Seeking Guidance for Structuring an asset backed Shariah-Compliant Online Forex Trading Model

Dear Community Members,

I am seeking assistance and ideas to revamp the current model of online forex trading, with a specific focus on making it asset-backed and fully compliant with Shariah principles. The objective is to create a truly Shariah-compliant and halal offering in contrast to the prevailing setup adopted by most brokers, where there is no physical exchange of currencies, and traders buy and sell assets they do not actually own.

To address this, I am exploring the possibility of implementing a model where actual trading, ownership exchange, and tangible transactions take place. One concept under consideration involves the creation of tokens, each paired with a specific currency pair. In this proposed setup, when a trader clicks on "buy" or "sell" for a currency pair (e.g., EUR/USD), they would essentially be engaging in the purchase or sale of a physical token. The transaction involving the token would then be reflected in the trader's account on the backend of the brokerage website.

I am reaching out to individuals with expertise in this field and those who can provide insights into structuring a fully Shariah-compliant offering. If you have experience or knowledge in creating financial models that adhere to Islamic principles, I would greatly appreciate your guidance and input.

Please feel free to reach out to me if you are willing to share your expertise or if you have suggestions on how to proceed.

Thank you for your time and consideration.

Best regards,