Traders of Islamic Faith

As-Salaam-Alaikum

I am curious to know how many traders of Islamic faith seek out swap-free accounts when choosing a broker. i.e. accounts where no interest is earned or paid.

Here is an example

Or is it more common to seek out alternative ways of investing?

Is stock trading or forex more desirable from an Islamic perspective?

Thank you in advance for any replies.

Walaikum salam

Eid Mubarak

Most Muslim traders use a swap free account. Getting a swap free account is the simplest way to make sure you don't deal with ribah from swaps.

XM offers swap free accounts to people following Islam

Click here to open an account

Once account is opened you can apply immediately to have a swap free Islamic account

No Expiration, No Spread Widening, No Commissions and No Hidden Fees.
100% Shariah Compliant.


Account Features at a Glance

 

1. No interest/swap charges on overnight positions
2. No spread widening
3. No up-front commissions
4. Positions can be held with no time limit

 

1. No re-quotes, no hidden costs
2. Leverage up to 888:1
3. 100% real-time market execution
4. Same trading conditions as for our trading account types

 

1. Free and instant access to all trading platforms
2. 24/5 dedicated support from your Client Account Manager

The XM forex Islamic accounts differ greatly from those generally offered by other forex brokers. The difference lies in the fact that unlike most forex companies who substitute additional fees by widening the spread on Islamic accounts, XM imposes no additional charges.
In order to abide by the religious law of Islam, traders of Islamic belief are forbidden to pay interest. However, if the interest charge is transferred to a different type of fee, it is basically still a charge that covers the interest. This is also known by the name of swap-free in disguise. XM is firmly against such practices as it opposes to fair and ethical trading conditions.