IBCFX offers the option to convert any live trading account into an Islamic Forex account, or Swap-free account as it is also known.
According to Islamic Law, or Shariah Law, Muslims are prohibited from earning interest on their giving; this law also applies to interest earned on Forex trading. To address this issue and to make it possible for Muslims to trade Forex according to Islamic Law, IBCFX opened the opportunity for Islamic Forex accounts which offer interest-free Forex trading (No Riba Forex).
The Islamic Forex account is offered to all clients of IBCFX who practice the Islamic religion; this facilitates online Forex trading in full compliance with Sharia Law. As such there is no interest on positions which are left open overnight. It is assured that there are absolutely no extra or hidden charges.
IBCFX promotes fair and ethical trading for all clients without discrimination.