Islamic Trading Accounts
Online trading platforms operate 24 hours a day, and allow people to choose from a large variety of instruments – foreign exchange, commodities, shares, bonds, ETFs, currency options and more. Some of the positions opened by traders are done for day trading – positions opened for a few hours. Other traders, however, employ trades with a longer scope, and wish to keep their positions opened for more than 24 hours.
Keeping positions opened for over 24 hours is accompanied with a special fee called a SWAP. This special fee is a type of interest, and therefore creates a problem for Muslim traders following the Sharia law, which forbids certain financial transactions, mostly ones accumulating interest.
To solve this, brokers offer Muslim traders a special service called ‘Islamic account’. This account has all the possibilities and options of a regular account; yet it is not subjected to any type of special fees or interest.
AvaTrade, as a broker fully committed to its clients, offers this service on the highest level.
Open an Islamic Account with us today!
Note! AvaTrade is not a legislative institution; therefore do not take this Islamic Account definition as permission to trade. Please verify all trading is in accordance with your beliefs.
*Cryptocurrency trading is not available on Islamic accounts, to trade cryptocurrencies clients must give up their ‘Islamic account’ privileges and be subject to special fees or interest.
*Certain FX instruments (ZAR, TRY, RUB, MXN pairs) are not available on Islamic accounts, to trade these pairs, clients must give up their ‘Islamic account’ privileges and be subject to fees or interest