Muslim Friendly Forex Brokers

Shariah, or Islamic law prohibits any interest to be paid on an investment. However, the rollover interest from a forex position is a key aspect of forex trading. Thus the question arises, how can a Muslim forex trader from Saudi Arabia or the United Arab Emirates (or indeed a Muslim from any other country who wishes to trade forex in accordance with Shariah law) do so without violating Shariah law? Fortunately, it is possible to find a forex brokwho can provide an account which charges no overnight interest. Such swap-free accounts are usually offered only to Muslims in order to prevent abuse by other forex traders. To substitute for the revenue from a missing swap, forex brokers usually charge a flat fee for this service.

The following is a list of forex brokers which are suitable for Muslim Forex traders, allowing them to open the accounts without overnight interest (often called 'no Riba' accounts). These forex brokers are appropriate for forex traders from Iran, UAE, Saudi Arabia and other countries in the Middle East.

- In currencies, Japanese Yen retained its bullish tone on as risk aversion continued to play out in equities. USD/JPY fell below 98.20, EUR/JPY tested psychological 130 handle, and GBP/JPY briefly approached prior week's low just under 146. In European majors, the dollar was modestly stronger, with Euro decline outshining that of the Sterling. EUR/GBP earlier fell below 0.8890, the lowest level since March 6th after the strongest house price balance since Feb of 2008 seen in March UK RICS data. In commodity FX, AUD and NZD were each down over 60 pips against the dollar, reaching 0.7150's and 0.5750's respectively amid ongoing profit taking from the recently outperforming currency class

- At the time of writing, crude oil prices are lower by more than 0.10%, after prices declined by more than 1% during the NY floor session. The NY losses for crude, tracked the decline in US equities. Following the US close, API disclosed that during the prior week, crude and distillate inventories were higher than expected, while gasoline supplies were lower than expected (API PETROLEUM INVENTORIES: CRUDE: +6.5M V +2.1ME; GASOLINE: -613K V -500KE; DISTILLATE: +87K V -1ME). Upcoming event risks for crude include the Department of Energy's weekly inventories report, which will be released later on today, and China's Q1 GDP figures which are due on tomorrow's session. Spot Gold is currently higher on today's session, tracking the declines in financial stocks. In terms of potential upcoming event risks for gold, later on today the US CPI figures for March will be released in addition to the Fed's Beige Book and Feb total net TIC flows data

- In Sydney, Rio Tinto was among the early gainers after the company confirmed pricing of $3.5B in 5 and 10-yr bonds, while also noting that the debt raise is not meant to be interpreted as initiated "plan B" to the Chinalco deal, maintaining its continued commitment to China partnership. Qantas Airways extended its decline after yesterday's FY09 profit estimate cut however, falling over 3% on S&P downgrade and CEO announcement that the company is not seeking buyers. RBA Head of Financial Stability spoke, commenting on few Australians facing the prospects of negative equity in home loans as monetary authorities stood ready to act further in the event continued housing price decline

- Elsewhere in Asia, Korea's Hynix was rumored to be facing a 31.9% stake sale by company creditors taking place as early as May. South Korea's Economy Ministry had also cut 2009 exports growth target to -13.5% from +1.1%, even though the deeper cut in imports was said to result in a wider 2009 trade surplus target of $15B-$20B. In Singapore, February retail sales rose 10.5% on a monthly basis helping SGD to a modest boost. Malaysia Central Bank Governor Zeti saw economic conditions improving in the 2nd half of the year, attributing growth in domestic demand to effectiveness of the stimulus response

- Economic calendar was extremely light in the session, largely limited to March employment data from South Korea that saw jobless rate rise 2 ticks to 3.7%, with 195K jobs reported lost on a y/y basis. A barrage of economic reports from China is set for the spotlight in tomorrow's session however, with Q1 GDP joined by monthly figures on retail sales, CPI, and industrial production. Ahead of the release, Chinese press leaked an unconfirmed report without citing sources that Q1 GDP would be above 6.0% but lower than the 6.8% figure seen in Q4. Consensus estimates point to 6.2% Q1 target, as China continues to struggle in meeting the official 8.0% GDP bar set for 2009. Chinese commerce ministry officials also weighed in on recent US allegations of steel dumping, noting that legal action is detrimental to bilateral trade while assuaging markets that growth in forex reserves will not be impacted by the brewing conflict.

