What is Islamic account?
An Islamic Forex account is a halal trading account that is offered to clients who comply with Islamic Shariah law and wish to invest in the Islamic stock market following the principles of Islamic finance.
Also known as swap-free accounts, Islamic trading accounts differ in several ways from regular Forex accounts. As Sharia law prohibits the accumulation of interest, traders with Islamic accounts do not pay or receive interest rates.
We offer Islamic accounts (also known as swap free accounts)
This is also an advantage for all traders who hold their positions for multiple days without being aware of swaps or overnight fees; thus, a trading account would not pay, or be paid for holding a position for more than one business day**
Any client who misuses this advantage by holding his floating positions for more than 10 business days, taking advantage of the swap-free facility and gaining profits from swaps will be charged $10 / lot every day, bearing in mind that these fees are handled by Thunder Markets.
Furthermore, hedging a currency pair by its corresponding Future CFD and / or hedging positions on a swap-based account against positions on a swap free account is forbidden, because these also represent attempts to take advantage of the swap free facility and gain profits from swaps; one direction of this kind of hedge must be closed immediately, otherwise both accounts will be subject to a daily storage fee as well.
If the client fails to act to avoid such practices, Thunder Markets will be required to close or take any necessary action on these accounts without prior written notice.
Moreover, certain instruments will be charged Storage Fees on daily basis as shown on the table below.
|Swap Free Islamic Accounts|
|Instrument||Storage fees per lot and day||Charged on|
|All FX pairs||10 USD or Equivalent||After Day 10|
|**USDTRY||70 USD or Equivalent||From Day 1|
|**EURTRY||70 USD or Equivalent||From Day 1|
|**USDZAR||25 USD or Equivalent||From Day 1|
|**USDMXN||25 USD or Equivalent||From Day 1|
|XAUUSD / XAGUSD||10 USD or Equivalent||From Day 10|
After day 10, three days storage will be applied every week on Wednesdays.
**Carry Pairs positions (TRY, MXN, ZAR) will be charged from day 1 as mentioned above.