Middle East Retail Forex Trading Market Growth2014-03-03
Orbex, the only online forex trading platform with clear service guarantees, has predicted further strong growth for the Middle East's dynamic online foreign exchangetrading market based on strong interest in Islamic Forex trading and a sharp rise in skilled traders in the region.
Orbex Managing Director Abdullah Abbas said, "With the global retail Forex market trading volumes of some $280 billion per day according to research firm Leaprate, we are seeing contractions in many Western markets, while the Middle East is a fast growing forex market with significant upside opportunity."
Already identified in Integral's 2013 Retail Forex Survey as a ‘red hot' market, the Middle East's growth as a Forex market comes as markets such as the US decline. A rise in the number of trading platforms in the region has also driven growth in the number of traders. "We are looking at something in excess of 200,000 traders active in the Middle East and North Africa," said Abbas. "That number is increasing and Orbex is seeing a strong surge in demand both from existing traders looking for a more service-oriented platform but also from new entrants to online trading keen to explore the potential opportunities of Forex trading."
The region's strong growth is partly attributed by Abbas to the increasing availability of ‘swap free' or Islamic Forex trading products. A report issued by the Kuwait Financial Market (Markaz) has identified the Islamic finance market as a major growth opportunity, with the Takaful sector alone set to reach $25 billion by 2015. Part of the $434 billion global Islamic finance industry, swap free accounts are key to the fast growth of Forex trading. "Swap free accounts conform to Sharia law and allow practicing Muslims to access Forex trading without compromising their principles. It's a powerful driver of growth in the Middle East, Indonesian and other Islamic markets and we have seen consistently strong interest in Orbex's swap free accounts."
Orbex will be participating in the 12th MENA Forex Show and Conference, taking place at the Jumeirah Beach Hotel, Dubai on the 14th-15th November. "The show reflects that strong growth trend itself, with something like 35% year on year growth for the event. It's a key regional platform and we are keen to once again take the opportunity of connecting with customers, market makers and contributing to building the region's skills and knowledge of Forex trading," said Abbas.