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Monday 2 July 2012

A Swap Free Forex Account

Swap free Forex accounts are set up specifically for Islamic Forex trading. These accounts specifically apply to Forex accounts that must be free of swaps and interest earnings. All of these accounts comply with Shariah laws and do not accumulate interest or swap fees.

The swap free Forex accounts are free from Riba, which is unearned interest. There are also no roll over charges. Anyone can apply for a swap free Forex account as long as they do not abuse the privilege. If brokers feel you are taking advantage of the swap free account they have the right to cancel the account.

When setting up a new swap free Forex account you will need to tell the broker that you want to set up an account that complies with Islamic Shariah Laws. All major brokers will be able to accommodate this request. They charge a flat fee on all trades and avoid trades that cannot be completed on the spot. Since trades cannot be made toward a future date, this will comply with the Shariah laws.