Islamic Accounts or SWAP–free Accounts
No swapsSwap is the cost of transferring the position to the next
Time limitTrading positions are closed automatically
in 14 calendar days after being opened.
What are Islamic accounts?
Islamic accounts are special accounts which have no swap charges when transferring the position to the next session (to the new value date). Taking into account that Sharia law prohibits transactions with specific interest for loans of money, Swap-free or Islamic accounts were developed for traders professing Islam. These accounts provide an opportunity to keep positions open without charging commission (swap) for transferring the position to the next day.
- No additional charges.
- Islamic status is assigned to all the clients' accounts at a time: to already opened accounts and all subsequent ones.
- In case of changing trading account type to Islamic you will not be able to retrieve the non-Islamic account.
- Company reserves the right to credit/debit SWAP credited to the client's accounts before they became Islamic.
- In case of improper use of special conditions of Islamic account the company reserves the right to cancel the status of Islamic account and credit/debit SWAP for the corresponding period.