We found 11 online brokers that are appropriate for Trading Islamic Account Brokers.
An Islamic broker is one that ensures that it follows the practices of Shariah law. For example, such a broker will only offer those financial products which are halal such as shariah-compliant stocks. Another requirement for these brokers is that they should not charge or give any form of interest to the trader. Then there comes the short-selling and leverage - both of these are not allowed in Islam and thus should be avoided.
Look at any Forex broker, and you will often notice that they offer margin or leverage trading. In Islam, margin trading is not allowed, and we know that there is also the issue of rollover fees or interest payment associated with Forex trading. While we are discussing the Forex, let's not forget about the fact that all of these currency pairs are basically CFD products (Contracts for difference). The contracts such as the CFDs are not allowed in Islam, and that's made pretty clear from different popular scholars.
You can think of CFD as an agreement that takes place between two parties. One will be referred to as seller while the other will be called purchaser. The value of such a contract is usually based on the assets such as stock, index, futures contract, and so on. But such a value is calculated when the concerned parties close the deal or at the end of the contract. The thing to note here is that these contracts do not involve the underlying asset - instead, they are designed to get their value from an underlying asset.
That's why any trade-in CFD products don't provide ownership of that asset. A person involved in such contracts is only trying to earn money from the difference in prices.
As mentioned earlier, Forex trading, which we normally see, is not permissible according to many experts of Islamic finance. But there is a type of Forex transaction which is acceptable. It is that type that is done hand to hand without any additional delay as long as certain conditions are met.
If we look at the Forex brokers and their offered products in great detail, it becomes clear that the retail Forex is a type of trading that is done by speculators and private investors. As for the products, these are trading agreements that are deemed non-deliverable. The word 'non-deliverable' means that no delivery of currencies takes place from these agreements.
In spot Forex, the timeline for the exchange of one currency for another is done is two business days or T+2. But as we know, no one really wants to get their currency exchanged in the retail Forex - instead, the sole focus is to benefit from the difference in prices.
That's why it is common for brokers to offset any open position. When a new trading day starts, these positions are opened once again. Another factor to note is that no liquidation happens in such positions - and the reason is simple, there is absolutely nothing to liquidate at all!
What happens when a person opens a USD/JPY long position? In the first step, that person needs to borrow yen which involves paying the overnight rate of lending. Then these Japanese yen are converted to dollars (USD). In the next step, these US dollars are deposited based on the overnight rate of deposit.
The carry means the difference between what you receive on your deposit and what you paid on loan. When a person decides to close such a position, the reverse of the above-mentioned process happens. There are some brokers who do not incorporate the carry into the main position. Then there are some which combine it with the rollover of positon.
One thing is very clear - the retail Forex industry was not made to actually trade the currencies. Instead, the whole industry was made for speculation purposes. The conventional brokers in the FX trading offer a lot of products such as:
All of these products mentioned above are non-compliant with Shariah and the reasons for this include:
In short, there is no valid commodity in Forex trading. Instead, opening a position is only done to benefit from the currency pair movement. In other words, that's just like speculation or gambling as a person is trying to stake his money against the broker. Even when a profit is made, it is done so at the expense of someone else.
There are many brokers who claim to offer Islamic accounts. In reality, all they are offering is no swap fees for the accounts. Even in some cases, even that element is present as they just change the name of swap fees to overnight or daily fees.
Even if the swap fee is removed, there are still many problems with the retail Forex in terms of it being halaal, such as there being no valid commodity, no delivery of assets, leverage, CFD products involved, and so on.
We have conducted extensive research and analysis on over multiple data points on Islamic Broker to present you with a comprehensive guide that can help you find the most suitable Islamic Broker. Below we shortlist what we think are the best Islamic account Brokers after careful consideration and evaluation. We hope this list will assist you in making an informed decision when researching Islamic Broker.
Selecting a reliable and reputable online Islamic Account Brokers trading brokerage involves assessing their track record, regulatory status, customer support, processing times, international presence, and language capabilities. Considering these factors, you can make an informed decision and trade Islamic Account Brokers more confidently.
