Islamic trading accounts are also called swap free forex trading accounts. Islamic trading account are sometimes referred to as Shariah forex accounts to signify that they are in accordance with the Islamic religious law. This type of account is especially intended to Muslims as swaps go against their religious beliefs.
The Shariah Law
The Shariah law guides Muslims in how they should live their lives. Allah permitted trading and so the Shariah law gives permission. However, when it comes to banking and finance, the law forbids all forms of interest. Instead of this, the customer and the bank do a form of risk sharing.
The definition of an Islamic trading account
To resolve the issue, several decisions and fatwas have been issued. According to these decrees, the conditions for trading currency are:
- Buying or selling without a delay
- The cost of the trade should be payed without a delay
- No interest on trades
Interactive Option Islamic Trading Account
The Islamic Binary Option Trading account is offered to all their Islamic clients.
This facilitates online Binary Option trading in full compliance with the Sharia laws. As such, there is no interest on positions which are left open overnight and rest is assured. Please note that no extra costs or hidden fees are applied. We are proud to promote fair and ethical trading to all clients without discrimination. Therefore, Islamic trading account conditions are available on all live trading accounts.
- Based on a Kuwaiti Investment fund.
- Single trading platform which is ultra-reliable
- Full and above all FREE training for every client
- Unbeatable trading conditions
- Trading account which will be adapted to your needs.
- Daily trading tips and up to date market information
- Trading signals send to you by email or SMS, EVERY day!
- Local and the best known banks!
- Learn how to trade binary options in 15 Minutes ONLY!
- Your funds are protected and above all, SAFE!
- Up to 100% on your first deposit!
- Up to 85% profit on your trades.
Interactive Option offers the ability to trade according to the Islamic religion when you open a Live Trading Account with them.
eToro Islamic Trading Account
eToro offers an integrated Islamic trading account with no usurious interests and in accordance with Islamic Sharia law.
The benefits of an eToro Islamic account
- No interest on contracts lasting longer than 24 hours – zero rollover interest consistently
- eToro doesn’t take any additional rollover commissions for contracts lasting longer than 24 hours
- We do not charge any commissions or fees for account management, our revenues come strictly from spreads (the difference between the Ask and the Bid prices of a currency pair)
- An eToro Islamic account provides you with interest-free leverage