Panda Investing Islamic account offering allows clients of Islamic religion to have an interest free accounts (swap free/rollover free) in accordance with Islamic religious principles.
Meaning of Islamic accounts:
This kind of broker account does not charge any overnight interest or swap charges. The reason is that ISLAM religion does not permit interest calculations on borrowed or lent money.
The accounts, which do not have the swap influence, give its owners an opportunity to keep the positions opened during an indefinite long period and do not provide any negative or positive commission for the rollover. In this case, the result of trading depends only on currency rate’s movement for that certain period. Thanks to its peculiarity, this type of accounts became popular not just in Islamic countries, but also in other countries all over the world.
At Panda Investing we manage only Islamic accounts opened with our trusted brokers, as to guarantee to ourselves and our clients swap-free, Shariah compliant trading.
|$50||Up to 40%||Cysec|
|$150||Up to 30%||FCA|
Here`s a’fatwa’ that states that forex trading using leverage is permissible :
The conditions for Islamic forex trading accounts :
There is no doubt that currency trading is one of the most difficult dilemmas in Islamic jurisprudence (Faqih). On the one hand, it requires the simultaneous exchange of currencies, which makes it a kind of hand to hand exchange. On the other hand, contemporary scholars consider the record of money transferred to or from a bank account as delivery. To resolve the issue, several decisions and fatwas have been issued. According to these decrees, the conditions for trading currency are:1- Immediate buying and selling without delay. 2- The currencies needs to be transferred from the account of the seller to that of the buyer and vice versa. 3- The cost of the trade should be paid without delay. 4- No interest on trades. In the case that there is any usurious interest, the contract will be invalid, void and Haram.
The benefits of Islamic accounts:
No interest on contracts lasting longer than 24 hours – zero rollover interest consistently.
We do not charge extra commissions or fees for Islamic accounts management.
no extra fees, spreads for Islamic accounts are the same regular spreads .
How to open an Islamic account with Panda Investing?
First of all, the client must open an account with one of our partner brokers, and send the account number and user-name to Panda Investing`s support team , as to confirm your account and start managing it right away !