Best Islamic Forex Accounts for 2024
An Islamic account in the Forex market is that account that is free of any interest, because it is compatible with the laws of Islamic Sharia.
There are many well-respected forex brokers in the UAE that you can trust and trade with. These companies are shown below:
Best islamic forex brokers
- Multi-regulated broker
- Minimum deposit of $100
- Free demo account
- + 200 cryptocurrencies CFDs
Leading award-winning CFD broker -
Broker regulated by CSSF, FCA and SCB -
Low fees -
Funds Protection up to 1,000,000$ -
- FSCA-regulated broker
- Trade CFDs on +160 assets.
- Competitive spreads.
- Free demo account.
- Multi-regulated broker by Tier 1 authorities.
- Trade +10,000 instruments.
- Low spreads from 0.1 pips.
- Free demo account.
- Broker licensed by the Financial Services Authority (FSA)
- Trade CFDs on +160 assets.
- Negative balance protection.
- Free demo account.
- Broker regulated by ASIC, FCA and DFSA (Dubai)
- Crypto trading
- Spreads as low as 0.0 pips
- Bonus up to $10,000
- Crypto trading
- Islamic account
- More than 1250 financial instruments
- Low Spreads
- Free demo account
- Trading Platform since 1998
- Multi-Regulated Broker
- Practice trading with $100,000
- World's leading social trading platform
- Exchange and wallet
- Over 65 different cryptocurrencies to trade
- Crypto trading
- Spreads from 0.1 pips
- Free demo account
- Free education
- Leverage up to 1:1000
- Starting from 0.0 pips
- $100 Min. Deposit
- Follow and copy the best performing traders
- More than 10,000 financial instruments
- Get started with a $30 Trading Bonus. No deposit required.
-$5 minimum deposit
-Spreads as low as zero pips
What is the idea of opening an account?
The idea on which Islamic accounts are built is that 24-hour deals are closed daily at five o'clock in the afternoon, New York time, and if they are not closed, the deals are rolled over to the next day and interest is accumulated. This is the problem that contradicts Islamic law, which many see as an obstacle in the way of their trading in the forex trading market, as some describe these benefits as usurious benefits.
The usurious interest is the sums that the trader pays to the company in exchange for keeping the account open for another day or for another period.
Trading companies offer the Islamic account to meet all needs
Therefore, it was necessary for some trading companies to provide Islamic Forex trading, which is compatible and compatible with the laws of Islamic law. Traders who choose to use Islamic accounts can trade without earning any interest or incurring any fees. There are no additional fees associated with the Islamic account.
In addition, you should be confident that you will not incur any barter or exchange fees in any way. These companies value your faith and see that you are one of their most valuable customers, so you must always have complete confidence in their fair trading policies and ethics.
The funds of Islamic accounts are placed in accounts that operate without interest and where trading is not available on a profit margin or using financial leverage.
The most essential features of Islamic accounts are the following points:
- No additional fees are incurred while opening Islamic accounts.
- Providing the highest level of service and providing an experienced account manager.
- Full transparency.
- There are no hidden fees, charges or interest fees
- There is no interest policy: the “no interest” laws allow clients to keep a position open for an indefinite period without having to pay any additional fees or costs to their accounts.
- The Islamic account provides a very comfortable environment for dealing.
- The forex company does not benefit and does not get any commissions from your account
- There are no interest or commissions on swap contracts.
- Forex trading accounts operate with a non-interest policy (without usurious interest). Positions can remain open indefinitely without incurring any interest or charging any fees. These companies also provide you with specialized support from experts who are fluent in the Arabic language and aware of the laws of Islamic law related to trading and investing in general in Forex.
Is forex trading halal?
According to many religious scholars, your Forex trading is halal if:
• Trade with a forex broker that really works and does not try to cheat.
• Try to exercise restraint while not trading to compensate for losses resulting from past transactions.
• Try to trade with a clear strategy after observing the market and economic indicators.
• Not to get any “money as a reward” or to trade in the “risk-free deals” system.
The best Islamic accounts brokers:
There is a group of trading companies that always strive to meet the needs of their clients by providing innovative products and services that help them achieve success in trading forex.
So you can go directly to any of these companies and communicate with the customer support department to direct you to the support and advice necessary for you to get started.