{"id":1356,"date":"2016-11-29T08:03:26","date_gmt":"2016-11-29T08:03:26","guid":{"rendered":"http:\/\/www.makemoneytradingreviews.com\/?page_id=1356"},"modified":"2020-09-21T09:11:42","modified_gmt":"2020-09-21T09:11:42","slug":"scauae-registered","status":"publish","type":"page","link":"https:\/\/www.makemoneytradingreviews.com\/scauae-registered\/","title":{"rendered":"UAE Forex and Economy"},"content":{"rendered":"
The Forex market found its way even in the Islamic countries. The United Arab Emirates are a host to many Forex brokers who keep Arabian, and other traders occupied and entertained. Forex is truly a global market because it spread throughout all countries in the world, and it can be officially declared that Forex mania took over. The modern western world used to perceive the Arabic world as strict and limiting in many ways, it still does, but then Dubai happened and the world seemed to have shaken off some of their prejudices. I can only imagine the surprise of many when hearing that the Islamic world embraced the Forex market. The economy of the UAE relies mainly on revenues from oil and accounting for over 80% of the country\u2019s exports. Therefore, the economy is not very diversified with the exception of Dubai. The UAE economy is the second largest in the Arabic world, right after Saudi Arabia. This indicates that the economy provides normal conditions for Forex traders as well. The national currency is the UAE Dirham (AED) and is weaker than the US dollar (1 USD= 3.67295 AED).<\/p>\n
The Forex market has been developing steadily in the UAE. Further on, finances are handled somewhat different in the Islamic countries which are run under Islamic banking practices. Islamic Forex trading is mostly famous for swap-free<\/a> or no rollover-fee for holding positions over night. Islamic finances are more focused on economic and social development, rather than profit since their financial conduct is closely related to the religious Sharia laws which dictate the rules (focus is on ethical approach and behavior). Islamic finances must contribute to the Islamic community. The main features of Islamic finances are prohibition of interest rates, high risks and gambling, which are common in the western world. Therefore, it is a little bit surprising that Forex took off with ease in the UAE and the Islamic countries in general, given the nature of the market which contradicts the Islamic rules to a certain extent. Still, it is a legal market with some adjustments made, and national and international investors are free to trade under the supervision of the SCA<\/a>.<\/p>\nBest Forex Brokers<\/h3>\n