Islamic Account at XM

How Islamic accounts work and how to get started

In the world of online currency trading, brokers have made considerable efforts to accommodate traders from diverse backgrounds and beliefs. Among these efforts, the introduction of Islamic accounts stands out as a significant step towards inclusivity. Islamic accounts, also known as Sharia-compliant or swap-free accounts, are tailored to meet the requirements of Muslim traders who follow Islamic laws. According to Islamic finance principles, any form of interest (Riba) is strictly prohibited. Hence, Islamic accounts do not involve interest charges on overnight positions, aligning with the ethical and religious standards of Islamic law.

Understanding Islamic Accounts

Islamic accounts stand out from conventional trading accounts in several key aspects, with the primary distinction being their elimination of swap fees or overnight interest on open positions. This practice aligns with Islamic law, which prohibits Riba (interest). Instead, brokers may opt to charge a fixed commission or not impose any fees, depending on the account type and trading platform. This arrangement enables Muslim traders to engage in currency trading without violating their religious beliefs.

Additionally, Islamic accounts feature the immediate settlement of transactions. Adhering to Islamic finance principles, these accounts mandate the prompt conduct of transactions, ensuring trades settle instantly. This practice promotes transparency and fairness in trading activities, consistent with Islamic ethical standards.

How to Set Up an Islamic Account with XM

Setting up an Islamic account with XM, a leading currency trading broker, is a straightforward process designed to cater to the needs of Muslim traders. Below is a step-by-step guide to help you through the setup process, allowing for an easy transition to Sharia-compliant trading.

Step 1: Sign Up for a Trading Account

Visit the FOREX ISLAMIC ACCOUNTS page and click on the “Open an Account” button.
Fill in the registration form with your personal information, including your name, email address, and phone number.
Choose your preferred trading platform and account type. XM offers various account types, so ensure you select one that qualifies for an Islamic account conversion.

Step 2: Account Verification

To comply with regulatory requirements, XM requires you to verify your account. Submit a copy of your valid passport or ID and a recent utility bill or bank statement as proof of address.
Wait for the verification process to complete. XM will notify you once your account is verified, which typically takes a few business days.

Step 3: Request an Islamic Account

Once your account is verified, log in to the XM Members Area.
Navigate to the account settings or support section to find the option for converting your account to an Islamic account.
Submit a request for an Islamic account. You may need to fill out a brief form or simply confirm your desire to switch to a swap-free account.

Step 4: Confirmation and Setup

After submitting your request, XM will review your application to convert your account to an Islamic account. This process usually takes one to two business days.
Once approved, you will receive a confirmation email from XM. Your account will now operate under the Islamic account conditions, with no swap fees on overnight positions.

Step 5: Start Trading

With your Islamic account set up, you can now start trading. Log in to your trading platform using your XM account credentials.
Begin trading from a wide range of currency pairs, ensuring your activities remain compliant with Islamic finance principles.

By following these steps, Muslim traders can easily set up an Islamic account with XM, enabling them to engage in currency trading in a way that aligns with their religious beliefs. The absence of swap fees and adherence to Islamic finance principles make these accounts an attractive option for those looking to trade within the boundaries of Sharia law.

How to change XM account to islamic

If you already have an XM account and wants to change it to islamic, this is how to to it:

To switch to a Swap-free trading account at XM, yo basically need to ask for it. This is done by filling out a special form for an Islamic (Swap-free) account. Once the form is submitted, XM’s Back-Office team takes care of the rest. It’s a straightforward process that just requires the client’s go-ahead.

Islamic account at XM