Islamic Forex Account
Despite the fact that Sharia law forbids lending out money at interest, Forex and metals spot trading seems to be exempted from this rule. The reason behind this is that positions in spot currency pairs and metals are rolled overnight at a certain cost, the so called swap cost. In effect, open orders that are rolled over for the following business day are subject to a daily roll over fee, the imposition of which contradicts the laws of Islam. However, ethics of people with Muslim beliefs that fall under the interest free principles must be respected.
Portraying the attributes of a leading Islamic Forex broker, IFA FX understands the importance of religious beliefs as well as its clients’ needs. To comply with the No Riba policy, we’re committed to offer Islamic trading. This will allow all our clients that honor the Islamic faith the ability to trade in a rollover free environment. In addition, in our effort to offer fair and ethical trading conditions to all traders, the swap free option is available to all clients irrespective of their religious principles. You are welcome to set up an interest free account with IFA FX.
IFA FX ISalamic Account Specification
- 500 USD balance required to activate your account
- No maintenance fees apply for the Islamic accounts
- Unlimited time positions remain open
- Adequate safeguarding of client funds
- Open an account at your convenience
- Best execution in the market – average execution time less than a second for all trades
- No hidden widening on the spreads, meaning that the tight pricing offered to our clients is also available for Islamic traders