It is generally accepted that foreign exchange trading is permissible under Islamic law.
Maps IG offers Islamic Trading conditions that are specifically tailored to clients with Muslim beliefs and that abide by Sharia law.
Islamic trading accounts are given freely to Muslim clients through quick and simple online live account opening via our secure application form. Clients can choose one of the three types of trading accounts offered by Maps IG: MINI, Standard or Premium and enjoy the same first-class trading conditions as non Muslim clients in full adherence with their religious beliefs. Traders can further optimize the account by selecting the leverage and volume of their preference.
Maps IG offers Islamic forex trading accounts that are SWAP free and clients do not get charged interest for holding overnight positions. Maps IG does not charge clients any additional fees or commission, nor widens the spreads at any time as a means to compensate for offering interest free accounts. Instead Maps IG maintains that all clients trade under fair and ethical trading conditions.
The Islamic Accounts offered have been created to be compliant to Islamic religion, specifically Sharia Law. To make it easy to understand with a simple example, the Sharia Law that is taken into account for Islamic Accounts is to give or receive and not to expect anything in return. This is why Maps IG provides Islamic Accounts with no additional charge, hidden cost and most importantly no interest fees (SWAP Free).