The SwissAllianceFX Islamic account adheres to the principles of Islamic law regarding banking activity and Riba (interest). It is an interest-free or swaps free account type for those who, for religious reasons, cannot trade on interest/swap incurring accounts.
However, account holders will still enjoy all of the benefits of all the Account Types offered by SwissAllianceFX their same spreads, and same trading conditions.
All transactions in Islamic accounts are closed at 22:00:00 GMT and reopened at 22:00:01 GMT, which keeps open positions for the next 24 hours. Account-holders do not pay any fees and do not violate Sharia law.
Traders using an Islamic account can work with all trading instruments, use leverage, hedge positions, deposit and withdraw funds in any convenient way.