Critical evaluation of the compliance of online Islamic Forex trading with Islamic principles
Omar, Rafik Fakhry
Emerald Group Publishing Limited
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This paper explores Web-based forex trading which is currently being promoted as as a possible investment opportunity, especially for those of the Islamic faith who are prohibited from dealing in interest-based transactions. Islamic forex is promoted to them as a permissible trade in currency from which they can profit. This paper evaluates the compliance of Islamic Forex trading with Islamic principles through the research question: What is the role of Islamic jurisprudence rulings in promoting or prohibiting forex trading? How Islamic forex trading differs from conventional forex to meet the principles of `Islamic` finance? And finally, can international modern financial institutions operate without the use of such a tool?
International Journal of Islamic and Middle Eastern Finance and Management
Omar, R. & Jones, E. (2015) 'Critical evaluation of the compliance of online Islamic Forex trading with Islamic principles', International Journal of Islamic and Middle Eastern Finance and Management, 8 (1), pp. 64-84
This is an Accepted Manuscript of an article published by Emerald Group Publishing Limited in International Journal of Islamic and Middle Eastern Finance and Management. The final published version is available at http://dx.doi.org/10.1108/IMEFM-06-2014-0059
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