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ISLAMIC ACCOUNT

ISLAMIC SWAP FREE ACCOUNTS

Ahlan wa sahlan and As-salamu alaykum; our Islamic forex accounts also known as swap-free accounts are available on our Raw Spread, Standard, and Pro accounts.

 

Our swap-free accounts, incur no swaps or interest charges on overnight positions. Instead, you are charged an administration fee on the positions which are deducted from the account balance and are 100% Halal and Sharia Compliant.

Raw SpreadStandardPro
Min deposit$50$50$10,000
Maximum leverage1:5001:5001:500
Spreadfrom 0.0 pipsfrom 0.8 pipsfrom 0.0 pips
Commission (round turn) PER 1.0 LOT$6$0$5
Min lot size0.010.010.1
Max lot size5005001000

Experience a TRUE ECN broker that works for you not against you with:

• Lightning-fast execution of under 50ms
• Access to a deep and diverse liquidity pool
• No requotes
• Confidential trading
• No manipulation and no restrictions

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Islamic Foreign Exchange Brokerage

forex-islamic-account-halal

Gambling is prohibited in the Islamic religion, which is why many people hesitate before diving into foreign exchange trading. At Fair Forex, our Islamic forex brokers understand this concern. We would like to point out that forex trading is a financial investment based on data and market analysis. It is not gambling.

islamic-forex-broker

Foreign exchange trading is essentially a process of buying and selling currencies, where profitability rests on the initial asset’s price. It isn’t gambling because the broker or trader uses financial trends and analysis to predict the outcome. You can rest assured that it isn’t haram.

 

POPULAR QUESTIONS

Most trading activities are still considered as haram in the Muslim faith. Our Islam foreign exchange brokers use Islamic finance principles for halal forex trading. These principles include: Prohibition of collection or payment of interest rates Sharia law prohibits interest payments (riba), which the religion considers as an exploitative practice that increases a lender’s profitability at the expense of the borrower — in this case, it’s the liquidity provider and the trader. Prohibition of any form of gambling or speculation Sharia law also prohibits maisir, which refers to any form of gambling or speculation. It implies that Islamic financial institutions cannot transact based on a game of chance. Our brokers don’t play this game. They stick to data. Non-participation in financial risk and uncertainty People of the Muslim faith might hesitate to participate in forex trading because Islamic finance principles discourage transactions that involve risk (gharar) or uncertainty. However, foreign exchange forecasts take away that risk. These principles essentially follow Sharia law. However, we are in not in any way a religious authority. Please feel free to consult with your religious elders if you want further assurance that our foreign exchange trading services and your individual situation are halal.

Islamic finance principles don’t always align with Western banking practices and the financial trading system. And as the world’s fairest broker, we’ve taken it upon ourselves to establish Islamic forex trading services to bridge the gap between your trading investment activity and religious principles. Our Islamic forex brokers generally operate like traditional brokers on our team. We simply modify some elements to align with the fundamental finance principles of the Muslim faith. Islamic forex accounts are halal trading accounts that prohibit the accumulation, collection and payment of interest rates. They are also called swap-free accounts. Unlike traditional trading accounts, they don’t generate any swap interest or commission rates from the currency swap. In addition to the lack of interest, all transactions on Islamic forex accounts are paid for and transferred immediately. These accounts are admittedly less profitable for brokers, but rest assured that we have your best interests in mind regardless.

Electric Communications Network (ECN) changed the way foreign exchange brokers operate. ECN is the purest form of brokerage because it provides an interactive network where traders can find the best available prices at any given time. It opens the doors to a wide selection of bids and offers from banking institutions, hedge funds and high-frequency traders. This is an attractive prospect for many, but the Islamic community might think twice about the trade. Muslim investors might ask, “Is ECN forex trading halal or haram?” Simply put, forex trading is a Sharia law-compatible opportunity to buy and sell different currencies. You’re investing in an asset and you gain profit if its value increases. Alternatively, you incur a loss if the asset’s value decreases. Brokers can determine this based on forex forecasts and data analysis. That being said, forex trading is generally halal.

Islamic trade accounts and traditional accounts are similar in many ways. For an account to be halal, however, it should follow Islamic finance principles. There also shouldn’t be any swap commissions on the broker’s part. Our team at Fair Forex understands this, so we modify our brokerage services to match your needs. You can now tap into ECN and start maximising your financial investments. Keep in mind that halal forex trading is a collaborative effort between you and your broker. Trust us to look after your account and practice halal methods of investment. Get started today.

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