Islamic accounts in the market

As is known, the Islamic world lives according to its laws and principles, which every Muslim is obliged to sacredly observe and honor. Not to mention the household and religious life of believers, the prohibitions of the Shariah, known as "Haram", make their adjustments in the economic sphere of life as well.

The economic constraints of the Islamic world

What seems familiar and ordinary to the non-Islamic world is simply impossible for Muslims. For example, many banks in Muslim countries are open from Sunday to Thursday, because Friday is considered to be

It is therefore not surprising that banks and financial institutions are trying to get out of the situation by introducing their own norms for Muslim customers.

Islamic Forex accounts - SWAP-free accounts (SWAP-free accounts)

Nor is it an exception . Companies involved in providing access to the foreign exchange market for Islamic customers offer so-called Islamic accounts for . And the problem with regular trading accounts arises again because of the concept of "usury", which arises when swaps are charged on transactions, i.e. the commission that arises when transactions are carried over to the next day and is calculated based on the difference in interest rates of the states whose currencies are included in the working pair of the transaction.

Islamic accounts in this case are synonymous SWAP-free account (SWAP-free account)where these charges have been replaced by a simple commission, which, however, is somewhat excessive. In a long-term strategy, this approach, of course, can be beneficial for the trader, because all the costs of the swap are borne by the company, but for a short-term strategy - hardly. However, this is the only way out of the situation, so we have to put up with it.

How to open an Islamic account on ?

It's also worth saying that brokerage firms suggest the use of of the Islamic account on for Muslim clients only. Of course, no one will make you recite the Koran by heart, but it will be necessary to submit a certificate of religion signed by the imam of the mosque. In Muslim countries, most often these data are already included in the official documents of citizens to simplify the collection of documents for financial institutions, because similar requests are made by banks when opening an account.

Islamic accounts at - is a step towards customers who are firmly committed to their religious beliefs. To some, the lack of a simple option to open an Islamic account may seem like some kind of discrimination against the rest of the world, but it is worth understanding that this service is synthetic and actually invented, operating outside the law of the market, and its use is not a whim but a necessity driven by religious rules.

Where to open an Islamic account for ?

Not all brokers and dealing centers provide an opportunity to open the Islamic accounts on . More often than not, these are those companies that focus on the Muslim world. Among them is the company FXOpenThe Asian market leader, which allows its clients to act in the foreign exchange market in full compliance with their religious beliefs. For opening an Islamic account You will need to make the appropriate request and provide documentation showing that you are a Muslim.

Open an Islamic account you can by reference.