The Islamic account – the best way to trade in Saudi Arabia

The swap-free trading accounts, also known as Islamic Forex accounts or Shariah Forex accounts; represent interest-free accounts that support the rulings of Islamic Sharia. This account type is the best way to trade in Saudi Arabia and can significantly increase the chances of its users to gain profits.

What is an Islamic account?

Islamic accounts are usually known as swap-free accounts because of their lack of swaps or roll-over charges. A swap is a commission charged for the transfer of the opened positions over the night. This feature can be very beneficial for Arabic traders, as a regular forex trading account usually charges an interest (Riba) and a fee for each open position during the night.

The advantages of an Islamic account

Muslims have a lot of restrictions when it comes to trading and an Islamic account is exactly what could simplify everything for them. In Islam, Riba represents the amount of money that is charged in accordance with the originally decided amount; or any payment that is made without any benefits for the other side. Given that the traditional trading accounts charge interest (Riba) and fees on trade – it makes it unethical and impossible for Arabic traders to use them.

Islamic accounts are also designed to avoid the similarities to gambling (Gharar), which is forbidden in Islam. Because forex trading has a speculative and unexpected nature, it can be considered a gambling activity – that’s why Islamic accounts provide features which diminish that aspect.

All in all, Islamic accounts allow Arabic traders to invest and trade with a clear peace of mind. In addition, their features can boost substantially the chances to place successful trades, making them the best choice for the Saudi Arabia customers.

Where can you trade with an Islamic account?

A lot of online forex brokers started to offer this account type, however, not so many crafted it in the most efficient way. RCPro is a leading broker that provides this type of account and can be given as an excellent example of how an Islamic account should look like. The RCPro Islamic account has the following features and benefits, as stated on their website:

  • No interest/swap charges on overnight positions.
  • No spread-widening.
  • Positions can be held with no-time-limit.
  • No up-front commissions.
  • No re-quotes, no hidden costs.
  • 100% real-time market execution.
  • Free & instant access to all trading platforms.
  • 24/5 dedicated support from your Account Manager.
  • Free & instant access to all trading platforms.
  • Super-fast withdrawal process.

Although you may encounter numerous brokers that offer the option of trading with an Islamic account – not all of them have a comprehensive list as the above one. Take your time and make the best choice!

Conclusion

In trading, success is built from a sum of choices that you make along the way. Choosing the right brokerage firm, as well as the account type that is suitable for your needs – are two of the most crucial steps. An Islamic account is the best way to trade in Saudi Arabia and can bring you profitable opportunities and the much-needed peace of mind to trade efficiently.

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