Islamic Account

Islamic Account

Islamic forex accounts are a specific category of forex trading accounts also known as interest-free or swap-free forex accounts.

Islamic forex trading accounts permit clients of Islamic religion to trade on interest-free accounts (SWAP free or Roll Over fee) with no extra charge or penalty for the ability to trade in adherence with Islamic religious principles. Clients can open and close positions at any time within the Maps IG Meta trader 4 system without being constrained to holding them for a defined period.

TRADING TYPE

Islamic forex trading account conditions

No Riba Policy
Clients benefiting from the Maps IG No Riba policy may hold positions for an undetermined time at the original opening price until they are closed and no charges will occur. Maps IG may revoke the ‘No Riba’ policy in case of abuse with a 48-hour notice by email.
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Trading type

Islamic Account

At Maps IG, we offer clients the possibility to choose Islamic Forex Trading conditions for any of our Forex account types including Mini, Standard, or Premium accounts, regardless of base currency or leverage offered. Islamic trading accounts may also be used for Managed forex accounts, as the only determining factor is the religion of the client that the trading account belongs to Maps IG enables its clients to trade with no swap charges and with no other additional charges, spread or hidden fees, simply fair and ethical trading conditions for all.

 The Islamic Accounts offered by Maps IG are not the same as the Islamic Accounts generally offered by other Forex companies. They differ based on the fact that Maps IG offers SWAP free accounts with no other additional charges, whereas most other companies transfer this fee by widening the spread on Islamic Accounts. In order to abide by Islamic religious beliefs, one must not pay interest but if that interest charge is transferred to a different type of fee, it is basically still a charge to cover the interest. This is also referred to as a SWAP fee in disguise. Maps IG does not do this, again demonstrating that Maps IG offers fair and ethical trading conditions.

All the required documents along with the completed and signed Islamic Trading Account Contract must be emailed to Support@mapsig.com
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GENERAL SERVICES

ABOUT US

Trading foreign exchange, spot precious metals and any other product on the Forex platform involves significant risk of loss and may not be suitable for all investors. Prior to opening an account with MAPSIG, consider your level of experience, investment objectives, assets, income and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not speculate, invest or hedge with capital you cannot afford to lose, that is borrowed or urgently needed or necessary for personal or family subsistence. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.