An Islamic (swap-free) account is designed specifically for Muslim traders as they face certain obstacles due to religious considerations. Islam prohibits any operations when one of the parties receives interest payments from the other. So, they are not allowed to pay or get swaps as this payment is paid or charged for keeping a position open overnight and can be seen as a type of interest.
However, a solution to this problem was found: to avoid swap payments or charges, all deals are automatically closed at 22:00:00 GMT. After that, they are immediately reopened at 22:00:01 GMT. Consequently, an open position is moved to the next trading day, but no swap is charged.
With RMT500, you can open a swap-free Islamic account easily.
Open a real account
Send a request to the customer service to create a swap-free account
Provide the necessary documents