Islamic accounts are among the different accounts offered by BearsMarkets. As its name suggests, this type of account is particularly intended for Muslims to trade in the financial market. But, what exactly is an Islamic trading account? To know more about this specificity, we give you some good explanations.
Useful is to know that an Islamic trading account is set up specifically for Muslims who wish to trade assets or products in the financial market. These accounts are designed specifically respecting all Muslim beliefs or sharia. It is important to know that this type of account does not take into account the wear loan or the interest rates.
An Islamic account has certain specificities, compared to a classic account. Indeed, Muslim investors must make certain speculations on the foreign exchange market, since the exchange is done simultaneously and in one and the same place and this, in strict compliance with the laws of the Koran.
In addition, a Muslim trading account must ensure that there is no interest in trades. Thus, its followers may face higher spreads than a conventional account. They may also face other hidden fees as transactions progress.
However, an Islamic trading account can be advantageous for traders because they will not have to pay the swap. Basically, the Islamic account is much more profitable to hold a short position than to make transactions over the long term.
You should know that this type of online trading account does not work in the same way as a classic account. Potential customers must comply with certain requirements according to the fundamental principles of Muslims. They do not have the possibility to have the same bonuses as a conventional online account.
How to open an Islamic trading account?
Opening an Islamic online trading account is as easy as opening a traditional trading account. Indeed, all you have to do is give all the necessary personal information via a registration form or through a telephone conversation with our staff and, of course, make a first deposit.