Islamic trading accounts are a specific category of forex trading accounts also known as interest free or swap free forex accounts.
Islamic forex trading accounts permit clients of Islamic religion to trade on interest free accounts (SWAP free or Roll Over fee) with no extra charge or penalty for the ability to trade in adherence with Islamic religious principles. Clients can open and close positions at any time within the AXISCAPITAL CORP Metatrader 4 system without being constrained to holding them for a defined period.
Some common Islamic trading account conditions include:
No Riba Policy:
Clients benefiting from the AXISCAPITAL CORP Limited No Riba policy may hold positions for an undetermined time at the original opening price until they are closed and no charges will occur. AXISCAPITAL CORP Limited may revoke the 'No Riba' policy in case of abuse with a 48 hour notice by email.
At AXISCAPITAL CORP Limited, we offer clients the possibility to choose Islamic Trading conditions for any of our account types including Mini, Standard or Premium accounts, regardless of base currency or leverage offered. Islamic trading accounts may also be used for Managed forex accounts, as the only determining factor is the religion of the client that the trading account belongs to. AXISCAPITAL CORP Limited enables its clients to trade with no swap charges and with no other additional charges, spread or hidden fees, 'simply fair and ethical trading conditions for all'.
The Islamic Accounts offered by AXISCAPITAL CORP Limited are not the same as the Islamic Accounts generally offered by other Forex companies. They differ based on the fact that AXISCAPITAL CORP Limited offers SWAP free accounts with no other additional charges, whereas most other companies transfer this fee by widening the spread on Islamic Accounts. In order to abide by Islamic religious beliefs, one must not pay interest but if that interest charge is transferred to a different type of fee, it is basically still a charge to cover the interest. This is also referred to as a SWAP fee in disguise. AXISCAPITAL CORP Limited does not do this, again demonstrating that AXISCAPITAL CORP Limited offers fair and ethical trading conditions.