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Shariah law dictates the way in which Muslims should manage their money and stipulates the main rules that Sharia-compliant funds and mortgages must adhere to. Key to Islamic finance is the fact that money itself has no intrinsic value; it is simply a medium of exchange. Each unit is 100% equal in value to another unit of the same denomination and profits as a result of exchanging cash with another person are not allowed. A Muslim is not allowed to benefit from lending money or receiving money from someone. In other words, earning interest (riba) is not allowed for Muslims wishing to adhere to Islamic law. To comply with these rules, interest is not paid on Islamic savings or current accounts or applied to Islamic mortgages. Many Forex brokers provide Islamic Forex, aka Sharia accounts, to enable Muslims to invest their money through their brokerage.
Under new rules introduced by the government on January 31, Forex brokers in Australia will now be required to hold net tangible assets greater than A $500,000, or 5% of average revenue with this amount set to double to $1 million, or 10% of average revenue by January 31, 2014. These stricter regulations have forced online foreign exchange broker FxPro to move its Australian operations out of the country and to merge it with those in Cyprus and the UK. This transfer comes just over a year after choosing Sydney as the base for its expansion into Asia.
Turkish Forex brokerage, Integral Menkul, has joined a long list of global trading companies that have been offering their clients Mirror Trading. Mirror Trading, a social trading platform introduced by Tradency.com, has become quite popular of late by combining traditional trading features with managed social trading capabilities.
The Cyprus Securities and Exchange Commission (CySEC) has begun investigating several Forex Trading Companies regarding rampant accusations of illegal trading procedures. Rumors abound about brokers conducting various types of ponzi schemes and others who have been cheating clients of billions of dollars. To outsiders, it seems that CySEC may be lowballing the fines it imposes on these brokers and taking their sweet time to conclude their investigations, making it that much more worthwhile for them to continue their schemes until their illegalities are uncovered.
The head of the world's nearly 1.2 billion Catholics, Pope Benedict XVI, said that he would be leaving his position at the end of the month, citing failing health and an inability to perform his duties as the reasons for his resignation. Catholics worldwide were shocked; financial markets, not so much.
Binary option trading has become one of the most popular investment techniques in the market today. It offers many features that appeal to the novice as well as experienced trader, and it is a simple system easily understood and put into play.
The latest Forex broker to join the growing mass of brokers that are rebranding themselves or attempting to revamp their appearance is industry leader Markets.com, whose name has stayed the same, but whose website has just undergone an extreme makeover. In addition to a new look, the brand has also introduced significant changes to its technical offerings.
Banc De Binary, a leading binary options platform, has recently opened an office in Limassol, Cyprus, which will serve as the company's headquarters for business conducted in Europe and the Middle East. The opening of this office constitutes a multi million euro investment in the island which is also the home to many other Forex brokers and binary options brokers such as FXCC, OptionYard and Trade Rush.