SafeTradePortal offers 24/7 trading for currencies and commodities on the spot market. Open positions automatically renew for the next day at 5:00 PM NY time. However, traditional accounts incur daily interest on these rollovers, which may not be permissible under Islamic law due to the concept of Riba (usury).
To address this, SafeTradePortal provides Islamic accounts. These accounts adhere to Sharia principles and avoid any Riba throughout the contract. How? Instead of rollover interest, we use alternative Islamic financing methods that comply with Sharia regulations.
It’s important to understand that currency trading can raise complex questions in Islamic jurisprudence. While some scholars view immediate exchange as essential, others consider bank account transfers as sufficient delivery. This has led to diverse interpretations and fatwas (religious rulings) addressing these intricacies.
SafeTradePortal is committed to offering compliant financial solutions. We encourage you to consult with a qualified Islamic scholar to determine if our services align with your individual religious requirements.