Abshire Smith offers an Islamic account for Muslim faith traders. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of swap.
| 🌐 Account | Abshire Smith Islamic account |
| 💰 Minimum Deposit | 500 USD/R8 000 ZAR |
| 💻 Platform Types | MetaTrader4 |
| 👉 Open a account | Click Here |
Min Deposit
USD 250
Regulators
FCA
Trading Platform
MT4, Vertex FX10, Statacator
Crypto
No
Total Pairs
40+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our Abshire Smith Islamic Account below.
Abshire Smith Islamic account – 10 key points quick overview:
Overview- What exactly is an Abshire Smith Islamic Account?
- Abshire Smith at a glance
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening an Abshire Smith Islamic Account?
- What is Abshire Smith’ spread costs on an Islamic Account?
- What other features does Abshire Smith’ Islamic Account have?
- Abshire Smith Pros and Cons
- Conclusion
- Frequently Asked Questions
Here is our overview of the Abshire Smith Islamic Account as well as the features that are offered, for Islamic traders.
Overview
Abshire Smith is a forex broker company with its headquarters in the United Kingdom.
The broker provides traders with access to platforms with which they can buy and sell foreign currencies. Retail traders can gain access to the 24-hour currency market for speculation purposes with the broker.
The company was founded in 2011 by a group of professional financial market experts with a vast combined wealth of experience.
Due to their existing practical knowledge, Abshire Smith understands the needs of experienced traders, and has made use of this knowledge as a guideline to not only provide for high frequency traders but also the low frequency retail traders as well.
Therefore, Abshire Smith serves several types of investors all over the mentioned areas and their trading solutions are tailored according to those clients’ needs, whether they may be retail, professional or institutional traders.
Abshire Smith prides itself in supporting all faiths and makes provision for Islamic trading with many of its features adding advantages for traders of the Islamic faith.
What exactly is an Abshire Smith Islamic Account?
Islamic accounts, known as swap-free accounts, are compliant with the Sharia law because there is no swap or rollover interest on overnight positions, which is against the Muslim faith.
Muslim clients can benefit from these same trading conditions and terms as regular trading account types, with the only difference having no swaps on trading instruments.
A handling charge may however apply.
An Islamic Account may be a standalone account, or an account option offered on regular accounts.
Islamic Accounts are often provided by brokers who serve Middle Eastern clients and offer features that are in line with the Sharia law, which prohibits the accrual of interest on funds deposited into the account.
Another important feature on an Islamic Account is that transactions must be settled immediately, requiring that currencies be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.
There are two key elements of the Islamic law that relate specifically to trading accounts, namely Riba and Gharar. Riba is a concept that refers to increasing or exceeding growth, which forbids interest credited from loans or deposits.
Gharar is an Arabic word associated with uncertainty, deception, and risk, which in modern finance include futures and options contracts, which have dates of delivery in the future.
According to Islam, if one would exchange the same set of goods/currencies with various values it would be considered Riba (unjustified interest) and unlawful. Furthermore, a currency exchange may be done under the same contract at the time it was signed, in other words, a hand-to-hand exchange, which is allowed.
The word Gharar means uncertainty, hazards, or risk. In Islamic finance, Gharar is prohibited because it runs counter to the notion of certainty and openness in business dealings.
Riba is the prohibition of generating money from money, which in this case specifically refers to interest and is not allowed according to the Sharia law. This type of interest is seen as both unjust and exploitive gains pertaining to trade or business.
