- Best Forex Brokers
- Best Islamic Forex Account Brokers
Best Islamic Forex Account Brokers
|Rank||Broker Name||Trust Score||Reviews|
|1||XM||99 / 100||XM Reviews|
|2||London Capital Group||99 / 100||London Capital Group Reviews|
|3||InstaForex||80 / 100||InstaForex Reviews|
|4||AvaTrade||74 / 100||AvaTrade Reviews|
|5||LiteForex||75 / 100||LiteForex Reviews|
The above table contains the top ranked forex brokers in our database for opening an Islamic account.
What is an Islamic Forex Account?
The Muslim faith forbids any giving or receiving of interest, and therefore a standard forex account according to Islamic law does not comply with Muslim beliefs. To accomodate traders who wish to abide by Islamic law but still trade in the foreign currency market, many forex brokers have introduced Islamic accounts. These accounts are free of any type of interest (Riba in Islam, also known as “swap” elsewhere) which is the amount of money debited or credited your trades due to difference in interest rates between the currencies).
Islamic accounts have become an important product offering for many forex brokers who wish to allow people with any religious belief to trade forex.