The part of people practicing the Islamic faith in the world’s population is 25%, and a significant number of these wants to deal with trading on financial markets. It is known that Sharia law prohibits Muslims from paying or receiving any capital interest. In turn, it means they cannot pay swaps, which are a regular thing for a real trading account.
At Ren Capital Global, we understand how important for such traders to abide by their laws strictly. That is why we offer our Muslim traders to open an Islamic account, which is swap-free. On such account, all deals are automatically closed at 22:00:00 GMT and immediately reopened at 22:00:01 GMT. An open position is moved to the next trading day, but no swap is charged. In such a way, Muslim traders can be full-fledged participants of financial markets.
It is to be noted that an Islamic account is no different from a real account, except for the absence of swap payments. On such an account, traders can still use leverage, hedge their positions, make deposits and withdraw their funds, etc.
To open a swap-free account with Ren Capital Global, a Muslim trader needs to open a real account first and then send a request to our support service to make it swap-free. Note that our specialists may request additional documents confirming your religion.