- In Tokyo, financial and tech names remained at the forefront of the selloff, where they were joined by consumer electronics sliding on poor US retail sales figures and a rally in Japanese Yen. Coming out of mid-day break, Sony, Sharp, and Hitachi were down over 3%, while Toshiba fell over 5%. In other notable Nikkei decliners, Komatsu was down 4.5% after announcing it would close two domestic plants resulting in impairment charges of ¥6.5B and Mazda fell over 2% on a cut at Deutsche. Elpida rallied over 7.5% on press speculation that the government would provide funding to the company to assist with Taiwan partnership, but reversed those gains on official repudiation of those rumors

Asian Market Update: Strong Intel, CSX Earnings Fail to Reverse US Selloff in Asia; China Q1 GDP Rumored in 6.0-6.8% range v Consensus 6.2% Ahead of Official Report Tomorrow

15.04.2009 09:05 Wednesday Electronics Lead Decliners in Tokyo on Higher Yen, Poor US Retail Data; South Korea Loses 195K Jobs in March, 2009 Exports Target Cut; Sterling Outperforms Regional Majors as UK Housing Improves
- Asian equity markets are down across the board, tracking renewed pessimism seen in today's Wall Street session. Sharp decline in US retail sales set the downward trading trajectory early, and neither statements by President Obama crafted to elucidate administration's progress on addressing the recession nor a quest to enhance Fed transparency communicated by Chairman Bernanke could reverse hints of a protracted profit-taking from runaway rally. After 1.5%-2.0% loss in US session on Tuesday, front-month S&P futures are pointing to another lower open with a 0.7% slide, all despite strong results from tech bellwether Intel and rail shipper CSX. In Asia, Nikkei225 is trading down to session lows coming out of mid-day break, falling over 1.5%. Korea's Kospi was off by over 2%, while S&P/ASX reversed its mid-session recovery, declining 0.2%

We permit the use of Expert Advisors (EAs) as a system by which our Clients can be assisted with making their investment decisions. We draw the attention of those Clients who use scalping EAs to our Terms of Business which give ODL the discretion to suspend or cancel our trading platforms with any clients who are considered to be abusing our price feeds or carrying out any other type of similar prohibited activity.

We permit the use of Expert Advisors (EAs) as a system by which our Clients can be assisted with making their investment decisions. We draw the attention of those Clients who use scalping EAs to our Terms of Business which give ODL the discretion to suspend or cancel our trading platforms with any clients who are considered to be abusing our price feeds or carrying out any other type of similar prohibited activity.

Use of Expert Advisors (EAs)

We permit the use of Expert Advisors (EAs) as a system by which our Clients can be assisted with making their investment decisions. We draw the attention of those Clients who use scalping EAs to our Terms of Business which give ODL the discretion to suspend or cancel our trading platforms with any clients who are considered to be abusing our price feeds or carrying out any other type of similar prohibited activit

Choose from one of three accounts to suit your needs and trade from 1 point spreads.

Go long and short of the world’s derivatives markets.

We offer trading in global equities and exchange traded funds (ETFs).

Trade CFDs - UK, Euro, US, and NIKKEI Indicies and Stocks on Metatrader 4.

24 hour commission-free Forex (FX) trading. From 2 pips on major currency pairs.

	--Select Currency--Australian DollarBahrain DinarCanadian DollarChina YuanDanish KroneEuroHong Kong DollarIndian RupeeJapanese YenKuwaiti DinarMalaysian RinggitNewZealand $Norwegians KroneOmani RiyalQatari RiyalSaudi RiyalSingapore DollarSwedish KoronaSwiss FrancThai BhatU.A.E DirhamUK Pound SterlingUS DollarUS Dollar DDUS Dollar TT Go>> Select a currency to view its graph
	US Dollar Reports Kerb | Inter Bank | International Oil Analysis On Thursday, 2nd Apr 2009 Crude oil rose on optimism that the worst of the global economic recession may be over, improving the.... Complete Story >> International Analysis On Thursday, 2nd Apr 2009 The pound advanced against the dollar, euro and yen after an industry report showed U.K. house prices unexpectedly rose last month, the first increase... Complete Story >> Inter Bank Analysis On Friday, 7th Nov 2008 Bearish trend continued to prevail in the dealings as rupee shed 0/30 paisas versus dollar amid demand of US currency rose. The US dollar started off new day’s trading at Rs.80/80... Complete Story >> Open Market Analysis On Thursday, 2nd Apr 2009 On the second consecutive day rupee did not show any change against dollar in the kerb market. The American currency commenced new day’s trading at Rs.80/30, continued to..... Complete Story >>

