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Islamic Account
Islamic trading account permit clients of Islamic region to trade on swap free accounts with no any extra charge or fee.
Clients of Islamic region can open and close positions at any time with 5stars forex platform without being constrained to holding them for a defined period.
Our ‘No Riba’ policy enables eligible clients to keep their trading positions opened for an unlimited amount of time without having to suffer any charges or penalties from any kind whatsoever.
There’s no doubt that currency trading is one of the most difficult dilemmas in Islamic jurisprudence (Faqih). On the one hand, it requires the simultaneous exchange of currencies, which makes it a kind of hand to hand exchange. On the other hand, contemporary scholars consider the record of money transferred to or from a bank account as delivery. To resolve the issue, several decisions and fatwas have been issued.
Link: https://www.5starsforex.com/accounts/islamic-account.php
Islamic account or swap free account is not just an optional thing, but it is absolutely necessary. I will never trade if swap free option is not available, so for me on personal note it is vital. I am lucky to have strong broker like OctaFX, as they help me a lot to get the swap free account easily, as we just need to tick it out while opening the account and we will be tension free from paying swap for whatever reasons known to us.