The Islamic Account – Trade like a pro!

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Forex market has a speculative nature and in the case of usual account types one of the parties has to pay or receive some interest from another party – it is unethical for Arabic traders to trade forex. That’s why many brokers expanded their services and created the interest-free Islamic forex account, also known as a swap-free or Shariah account. Here’s everything you need to know about it!

What an Islamic account is and to whom it addresses

Islamic accounts typically have the same trading conditions and terms as the regular forex trading account types, the main difference being that there are no swaps (commissions charged for the transfer of the opened positions overnight). They are designed in accordance with the religious beliefs of Muslims and the Islam laws to support individual traders and businesses.

The following transaction types and trades aren’t generally permitted in Islamic accounts:

  • Interest that is charged from the buyer (Riba).
  • Trading on margin (borrowing money from the broker).
  • Any other type of loans, including pledges.
  • Borrowing and selling an asset you don’t own for profit.

Swap-free accounts address to individual traders that comply with the Sharia law or can’t use regular forex accounts due to their religious beliefs.

The Islamic account helps you trade like a pro

Swap-free accounts do not pay or earn swap/interest on any trades for Forex, metals or CFDs. They are also crafted to diminish or completely avoid the similarities to Gharar (gambling).

Trading can be a nerve-wrecking activity, so any extra concerns can negatively impact your results. Without having to worry about these aspects, you will be able to focus on your trading strategy and the other features of the account that will enable you to trade forex like a pro!

How and where you can open an Islamic account

There are a growing number of online brokers that offer this service; however, the account features, as well as the terms & conditions can differ. Some can charge a small fee overnight for exotic currency pairs and others have administrative charges.

To open an account, you need to follow the same steps as you would do for a regular account, unless the broker asks you to specify you want to register for an Islamic account instead of a usual one. A small tip, in case you have any further questions about the account features or the information available on the broker’s website is not enough, don’t hesitate to contact it in order to clarify all aspects before trading. This way, you can make an informed decision and avoid any future unpleasant situations.

RCPro.com is one of the leading brokers in the industry to provide this type of account. Here are the benefits of choosing its Islamic account:

  • No interest/swap charges on overnight positions.
  • No spread-widening.
  • Positions can be held with no time limit.
  • No up-front commissions.
  • No re-quotes, no hidden costs.
  • 100% real-time market execution.
  • Free & instant access to all trading platforms.
  • 24/5 dedicated support from your Account Manager.
  • Free & instant access to all trading platforms.
  • Super-fast withdrawal process.

As we mentioned above, the features of an account can help you trade like a pro, especially if the broker is transparent and offers an overall modern and performant trading environment. With what RCPro puts on the table, you will have the necessary peace of mind to fully take advantage of the best market opportunities.

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The company respects that for some traders this settlement is the most important part in trading forex and it doesn’t impose any swaps or roll over charges.

The Islamic account, also known as the Shariah account, doesn’t pay or earn swap or interest on any trades. It is designed for traders who are forbidden to pay or receive swaps or rollover interest on overnight positions. This account type makes it possible for Middle East clients to enjoy a professional trading experience, while also respecting the Islam laws.

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