Islamic Account

Islam prohibits business and trading operations that envisage earning interest. However, the Muslim world should not be excluded from global economic processes, like trading in Forex. An Islamic (or swap-free) account is a type of account that is designed specifically to meet the needs of traders who adhere to Islamic religious beliefs.

An Islamic account is different from a real one in only one aspect - it is swap-free. All orders on an Islamic account are automatically closed at 22:00:00 GMT every trading day. After that, they are immediately reopened at 22:00:01 GMT. Consequently, an open position is moved to the next trading period, but no swap is charged.

With Prime Stocks, you can easily open an Islamic account. You need to open a real one first, then send a request to the customer service to create a swap-free account, and provide the necessary documents.

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