Islamic accounts are also known as swap free accounts. Such accounts imply no swap or roll over interests on overnight position, which is against the Islamic faith. Shariah law, which is Islamic law, forbids giving or taking interest of any kind. The reason behind this prohibition is the belief that Muslims should give for the sake of giving and not in order to get something in return. It is for this reason that Forex Islamic accounts, which are interest free, were created.
An Islamic Forex account, to put it simply, is a regular Forex trading account minus the interest fees. An integral part of Forex trading is paying different kinds of interest fees such as Rollover fees, to name one example. The Forex market closes at the end of every day. If a trader wants to leave a position open overnight, they will have to pay what is called ‘rollover fees’, which are interest payments made for leaving the position open. Islamic Forex accounts have all these fees waved and are therefore, also known as Swap-Free Forex accounts.
Samtrade FX Islamic account is the safest way to trade Forex while complying with the Shariah. Our account differs greatly from those generally offered by other Forex brokers. The difference lies in the fact that unlike some other Forex brokers who substitute additional fees by widening the spread, Samtrade FX imposes no additional charges.
In order to abide by the Shariah, traders of the Islamic faith are forbidden to pay interest. However, some brokers merely transfer this interest charge to some other types of fee; it is basically still charges that cover the interest, also known as swap-free in disguise. Samtrade FX is strictly against such practices as it goes against the nature of fair and ethical trading conditions that a reputable brokerage firm should provide.
Islamic account option can be chosen in 3 easy steps:
1. Open a trading account with us
2. Login and validate your account
3. Request an Islamic account
As soon as our relevant department receives your request, your account will receive Islamic account status and you will be notified accordingly. Please note that Samtrade FX reserves the right to revoke any Islamic account status granted to any real trading account in the event of any form of abuse.Open Islamic Account