Last week’s launch of an Islamic trading account by one of the world’s largest online currency and multi-asset trading platforms, eToro, has quickly filled Islamic finance chatrooms with concerns: Is online foreign exchange (forex) trading permissible as per Shariah law? How does it relate to the risk-sharing principle in Islamic law, and how can interest-like fees commonly paid on conventional forex overnight accounts be avoided?

Various Islamic rulings have been issued on the matter.

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