Islamic Account
Trading according to the principles of the Islamic faith is possible through an Islamic account.
Traders required to comply with Sharia law can participate in the financial markets with Bankefex’ Islamic trading account, also known as a swap-free account.
With an Islamic account, no interest fees will be charged or deducted from your account. Currency transfers and transaction fee payments are also completed simultaneously, making the process straightforward and immediate.
Islamic Principles
Bankefex provide traders of the Islamic faith with a feasible means to participate in the markets.
To comply with Islamic principles, we have created an Islamic or Swap-free account to let our clients trade their chosen assets while keeping to their religious beliefs.
Trading Principles
- Prohibited rates of interest
- Profit and risk separation
- Immediate execution of trading orders
Islamic Trading Fees
Islamic accounts do not pay or earn swaps or interest on trades for currency pairs (excluding exotics), commodities, and energy where a small fee is applicable overnight. Note that trades open for more than a single day are subject to a flat rate financing fee. Rates and holding periods may vary depending on market conditions.
Islamic Trading Platform
With a range of knowledge and experience in Islamic finance, Bankefex’ trading platform offer solutions that are designed to provide the necessary tools for important treasury functions in the industry.
Benefits
- Trust & Regulation
- No overnight swap & Interests
- Wide range of instruments available
Disadvantages
- Carry charge may apply
- Positive interest may not be included
- Exotic currencies and CFDs may not be available