Selecting the right online Islamic Account Brokers trading brokerage requires careful consideration of several critical factors. Here are some essential points to keep in mind:
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
When choosing a broker for Islamic account Brokers trading, it's essential to compare the different options available to you. Our Islamic account Brokers brokerage comparison table below allows you to compare several important features side by side, making it easier to make an informed choice.
By comparing these essential features, you can choose a Islamic account Brokers broker that best suits your needs and preferences for Islamic account Brokers. Our Islamic account Brokers broker comparison table simplifies the process, allowing you to make a more informed decision.
Here are the top Islamic Account Brokers.
Compare Islamic account Brokers brokers for min deposits, funding, used by, benefits, account types, platforms, and support levels. When searching for a Islamic account Brokers broker, it's crucial to compare several factors to choose the right one for your Islamic account Brokers needs. Our comparison tool allows you to compare the essential features side by side.
All brokers below are Islamic account Brokers. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more Islamic account Brokers that accept Islamic account Brokers clients.
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IC Markets
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Roboforex
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eToro
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XTB
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XM
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Pepperstone
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AvaTrade
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NordFX
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EasyMarkets
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FXPro
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ThinkMarkets
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Regulation | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | RoboForex Ltd is regulated by the FSC, license 000138/437, reg. number 128.572. RoboForex Ltd, which is an (A category) member of The Financial Commission, also is a participant of its Compensation Fund | FCA (Financial Conduct Authority) eToro (UK) Ltd (FCA reference 583263), eToro (Europe) Ltd CySEC (Cyprus Securities Exchange Commission), ASIC (Australian Securities and Investments Commission) eToro AUS Capital Limited ASIC license 491139, CySec (Cyprus Securities and Exchange Commission under the license 109/10), FSAS (Financial Services Authority Seychelles) eToro (Seychelles) Ltd license SD076 | FCA (Financial Conduct Authority reference 522157), CySEC (Cyprus Securities and Exchange Commission reference 169/12), FSCA (Financial Sector Conduct Authority), XTB AFRICA (PTY) LTD licensed to operate in South Africa, KPWiG (Polish Securities and Exchange Commission), DFSA (Dubai Financial Services Authority), DIFC (Dubai International Financial Center), CNMV (Comisión Nacional del Mercado de Valores), KNF (Komisja Nadzoru Finansowego), IFSC (Belize International Financial Services Commission license number IFSC/60/413/TS/19) | Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Australian Securities and Investments Commission (ASIC), ASIC (406684), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), The Financial Services Agency (JAPAN FSA), Financial Futures Association of Japan (FFAJ), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), Polish Financial Supervision Authority (KNF), Israel Securities Association (ISA), British Virgin Islands Financial Services Commission (BVI), BVI (SIBA/L/13/1049), Central Bank of Ireland | Cyprus Securities and Exchange Commission (CySEC), License No: 209/13, VFSC registration number 15008 | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), British Virgin Islands Financial Services Commission (BVI) | Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), Securities Commission of the Bahamas (SCB) | Financial Conduct Authority (FCA), Financial Sector Conduct Authority (FSCA), Financial Services Authority Seychelles (FSA), TF Global Markets (UK) Limited is authorised and regulated by the Financial Conduct Authority FRN 629628, TF Global Markets (AUST) Limited is the holder of Australian Financial Services License number 424700, TF Global Markets (South Africa)(Pty) Ltd is an Authorised Financial Services Provider (FSP No 49835),TF Global Markets Int Limited Is authorised and regulated by the Financial Services Authority Firm Reference Number SD060, The Cyprus Securities and Exchange Commission (CySec) |
