Our UWM Islamic forex accounts, also known as Sharia-compliant forex accounts or swap-free forex accounts, are specialized trading accounts designed to comply with Islamic finance principles. These accounts cater to Muslim traders who want to engage in forex trading while adhering to the principles of Islamic law (Sharia law). In Islamic finance, the payment or receipt of interest (Riba) is prohibited, as it is considered unethical.

Key features of Islamic forex accounts include:

1. **No Rollover Interest (Swap-Free):** In conventional forex trading, positions held overnight may incur or earn interest, known as swap or rollover interest. Islamic forex accounts eliminate this interest component, ensuring that no interest is paid or received on open positions held overnight.

2. **Immediate Trade Settlement:** To comply with Sharia law, trades are required to be settled immediately, and there should be no delay in the exchange of currencies. This eliminates the concept of "tomorrow's value" or interest-related transactions.

5. **No Usury (Riba):** Islamic forex accounts strictly adhere to the prohibition of usury (riba) by eliminating any form of interest payments or earnings associated with trading positions.

To accommodate these principles, we offer Islamic forex accounts often charge a different fee structure.

Islamic forex accounts provide a means for Muslim traders to participate in forex markets while staying in compliance with their religious beliefs. It's essential for traders to verify the Sharia compliance of any broker offering Islamic accounts and understand the specific terms and conditions associated with these accounts, as they can vary from one broker to another.