Courtesy: United Bank Limited

Currency Bank Buying TT Clean Bank Selling TT & OD Australian Dollar 53.8865 54.0522 Canadian Dollar 67.51 677109 Danish Krone 13.8345 13.8808 Euro 102.9991 103.2863 Hong Kong Dollar 10.4315 10.4582 Japanese Yen 0.8331 0.8356 Saudi Riyal 21.5571 21.6133 Singapore Dollar 54.0803 54.3231 Swedish Korona 10.237 10.2702 Swiss Franc 68.8449 69.044 U A E Dirham 22.012 22.0682 UK Pound Sterling 126.68 127.034 US Dollar 81.1 81.2

Forexpk

It is a real pleasure to write that by the Grace of God, our website forexpk.com has emerged as one of the comprehensive web based research projects not only among the so many categories of KalPoint.com but at the national level as well with due passage of time. As the name itself suggests, www.forexpk.com is all about Forex and business and is a proud product of KKI R&D Department. This is one of KalPoint's major and best hit categories and now stands as one of the premier business websites of Pakistan and a complete portal in itself. The project caters highest number of visitors on a daily basis and holds the honour of one of the most visited websites in KalPoint.com. Forexpk.com which started off with just a few web pages is now spread over 800 web pages covering not only the currencies but other sectors of business as well. Initially this project was primarily focusing on currencies but now, comprehensive coverage is being given to different other business sectors including stocks, news both national and international, market commentaries covering currencies, stocks, oil, bullion, government policies, useful links, trade news and related policies as well and there is much information available on this project now for the domestic visitors, bankers, corporate customers, students and people involved especially in research projects. Some of the main services which are being offered are highlighted as under: Real time Forex rates and market commentaries: One of the most unique features of Forexpk is the availability of the current currency rates to the users, which is not available anywhere on the web from Pakistan. These rates are provided through the courtesy of Khanani and Kalia International (Pvt) Ltd. which are updated round the clock, number of times a day, so that the purpose of providing the most updated information to the visitors can be justified. This section establishes a general perception that KKI provides the most current, authentic and genuine rates not only in the market but on the web as well. Likewise, inter bank rates are also available which are displayed in collaboration with various banks including UBL and HBZ mainly. The real time rates are followed by the market commentaries, which are compiled by our Research team on a daily basis and cover kerb, inter bank and international markets. These reports are written in a way so that the market activities of the whole day can be concluded and the visitors may identify the major causative factors of the ups and downs of the money market in Pakistan on a particular day. Historical Rates and Charts: We also maintain historical rates and charts in the form of an Archive which contains the rates of last 14 years of all those currencies that are traded in the market. It is the only website across Pakistan which gives the users the past currency rates and charts of all the currencies being traded in the market. Thus you can obtain the rates of any currency that you want provided it is traded in the market by just selecting from given slots the required fields and you can get the desired results within a flash! National and international news: As an attempt to provide major national and international economic news to our visitors, the news section is present there. The national news section is covered up in special collaboration with Jang Group of Newspapers while international news is being grabbed from world's most authentic news sources. This feature infact keeps our visitors well informed with the latest and current happenings on an international level. International conversion rates: This page of the Forex category gives cross currency rates that are an important part of many of the world’s leading currency sites. The cross currency rates are available in a chart form and are taken from an authentic currency site. This chart provides a tabulated currency position of major currencies with each other that helps the users to identify the rates of the currencies crossing each other in the international market. Stock news and research reports: The coverage of national and international stock markets is yet another addition to the site that has added tremendously to the goodwill of our site that is reflected through the feedback received from the users. This section includes the daily news covering the major events of the major bourses at the international scenario. This section is helpful in gaining access to the noticeable events and news marking the national and international stock markets. Forexpk.com is now emerging as one of the major sources of giving daily, weekly and monthly exclusive research reports of the major stock exchanges of Pakistan. Exclusive Articles and research reports: It is a firm belief that the writings of the prominent opinion leaders add to the authencity of any specialized site. And for a business site, its importance increases to further extent. In order to provide a special space for the valuable writings of eminent personalities, Forex exclusive section has been initiated. This section is specifically allocated to the people who write on specific issues related to the financial set up of the country. The Research team prepares periodical research reports covering currencies, stocks and major economic issues which already are creating a great impact among our valuable visitors. Recently, we came up with Economic Summary of Pakistan which was the first of its own kind in Pakistan and the effort was praised by masses. And this is just a glimpse what we are offering at forexpk.com! Our round the clock efforts are aimed to give our users the best, accurate and updated information. Every thing related to forex and various areas of business is included here. You are more than welcome to visit us and you will truly admit the fact that Forexpk’s new slogan is its true definition as it goes as “The Finest Forex Portal of Pakistan!