SWAP-FREE SHARIA ACCOUNT (ISLAMIC FOREX ACCOUNT)

SWAP-FREE SHARIA ACCOUNT

Swap-Free accounts are also called Sharia accounts, because the owners of this account usually hold the religion of Islam.

According to Islam, every business transaction that applies the interest system is prohibited. In this account (Sharia), supports currency transactions that if the position must be entered, the trader does not get or must pay interest from that position.

This account is made specifically for those who are Muslim, because Swap credit and interest are not allowed by their religion. In this account, owners are allowed to hold their trading positions for the time needed. The results of trading only depend on changes in currency prices within a certain time.

Because of this uniqueness, Islamic or Swap-Free accounts are popular in both Islamic and world countries. Many Forex brokerage companies provide this service for free.

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