Forex trading has entered an expansion era in these recent years and it has become the largest global market ever known to man. It is a global currency market where you can use a great number of particular currencies, according to what you find more suitable to your trader's taste. However the more used currencies are those known as "majors", such as USD, EUR, GBP, AUD, JPY and their pair combinations.
But despite this great and accelerated expansion of forex around the world there was still a region where forex was not totally available, which sounded extrange considering the great interest present among the people of this region in forex trading. The part of the world I'm talking about is what is commonly known as the "Islamic World". They had been left apart and people from such big countries as Saudi Arabia and Iran were not participating at their full potential in the forex market.
Thankfully in recent times a wave of "Islamic Brokers" or "Islamic Forex Trading" has been moving and penetrating the internet forex community and they have implemented suitable forex services for people from this region of the world.
But what is different in an "Islamic forex trading" account to the "regular" forex trading account that we all know in non-islamic countries? Well, the difference resides mainly in the observance of the "Shariah Law" by the "Islamic forex broker" in the services offered to traders from these countries. This means two things that will make different one "Islamic account " account from the regular one.
First: the interest payment on account balance is waived in the Islamic account.
Second: instead of swaps, based on interest, an Islamic account will be charged a service charge for each lot left overnight regarded to the currency pair.
So with these adjustments forex trading opens to all regions of the world making this market, as I mentioned above, the largest known by man.
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