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Dynmax (December 31, 1969 at 6:59 pm)
Someone working with another dealer once told me I could open an interest-free account. He said fill out the application, then await further instructions. His instructions were: Tell the account executive you want an interest-free account and that you are a Muslim. "No need to say more, no need to explain or prove anything."
Dynmax (December 31, 1969 at 6:59 pm)
A person can open an account that pays interest and then enter an interest-paying position in the account. Then this person can open a "Shariah Compliant" account and hedge the interest-paying position with an interest-free position. This strategy could be profitable for someone who lies about being Muslim or for a Muslim who doesn't consistently submit to his religion. |
