Islamic Trading Account
This account type is also called a swap-free account and has many differences from regular forex trading accounts. Sharia Law prohibits the charging of interest on capital spent on this account. Traders with Islamic Accounts do not obtain rollover swap points on positions open for more than a day, and no charge on acquired funds. Moreover, Islamic Account trades must occur no delays, so currencies need to be brought from one account to another immediately, with activity fees also complied at the same time.

Regular forex trading accounts need an interest in particular trades, which can be a disadvantage for some traders as making money from money, or Riba is not legal under Sharia law. In Islam, Gharar or gambling is also illegal. Gharar can associate with the irregular positions in the forex market which makes it hard to predict with certainty what is probable to happen, therefore, be considered comparable to gambling.

What kinds of trades are NOT allowed in an Islamic account?
The following trades are usually forbidden within Islamic trading accounts:

• Riba – a commission that is asked from the client under many conditions.
• Pledge – a certification saying to give back a loan within a short time. With an agent authorized to trade the contract and reclaim the loan if the client is unable to reach the specific rate of the margin.
• Loans – money that was given by an agent (bank) to the customer on some agreed terms of interest.
• Short selling – using and trading an asset the trader doesn't own for profit.
• Trading on margin – taking money from a broker to acquire assets.
• Forward sales – a contract to buy or trade an asset at a future time on a value given today.

How to open an Islamic account?
Initiating an Islamic forex account is now made easier. With the Islamic banking area growing by a rate of 19.7% per year, there is now a developing amount of brokers providing Islamic forex account access. The accounts are designed with the assistance of all the Islamic laws on the business and finances.

Check Best Islamic Forex Brokers to know more about how the account works and for recommended firms.
https://www.islamic-forex.com/