Islamic Account

LegacyFX Islamic Account

An Islamic account allows clients of Islamic religion trade on interest-free accounts with no extra charge or penalty for the ability, in accordance with Islamic principles. In the Islamic tradition, both charging and receiving of interest is strictly forbidden. Islamic account created with intent to provide Muslim clients to trade with agreement to their religion, but is not for Muslim clients only; anyone who is willing to prohibit interest rates can choose to do that. The decision to open an Islamic account is the sole choice of individuals, regardless to their religion.

This account type is also termed as ‘Swap free or Roll Over fee’. Rollover fees are interest payments that are generated when a position is left open overnight. Each position must be closed by the end of the trading day, otherwise interests are charged. According to the principles of the Islamic Sharia law, this type of payment is forbidden. Therefore, the Islamic account is free of rollover fees.

Islamic clients of LegacyFX are not limited in time, and can hold positions for as long as they desire until closing them.  

 

LegacyFX Islamic Account

• Unlimited time to carry the positions
• No fees are charged to replace swap fees