What are Islamic Accounts?*
The interbank Forex market follows T+2 delivery rule, which means that the exchanged currencies should be delivered after 2 days. However, since online FX trading doesn’t include delivery, the positions are rolled over until it’s closed.
Therefore, a rollover fee was introduced based on the interest rate of each side of the currency pair.
An Islamic or a “Swap-free” account is a special type of accounts in which the interest-based swaps (rollover fees) are waived to comply with Islamic Shari’a rules.
As a result, Islamic account holders can keep their positions open without incurring any charges.
How can I open an Islamic Account?
Islamic Accounts are designed to accommodate the religious beliefs of our Muslim clients. Since the Islamic Shari’a, forbids any business transactions involving interest payments, clients who would like to open an Islamic account may be asked to provide a sufficient proof of religion.
In order to open an Islamic account, select one of our account types and complete the account opening application.
*Clients who are found to be misusing Islamic accounts may be asked to close their positions within the same day. Otherwise, Investingor reserves the right to close the account with no prior notice.