Islamic Banking and Finance - Riyazi Farook

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Uploaded by on Apr 28, 2007

http://islamicfinanceandbanking.blogspot.com

"Shariah compliant currency trading"

Online currency trading can be shariah compliant, according to ACM director Iskandar Al Hajjar. But how much money can you make and what happens if the internet crashes? Al Hajjar has the answers.

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  • Someone working with another dealer once told me I could open an interest-free account. He said fill out the application, then await further instructions. His instructions were: Tell the account executive you want an interest-free account and that you are a Muslim. "No need to say more, no need to explain or prove anything."

  • A person can open an account that pays interest and then enter an interest-paying position in the account. Then this person can open a "Shariah Compliant" account and hedge the interest-paying position with an interest-free position. This strategy could be profitable for someone who lies about being Muslim or for a Muslim who doesn't consistently submit to his religion.

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