FBS Islamic Account

 

FBS provides Islamic swap-free trading at trading account levels. Cent Swap-free and Standard Swap-free.

FBS accounts are ideal as they align with the Islamic Muslim faith and incur no swaps or interest charges on overnight positions.

 

 

FBS Islamic Account – key points quick overview

1. ☑️Overview
2. ☑️FBS At a Glance
3. ☑️What exactly is an Islamic Account?
4. ☑️Which financial activities are restricted and prohibited by Sharia law?
5. ☑️How to Open an FBS Islamic Account step by step
6. ☑️What are FBS’s spread costs on an Islamic Account?
7. ☑️What other features does FBS’s Islamic Account have
8. ☑️Pros and Cons
9. ☑️Conclusion
10. ☑️Frequently Asked Questions

 

Overview

• FBS is a popular online forex and CFD broker that is particularly enticing to South African traders due to its robust regulatory environment, which includes oversight by the Cyprus Securities and Exchange Commission (CySEC).
• FBS, founded in 2009, has targeted its offerings to beginner and seasoned traders.
• Its user-friendly interface streamlines navigation through numerous trading instruments, such as forex pairs, commodities, equities, and cryptocurrencies.
• FBS caters to various trading demands by offering a single trading account with flexible trading conditions, benefiting different trading styles and degrees of skill.

 

 

What exactly is an Islamic Account?

 

• An Islamic, or swap-free, trading account is one that is allowed by Islamic Sharia law. These accounts are based on the Islamic principle where interest is not applied to positions that are held open for longer than a trading day after the trading day has concluded.
• Islamic Accounts are provided by brokers who serve Middle Eastern clients, along with clients from other jurisdictions, and offer certain features that are in line with Sharia law, which prohibits the accrual of interest on funds deposited into the account.
• The other important feature of 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.

 

 

Which financial activities are restricted and prohibited by Sharia law?

 

Due to the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following is greatly affected:

• Overnight rollovers – which involve the incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 5 PM EST- which is prohibited by Sharia law.
• Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.
• Loans – when followers of the Sharia law have funds transferred by either a bank or other financial institution, and it involves interest terms, this is prohibited by the Sharia law as per the key element, Riba.
• Trading on margin – stocks that are traded on margin result in the trader being liable for paying interest, which amounts to Riba, as money is borrowed from the broker to buy or sell such equities, which is prohibited by the Sharia law.
• Short sales – which affect mostly shares and involve borrowing and subsequent sale of an asset, which is prohibited.
• Forward sales – which affects forward contracts as well as the trading of futures contracts, which 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.

 

How to Open an FBS Islamic Account step by step

To open an Islamic Account with FBS, South Africans can follow these steps:

 

Step 1 – Select the Open Account Option

• On the FBS website, navigate to Financials and select “Open Account.”

 

 

Step 2 – Complete Information

• Provide an email address, and full name, and select ‘register as a trader.
• Alternatively, to provide contact information, traders can select the option to register using Facebook, Google, or an Apple ID

 

 

Step 3 – Select Password

• Select your own password or temporary password and then click on Create password.

 

 

Step 4 – Email confirmation

• Click on the link that was sent to your email. And then you will be on your dashboard.

 

 

Step 5 –  Review, approval, and customer support

• Once reviewed and approved, traders can deposit their minimum requirement to activate their account and contact FBS customer support to request an Islamic Account conversion.

 

 

Changing account status to Swap-free

Changing account status to Swap-free is available in the Trader Area account settings. You can enable the Swap-free option on all real accounts while creating the trading account or in account settings.

How can you switch it on:

 

• Select the needed account in the Dashboard
• Scroll down to find “Swap-free” in the “Account settings” section and click on the button to activate the option

 

 

On the account settings page, click on the switch next to “Swap-Free” to enable this option :

 

 

By opening a Swap-free account with FBS, the client agrees that the company may debit the fee from their trading account at any time.

 

Important Notes:

• Swap-free status must be requested and approved manually by FBS support after account registration.
• Not all instruments are fully swap-free—check the list in your FBS Trader or MetaTrader terminal.
• Spreads and commissions vary by account type (Standard, ECN, etc.)

 

What are FBS’s spread costs on an Islamic Account?

This will depend on the type of account that traders wish to convert into an Islamic Account. The spreads that traders can expect range between fixed and floating, and traders can expect the following:

• Standard Account – Floating spreads from 0.5 pips.

 

What other features does FBS’s Islamic Account have?

 

The features that traders can expect from their Islamic Account will depend on the account type that they choose; however, some standard features that traders can expect include:

• Spreads from between 0.0 pips and 3 pips.
• Leverage up to a maximum of 1:3000.
• Commissions start from $20 per lot on the Zero Spread Account, with the advantage that the other accounts are commission-free.
• Market execution, which starts from 0.3 seconds, STP.
• A minimum deposit starts from as little as $1 on the Cent Account.
• Access to a variety of bonuses.
• Access to powerful and dynamic trading platforms, through which trades can be executed seamlessly.
• Access to a range of tradable financial instruments across several asset classes.
• Access to trading tools and more.

 

FBS does not specify whether there are any additional charges on the Islamic Account.

Neither is there any indication of whether Muslim traders may have to provide proof of their religion to qualify for an Islamic Account conversion.

Details such as these must be confirmed with FBS before traders register a live trading account and deposit funds.

 

 

FBS At a Glance

 

Customers Reviews

 

⭐ Trustworthy

This broker has acquired my trust because it provides everything required for profitable trading. All of the critical services I want are readily available and work wonderfully. Notably, newcomers will also find all of their demands satisfied here. – Samuel Khoza

 

⭐ Exceeds Expectations

My choice to deal with them originates mainly from their infrastructure, which matches my expectations and continuously exceeds them. – Chloe Du Plessis

 

⭐ Great!

FBS broker hits an outstanding balance: it is pretty easy and beneficial. Isn’t that a fantastic combination? I am sure of it. Extensive research isn’t necessary because all information about their services is easily accessible on their website, and a lot of information about the brand is available online. – Luke Meyer

 

Pros and Cons

 

 

You might also like:

FBS Account Types

FBS Demo Account – Step by Step

FBS Fees and Spreads

FBS Minimum Deposit

FBS Sign up Bonus

 

Frequently Asked Questions

 

Are Muslim traders from South Africa allowed to open an FBS Islamic account?

Yes, Muslim traders from South Africa are allowed to open an FBS Islamic account

 

Is the option of an Islamic Account available on all the FBS account types?

The option of an Islamic account with FBS is available on the Standard & Cent account. The Islamic account offers swap-free trading and aligns with the Muslim faith by incurring no swaps or interest charges on overnight positions.

 

What are the available deposit currencies for an Islamic account with FBS?

Deposit currencies available on the FBS Islamic account are USD and EUR.

 

How many instruments can I trade with the FBS Islamic account?

You can trade Forex, Metals, Energies, Indices, CFDs, Cryptocurrencies, and Stocks

 

Which platforms are supported by FBS?

FBS supports the MetaTrader 4, and MetaTrader 5