Hello all - Can someone shed some light on how these no interest accounts (Sharia ) work based on the Islamic faith? I spoke to a Forex brokerage company and they stated that instead of having interest collected or paid, they will add a transaction cost for every standard lot held overnight. Also, they stated there was some sort of industry standard on Wed. to add 3 days of transactions cost which is an industry practice for roller over interest adopted by the lager banks. Any information would help. Thanks!
Interest is forbidden in islam, I have understood that often this is bypassed by naming the interest something else, by companies "trying" to be islamic. Same thing, different name so to speak. So you get your "interest" by some sort of arrangement that makes the interest to be something else than interest per definition.