Abshire Smith at a glance
| 🔎 Broker's Name | Abshire Smith |
| 📍 Headquartered | London, United Kingdom, Wales |
| 📅 Year Founded | 2011 |
| ⚖️ Regulating Authorities | FCA |
| 🌐 Countries not accepted for trade | United States |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:30 under European FCA regulation, otherwise 1:200 |
| 💰 Minimum Deposit | 500 USD |
| 💳 Deposit Options | Wire transfer, Neteller, Skrill, CashU |
| 💳 Withdrawal Options | Wire transfer, Neteller, Skrill, CashU |
| 💻 Platform Types | Vertex FX 10, MetaTrader4 and Stratacator |
| 📱 OS Compatibility | Mobile, web, iPhone, iPad |
| 👨💼 Languages supported on Website | English and Arabic |
| 👥 Customer Support Languages | English and Arabic |
| 📆 Customer Service Hours | 24 hours 5 days per week |
| 👉 Open a account | Click Here |
Which financial activities are restricted and prohibited by Sharia law?
Due to the restrictions and prohibitions on Muslim traders when considering the intricate details involved with trading activities, the following may be affected or prohibited:
️ Overnight rollovers, because it involves the receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 17:00 EST, as is prohibited by the Sharia law.
️ Margin deposits and interest, because it involves the accrual of interest on funds which are deposited into the trading account, which is prohibited.
️ Loans is prohibited by the Sharia law as per the element of Riba. Followers of the Sharia law is prohibited from having funds transferred by either a bank or other financial institution and involving interest.
️ Trading on margin results in a trader being liable for paying interest, which also amounts to Riba and is prohibited by Sharia law, as money is borrowed from the broker to buy or sell such equities.
️ Short sales, which affects mostly shares and involves borrowing and subsequent sale of an asset, is prohibited.
️ Forward sales are affected. The trading of futures contracts involves the buying and selling of contracts at a future date according to a price agreed upon on the day of entering such a contract.
What are the steps involved in opening an Abshire Smith Islamic Account?
Traders who are eligible for an Islamic Account must probably complete the live account application and then state that they want to apply for the Islamic option. Abshire Smith may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
What is Abshire Smith’ spread costs on an Islamic Account?
To make up for money lost by not charging overnight fees, a broker like Abshire Smith usually charge extra fees on Islamic accounts – either in administration fees, wider spreads, or additional commissions.
New Islamic traders should contact the broker’s customer service team to enquire about any special conditions or extra fees before joining, because it is often overlooked or not clearly indicated on the account features pages.
What other features does Abshire Smith’ Islamic Account have?
When making use of the Abshire Smith Islamic account, traders can expect key features like the following:
| ️➡️️ ️️️Interest is not charged on contracts which are held for more than 24-hours. |
| ➡️️ Accounts are activated with a required minimum deposit. |
| ➡️️ Some specific restrictions and limits may apply to the Islamic Account. |
Min Deposit
USD 250
Regulators
FCA
Trading Platform
MT4, Vertex FX10, Statacator
Crypto
No
Total Pairs
40+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Abshire Smith Pros and Cons
| ✔️ Pros | ❌ Cons |
| Islamic or swap free accounts can be opened | Minimum deposit requirement is high. |
| Regulated broker | Not a wide choice of accounts |
| Support team can assist in several languages |
Conclusion
Yes, a Abshire Smith Islamic account is offered for Muslim faith traders including a swap-free account. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of swap. The fee is not an interest and depends on the direction of the order.
An Abshire Smith Islamic Account is offered to Islamic Forex traders who trade according to Islamic Finance principles.
You might also like: Abshire Smith Review
You might also like: Abshire Smith Account Types Overview
You might also like: Abshire Smith Demo Account – Step by Step
You might also like: Abshire Smith Fees and Spreads
You might also like: Abshire Smith Minimum Deposit
You might also like: Abshire Smith Sign up Bonus
Frequently Asked Questions
Does Abshire Smith have a Islamic account option?
Yes, an Islamic account is available for traders of the Muslim faith.
Is interest charged on Abshire Smith Islamic accounts rollover?
No interest is charged on contracts held for more than 24hrs. Consistent zero rollover interest applies.
How do I open a Abshire Smith Islamic account?
Complete a live account application on the broker’s website. Thereafter apply for the Islamic account option. Supporting documents may be requested.
Top 4 Brokers
