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We offers swap-free accounts (also known as Islamic Trading accounts or Shariah Trading accounts). These accounts comply with Islamic religious beliefs. According to the Islamic religion, any business transaction in which one of the parties has to pay or receive some interest from another party is forbidden.
Islamic accounts are different from regular accounts because overnight interest (also referred to as swap or rollover) is never credited to or debited from Islamic accounts. Overnight interest originates from the difference between the interest rates of the currencies or assets being traded.
When traders buy one currency and sell another, a swap rate is created because the interest rates of the underlying currencies are not identical. This transaction results in an imbalance that is usually credited to a trader's trading account or debited from a trader's trading account when positions are held after the close of each trading day.
By executing a single document, observant Muslims may request a Shariah-compliant our Islamic account in which all interest credits and debits are waived. Requests from traders who live in traditionally Muslim countries are typically approved quickly while additional documentation may be required in other cases.