A Shariah compliant account is a trading account that has certain conditional framework in accordance to the Shariah laws of Islamic trading principles.
FxEthos is the first Islamic Shariah compliant trading provider to be certified by an accredited Islamic scholar.
We offer this type of trading accounts to Muslim traders who can take advantage of spot FX trading, but with conditional adjustments to specific parameters listed below.
To be congruent with these laws, you need to adopt a:
No Interest (Riba) policy
Under Islamic banking, you are not allowed to charge or provide interest for the services you use.
In your Forex trading accounts, interest ispaid or charged in the form of Swap or Rollover charges if you hold your positions overnight (click here for swap rates).
Under the Shariah compliant account, we absorb all such charges, ensuring your compliance with this condition.
No leveraged trading
Under Islamic banking rules, you cannot trade on money that youdo notown, which violates leveraged forex trading conditions.
Most brokers do not share this information as they are afraid of losing clients’ business if they disclose a no leverage trading policy. FxEthos always ensures and demands full transparency and ethical trading conditions with utmost respect for religious beliefs.
Therefore, in compliance with this condition, we offer a no leverage trading account facility.
Additional provisions, but not compulsory (sunnah);
The act of giving (Hibah)
Islam is a religion of compassion and sharing. Therefore, it promotes regular sharing of wealth through donations (zakat) and sponsoring of basic needs for the less fortunate.
We allow traders to donate(at will, not compulsory) a portion of their trading profits for such noble needs. During the months of Ramadan(fasting month), we will ensure direct delivery of such donations to mosques and other shelter homes.
Quick Account Approval
Your live account application will be processed and approved within the same business day, in just a few hours!
Flexible funding options
Fund your account using multiple funding options. We will keep adding more channels to increase the options for you, giving you more ease and flexibility.
Instant, affordable withdrawals.
We offer multiple methods of withdrawals and most withdrawals are processed within the same business day. Our withdrawal fees are the lowest in the industry and can be waived for large withdrawals.
Fund safety, administration
Trust facilities and segregated accounts are offered to all our clients, at no extra cost, regardless of account size, trading volume, or performance. Our objective is for you to trade effectively with an absolute peace of mind.