Min Deposit | 200 | 10 | 100 | No minimum deposit | 5 | 200 | 100 | 1 | 100 | 100 | No minimum deposit |
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Used By | 180,000+ | 1,000,000+ | 30,000,000+ | 1,000,000+ | 10,000,000+ | 400,000+ | 300,000+ | 10,000+ | 142,500+ | 1,866,000+ | 500,000+ |
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Platforms | MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, Tablet & Mobile apps | MT4, MT5, Web Trader, TradingView, Tablet & Mobile apps | MT4, MT5, cTrader, Tablet & Mobile apps | ThinkTrader, MT4, MT5, Mac, Web Trader, Tablet & Mobile apps |
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Learn More |
Sign
Up with icmarkets |
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Up with roboforex |
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Up with etoro |
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Up with xtb |
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Up with xm |
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Up with pepperstone |
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Up with avatrade |
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Up with nordfx |
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Up with easymarkets |
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Up with fxpro |
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Up with thinkmarkets |
Risk Warning | Losses can exceed deposits | Losses can exceed deposits | 51% of retail investor accounts lose money when trading CFDs with this provider. | 76-85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 75-95 % of retail investor accounts lose money when trading CFDs | 71% of retail investor accounts lose money when trading CFDs with this provider | Losses can exceed deposits | Your capital is at risk | 75.78% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money |
Demo |
IC Markets Demo |
Roboforex Demo |
eToro Demo |
XTB Demo |
XM Demo |
Pepperstone Demo |
AvaTrade Demo |
NordFX Demo |
easyMarkets Demo |
FxPro Demo |
ThinkMarkets Demo |
Excluded Countries | US, IR, CA, NZ, JP | AU, BE, BQ, BR, CA, CW, CZ, DE, ES, EE, EU, FM, FR, FI, GW, ID, IR, JP, LR, MP, NL, PF, PL, RU, SE, SJ, SS, SL, SI, TL, TR, DO, US, IT, AT, PT, BG, HR, CY, DK, FL, GR, IE, LV, LT, MT, RO, SK, CH | ZA, ID, IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, SA, ZW, ET, GH, TZ, LY, UG, ZM, BW, RW, TN, SO, NA, TG, SL, LR, GM, DJ, CI, PK, BN, TW, WS, NP, SG, VI, TM, TJ, UZ, LK, TT, HT, MM, BT, MH, MV, MG, MK, KZ, GD, FJ, PT, BB, BM, BS, AG, AI, AW, AX, LB, SV, PY, HN, GT, PR, NI, VG, AN, CN, BZ, DZ, MY, KH, PH, VN, EG, MN, MO, UA, JO, KR, | US, IN, PK, BD, NG , ID, BE, AU | US, CA, IL, IR | AF, AS, AQ, AM, AZ, BY, BE, BZ, BT, BA, BI, CM, CA, CF, TD, CG, CI, ER, GF, PF, GP, GU, GN, GW, GY, HT, VA, IR, IQ, JP, KZ, LB, LR, LY, ML, MQ, YT, MZ, MM, NZ, NI, KP, PS, PR, RE, KN, LC, VC, WS, SO, GS, KR, SS, SD, SR, SY, TJ, TN, TM, TC, US, VU, VG, EH, ES, YE, ZW, ET | BE, BR, KP, NZ, TR, US, CA, SG | US, CA, EU, RU, SY, KP, CU | US, IL, BC, MB, QC, ON, AF, BY, BI, KH, KY, TD, KM, CG, CU, CD, GQ, ER, FJ, GN, GW, HT, IR, IQ, LA, LY, MZ, MM, NI, KP, PW, PA, RU, SO, SS, SD, SY, TT, TM, VU, VE, YE | US, CA, IR | RU, AF, Yugoslavia, AO, GM, NG, AW, GH, KR, BY, GN, BO, GN, PK, BW, HT, PG, IR, PN Island, Burma MM, IQ, RW, KH, , SN, CF, JP, Sierra, Leone, TD, KG, SO, CI , LB, SZ, CU, LS, SY, of CG, LR, TJ, DJ, LY, Tanzania, EC, Laos, TG, ER, ML, TM, ET, MN, UG, Falkland Islands, NA, US of America, FJ, NI, YE, ZW |
You can compare Islamic Account Brokers ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.
We also have an indepth Top Islamic Account Brokers for 2024 article further below. You can see it now by clicking here
We have listed top Islamic account Brokers below.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
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