Quoting hoss
What's the difference between an Islamic broker or anybody else?
In Islam we are not allowed to take the interest and it is not halal.
"Invest With The Insiders, Not The Masses" George Muzea
  • #8
  • Sep 15, 2008 7:28pm Sep 15, 2008 7:28pm
Quoting Qu|cksilver
In Islam we are not allowed to take the interest and it is not halal.
Interesting.
Life is too short to have anything but delusional notions about yourself.
  • #9
  • Sep 16, 2008 8:36am Sep 16, 2008 8:36am
Quoting Qu|cksilver
In Islam we are not allowed to take the interest and it is not halal.
Not that it stops the banks in the Gulf from charging interest to all the foreigners though without paying any at all. It's a bit annoying to say the least. I understand "It's our country" bullshit, but they're the same people that move to the US and Europe and demand that they get to do things the way they want because of their religion. It's the most annoying thing about Arabs, imo. And they wonder why most of the foreigners really don't like them.
  • #10
  • Sep 16, 2008 6:40pm Sep 16, 2008 6:40pm
Quoting Qu|cksilver
In Islam we are not allowed to take the interest and it is not halal.

you can donate the yearly interest to some poor people, or remote adoption of a child...
  • #11
  • Sep 16, 2008 9:10pm Sep 16, 2008 9:10pm
Quoting Qu|cksilver
In Islam we are not allowed to take the interest and it is not halal.
Then you guys should not trade. Interest Rates/Swaps are part of the business.
  • #12
  • Sep 17, 2008 6:12am Sep 17, 2008 6:12am
Quoting jennajameson
you can donate the yearly interest to some poor people, or remote adoption of a child...
True, Riba can be disposed of, but it's better to avoid it in the first place. A swap free trading account is a good solution for a Muslim trader.
  • #13
  • Sep 17, 2008 8:28am Sep 17, 2008 8:28am
Found islamic broker "Arab Financial Brokers" http://www.afbrokers.net

Free from interest/swap if you open Islamic account.
"Invest With The Insiders, Not The Masses" George Muzea
  • #14
  • Last Post: Sep 18, 2008 4:12am Sep 18, 2008 4:12am
but... do you seriously think that OPEC guys doesn't take interests from bank they have business with? well they don't need to as they gains are so much high each month, but....

and the owner of citibank?

i'd be more than happy to know that he doesn't want interests...
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