Hi, I ve been looking for a trading platform to trade in sharia compliant stocks. I ve looked all over the web and the only one I ve found is called UMEX Trader. It offers approx 10,000 sharia compliant stocks, global market coverage including MTFs, real time price feeds, dividend purification, research, etc. Before I sign up for it, I would like to do more research. Can anyone else recommend any other similar platforms?
If I were Allah, I'd say trade liquid stocks and use a low-commission brokerage. I bet you Jesus and Buddha would say the same. It might be more difficult to find a consensus in Hinduism, as these sons of bitches have thousands of Gods, and there must be a couple of the deities who may not like, say, Coke or Apple. Scientology is a special case, too. They have this fellow Xenu who reportedly executed 178 billion people for eating goat cheese, so trying to guess what stocks he may like is a lost cause. However, I'll share a tightly guarded secret with you. When you soul leaves your body and is suspended in the moment of Judgment by the Almighty, the last thing on God's mind would be to ask you what kind of stocks you traded. But he may be happy that you are an ETer, as we indeed his chosen people.
Don't those systems come with a device that will cut off your hand if you trade the wrong stock? I'm also sure they won't respond to keystrokes from a woman.
Trading stocks in general is prohibited by sharia. Set yourself free and trade with IB. Problem solved.
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Does Sharia allow leverage or margin? http://www.shariaumex.com/sharia-glossary.aspx What is Sharia? Sharia (meaning "way" or "path") provides guidelines as to the requirement by which Islamic life should be conducted; this includes standards for food, family life, and business as well as daily financial dealings and transactions. The restrictions of Sharia such as the prohibition of investing in companies involved in alcohol, tobacco and gambling mean that there is a very close association between Sharia investment and ethical investment. Additionally Sharia finance prohibits Riba - (Usury - or interest), whereas the sharing of risk and rewards in financial transactions is encouraged.