The intersection of Islamic finance and online trading has become increasingly crucial for traders worldwide. Users who follow the ‘halal’ principles want to ensure their financial activities are ethical and comply with Islamic law.
However, when it comes to execution, not every online trading platform can match the level of proficiency to understand and align with sacred Islamic laws.
But thanks to its increasing demand, online trading platforms like Olymptrade have embraced this demand, providing halal trading options that align with such principles. The platform aims to offer a seamless trading experience to Muslim users while ensuring the same level of care and support for all users.
Therefore, this blog explores how Olymptrade caters to traders seeking halal options. The following sections explore stories that show that trading can be done in a way that aligns with Islamic values.
Explore halal trading on Olymptrade, online trading platform
What Does Halal Trading Mean?
Before delving into traders' stories, it’s essential to understand what the term ‘halal’ trading means. In Islamic finance, ' halal' refers to any activity that aligns with Sharia law.
There are multiple aspects for a trade to fall under this criteria, namely:
- No Interest (Riba): Under Sharia law, paying or charging interest is forbidden. This means that any financial transaction involving interest payment is haram or prohibited.
- Avoiding Gambling (Maisir): Gambling is a strict ‘NO’ in Islam. Therefore, trading must not resemble gambling, where the outcomes are a matter of luck rather than risk management and analysis.
- Ethical Investment: Halal trading observes ethical investment. Investment in industries related to pork, alcohol, gambling, or other sectors considered unethical in Islamic teachings is prohibited.
- Ownership and Risk: For a trade to be categorized as ‘halal,’ both parties should be transparent in the transaction. There should also be a fair exchange of risk and ownership between the involved parties.
Keeping these principles in mind, Olymptrade has made significant strides in creating an environment that aligns with its users' faith. The platform ensures that it doesn’t compromise on the features, tools, and strategies important for the success of halal trading.
The Halal Account: Olymptrade’s Commitment to Islamic Traders
In response to the needs of its Muslim traders, Olymptrade offers a Swap-Free Islamic account. This account is designed to ensure that the traders don’t receive or pay any interest when they hold overnight positions, complying with a key requirement of the Sharia law.
Here’s a clear insight into how the Olymptrade Islamic account aligns with the halal trading principles:
No Swap Fees
The global accounting rule suggests that a standard trading account should allow users to keep overnight trading positions open. These overnight positions often incur a swap fee or interest charge for carrying their position to the next trading day.
However, that’s not the case with Olymptrade’s Islamic account. Users opting for halal trading accounts bypass the fees, making it suitable for users who want to avoid any interest in their trading positions.
Negative Balance Protection:
The negative balance protection is another unique feature via which Olymptrade ensures seamless halal trade for its Islamic account users. This feature prevents a trading account from going below positive balance as the broker automatically resets the balance to zero as soon as it turns negative.
Transparent Fees:
Trading fees are a standard practice for almost every broker worldwide. However, things are different with Olymptrade’s halal care. Instead of hidden fees, traders signing up for Islamic accounts which leverage transparent upfront costs and zero spread, ensuring every transaction is fair and accounted for.
Wide Range of Halal Assets:
Users signing up for the Olymptrade platform can access assets aligned with Islamic principles and avoid industries that don’t share their religious values.
Real Stories from Halal Traders on Olymptrade
To better understand the impact of halal trading in practice, we interacted with a few traders who embraced Olymptrade’s Islamic account. Here’s what these users had to say about their experience:
Asep Rahmat from Indonesia: “Olymptrade allowed me to trade without compromising my faith.”
Asep is a 32-year-old Indonesian trader who started trading on Olymptrade in 2021. He started his journey to reduce additional living costs and save for his future but wanted to trade with a platform which aligned with his faith.
As per Asep:
"Access to the trading account allowed me to practice as much as I wanted without risking real money. Once confident, I switched to the Islamic account and have used it successfully for three years. It’s perfect and aligns with my values!.”
Abdullah from Saudi Arabia: “The Flexibility and Tools Are Key to My Success”
Next, we have Abdullah, a 23-year-old taxi driver from Saudi Arabia who began trading to diversify his income.
As per Abdullah:
"Olymptrade provides more than simply a halal account. The platform includes everything I need to trade successfully. The mobile app allows me to trade on the go, and the educational tools keep me updated on market developments. Looking at the progress I’ve made in the last four years, I feel I’m near my goal of retiring by 30. All thanks to Olymptrade!”
The stories of Ahmed and Ibrahim are just a few examples of how Olymptrade’s halal options empower traders to succeed ethically and financially.
Find what your calling shares with you. Join the Olymptrade platform today!
