An Islamic account, also known as a swap-free account, is a trading account that incurs no interest charges or swaps on overnight positions to comply with the Islamic Shariah principles. Apr 01, 2021 The trader with Standard and Islamic accounts of the following regions can get a $50 no deposit bonus. The offer is available for the European region, Canada, United Kingdom, Taiwan, Hong Kong, South Korea, Japan. Withdraw earns profits up to $200, no lots requirements. $50 Forex No Deposit Promotion. Saracen Inc is incorporated in St. Vincent & the Grenadines as an International Business Company with the registration number 26306 BC 2021. The objects of the Company are all subject matters not forbidden by International Business Companies (Amendment and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and Grenadines, 2009, in particular, but not exclusively all.
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Islamic trading accounts, on the other hand, take into account factors such as no interest charged (Swap-free Islamic account) or the same currency exchange, the fact that the exchange must be done between two parties (or hand to hand), and the lack of solid reasoning for a currency movement that would make it a gamble under Riba law in Islam. Islamic traders can now take part in the foreign exchange market without exposing themselves to the unjustified areas of the business that would otherwise put them in a position to be held accountable by the Islamic laws. Learn more within the article “Forex in Islam - Halal or Haram”.
So as long as no Islamic laws are broken, the Islamic traders can trade comfortably and with peace of mind. Below, we have listed the best Islamic forex brokers in Malaysia that offer Islamic Swap-free Accounts to their clients.
Table of Contents
- 1 Forex Brokers Enhance Their Offerings For Islamic Traders
The Forex Exchange (Forex) Market is one of the biggest markets in the world today with $4 trillion worth of currencies traded each day. This makes Forex trading globally popular, even in Muslim countries where Shariah Law is strictly enforced. Sharia Law is used as the basis for the legal system in Muslim societies. It prohibits Muslims from accepting interests or fees for financial loans or transactions. Without Islamic Forex accounts, Forex trading can become a problem for Muslims who want to try it out.
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Forex Swap Transactions
In Forex trading, a swap transaction involves the trading of two currencies (called pairs) between two parties planned for a specific date. When the set date has not arrived yet (date can still be changed by both parties), currencies hold a position (also called currency spot) and swap rates have to be paid.
A swap rate is an overnight interest for each currency traded. In the banking world, currencies have overnight interbank interest rates for every spot they hold. On the other hand, rates are not based on bank rates, but on what are called forward points, which is a function in trading platforms that Forex brokers provide.
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By looking closely at this type of transaction, Muslims are clearly not allowed to trade because of the interest payments involved. The majority of Forex brokers offering services today include swap payments in their profile and no Islamic Forex accounts on-site.
Despite the restrictions and mixed opinions however, what makes Forex trading popular among Muslims?
Forex Popularity in Islamic Societies
There are many reasons why Forex trading is popular in Islamic countries and these apply to other regions as well. From flexible marketing hours to minimal start-up costs, Forex trading enables Muslims to earn extra income.
Investments in Forex trading offer a high level of liquidity because of its huge trading volume. Traders can also take advantage of changes in the rates of currency exchange. In addition, although Forex can become a complicated world, brokers are always ready to lend a helping hand. Most of them offer demo accounts, charts, analysis, and industry news to help new traders manage their trading accounts.
The best thing is, the global rise of people trading in the Forex market has paved the way for the creation and development of the specific type of Forex accounts in order to accommodate a diverse group of clients. Forex brokers, companies that provide a trading platform for traders where they can buy and sell currencies, now enable religious individuals such as Muslims to trade and invest the money they worked hard for.
Forex Accounts with Religious Influence
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To make sure that Muslims can also participate in and enjoy the fruits of Forex trading, brokers have come up with Islamic Forex accounts that are swap-free. Some of the top brokers offering such types of accounts include: XTrade – a minimum deposit of $100 allows an individual to open an account; XM – minimum deposit is only $5; and HYCM with a minimum of $50 deposit to open an account.
In this type of account, currencies with overnight-held positions are not charged with swap rates, though additional fees are included. Extra perks are also included which enables Muslims to donate part of their earnings to charity (as dictated by one of the Five Pillars of Islam).
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Islamic Forex Traders
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Islam-friendly accounts prove that Forex trading can also be beneficial to Muslims. However, it is important for traders to evaluate the services of brokers they have chosen before signing up.
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| Broker | Info | Bonus | Open Account |
|---|---|---|---|
| Regulation: Leverage: 1:400 Demo Account: Yes Min Deposit: $100 | Up to $10,00 Bonus | Read Review | |
| Regulation: Leverage: 1:3000 Demo Account: Yes Min Deposit: $1 | $123 Bonus +100% on every deposit! | Read Review | |
| Regulation: Leverage: 1:1000 Demo Account: Yes Min Deposit: $100 | 101% On Each Deposit | Read Review | |
| Regulation: ASIC Leverage: 1:500 Demo Account: Yes Min Deposit: $100 | $10 No Deposit Bonus | Read Review | |
| Regulation: FFMS Leverage: 1:1000 Demo Account: Yes Min Deposit: $1 | Maximum 250% | Read Review | |
| Regulation: Leverage: 1:2000 Demo Account: Yes Min Deposit: $100 | 100% Deposit Bonus! | Read Review | |
| Regulation: CySEC Leverage: 1:888 Demo Account: Yes Min Deposit: $5 | Deposit Bonus up to $5,000 | Read Review |