Online financial trading platforms operate day and night, allowing people to earn at any time from any place in the world. Financial markets enable traders choosing from a large variety of instruments – foreign currency, commodities, shares, bonds, currency options, etc.
Some of the positions opened by traders are done for day trading, for instance - positions opened for a few hours. Other traders, however, prefer trades with a longer scope and want to keep their positions opened through the night. It requires paying and receiving special fees knows as swaps. It is a kind of interest rate and, therefore, they create a problem for Muslim traders who follow Shariah laws. Interest fees are forbidden in Islam. To create comfortable trading conditions for Islamic traders, swap-free accounts were created. All deals on Islamic accounts are automatically closed at 22:00:00 GMT and immediately reopened at 22:00:01 GMT. An open position is moved to the next trading day, but no swap is charged. That’s the only feature that makes this type of account different from the real one.
An Islamic account can be opened in 3 simple steps:
- Verify your account by sending all the documents needed to verify your identity.
- Fund your current trading account.
- Apply for an Islamic account, which operates under the Sharia Law. The request will be forwarded to the support department for review and approval. Clients’ requests are usually processed within 1-2 business days.
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