Sep
23
2010
23
2010
Our forex Sharia accounts
FastBrokers is proud to offer swap-free forex accounts to his Muslim clientele. We understand that Islamic Law bans the payment of interest under any circumstances, while trading and asset-based transactions are allowed and encouraged. That’s why we made opening a forex swap-free account so easy!
There’s only one feature that makes a Sharia account different from a regular forex account: overnight interest (swap, also called rollover) never affects Islamic accounts.
Swap originates in the difference between interest rates commonly applied to individual currencies. When a forex trader sells a currency and buys another, inevitably the associated interest rates won’t be identical. That generates an imbalance that may translate in interest either being credited or debited to a trader’s account, if positions are held overnight. By signing a simple form, you may request to be exempt from all interest payments and charges, both those from which you would profit and those for which you would be liable.
Requests received from traders living in traditionally Muslim countries are quickly approved, while further documentation is sometimes needed in other cases.
To learn more about this topic or to request assistance, please contact our New Accounts Department at 1-818-545-9955 or 1-888-791-3278 toll free from USA and Canada. Email inquiries should be sent to newaccounts@fastbrokers.com
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Posted by: FastBrokers News
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