There is no exact count, but as of 2018, it’s said that more than a couple million people are trading forex. With these numbers only growing as forex courses become more popular and the latest talk of the markets, the number of traders in the world is expected to grow drastically within only a few years.
Trading is thought to be an activity that all can be a part of, but with religion conducting a way of life, providing rules and boundaries to offer a more peaceful, better way of living, the Islamic religion has some rules restricting trading for those who follow its law.
With one-quarter of the population practising Islamic faith, the Islamic Forex trade is expanding worldwide. Islamic trading accounts follow strictly in accordance with Islamic law. This is in contrast to conventional finance which is motivated through profit. Islamic finance is driven through justice, ethical goals and encourages happiness.
One of the fundamental principles in Islamic finance law is the prohibition of interest (riba). It is seen to be unethical, as one is not allowed to make money from money since this creates injustice between the lender and borrower. In Islamic trading, there is no swap charge or rollover interest on overnight positions like in the Forex market, however, transactions which are of different currencies but of the same value are permitted, suggesting that there is no interest taken in Spot Forex transactions (exchange rate).
With an estimated 411 million people living in the middle east, a mere 970,000 of them trade on the markets. Although 0.24% may seem like a small percentage, Islamic accounts have only been around for just under 3 decades. By 2009 over 300 banks and 250 investment firms around the world were catering for the religious Muslim traders.
There are a few key features to every trading account, most of which include swap charges (a fee charged for overnight positions), a commission taken on the clients’ deposits, and hidden charges. These are just a few of the main aspects that differentiate CW to other trading platforms. CW do not charge their clients with any additional fees aside for the well-known success fee that we hold ourselves by.
Therefore, considering these ethics we hold ourselves by, Capital Way’s accounts are not only created to benefit the clients 100%, but are also, and not just by chance, suitable for those who follow the Islamic faith. At Capital Way we do our utmost best to cater and tailor the needs of all, even with the limitations and boundaries, we ensure that what we offer is suitable even for those under a stricter reservation and practising the Islamic faith. Count on Capital Way to waive off all interest fees, high commission rates, and hidden charges and only have our clients best interest in mind through every step of the journey.