FIBO Group does offer a 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. The fee is not an interest and depends on the direction of the order.
Fibo Group at a glance
| Broker's Name | Fibo Group |
| 📍 Headquartered | Limassol, Cypress |
| 📅 Year Founded | 1998 |
| ⚖️ Regulating Authorities | CySEC, FSC BVI |
| 🌐 Countries not accepted for trade | United States, Canada, Australia, Korea, Iran, Iraq, Israel, Japan, Belgium |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | Yes |
| 🚀 Sign up bonus | No |
| 📈 Maximum Leverage | 1:1000 |
| 💰 Minimum Deposit | $50/R800 |
| 💳 Deposit Options | Bank wire transfer Credit and debit cards Neteller Skrill Webmoney FasaPay PayZ Paysafe Card PerfectMoney Raido Finance Bitpay Blockchain Raido Spare |
| 💳 Withdrawal Options | Bank wire transfer Credit and debit cards Neteller Skrill Webmoney FasaPay PayZ Paysafe Card PerfectMoney Raido Finance Bitpay Blockchain Raido Spare |
| 💻 Platform Types | MetaTrader 4, MetaTrader 5, cTrader |
| 📱 OS Compatibility | Windows, Mobile, Web, iPhone, iPad PC and Mac OS, mobile for Android and IOS |
| 📈 Tradable assets offered | Forex, shares, commodities, indices, metals, and energy |
| 👨💼 Languages supported on Website | English, Spanish, Italian, Portuguese, Polish, Indonesian, Vietnamese and more |
| 👥 Customer Support Languages | English, Spanish, Italian, Portuguese, Polish, Indonesian, Vietnamese and more |
| 📆 Customer Service Hours | 24/5 |
| 👉 Open a account | 👉 Click Here |
Min Deposit
USD 50
Regulators
CySEC, FSC BVI
Trading Platform
MT4, MT5, cTrader
Crypto
Yes
Total Pairs
38
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our FIBO Group Islamic Account below.
Fibo Group Islamic account – 9 key points quick overview:
Fibo Group Overview- What exactly is an Islamic Account?
- Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening a Fibo Group Islamic Account?
- What is Fibo Group’s spread costs on an Islamic Account?
- What other features does Fibo Group’ Islamic Account have?
- Fibo Group Pros and Cons
- Conclusion
- Frequently Asked Questions
Here is our overview of the FIBO Group Islamic Account as well as the pros and cons as well as features that are offered to traders.
Fibo Group Overview
Fibo Group is an award-winning and well-established Forex broker that is headquartered and regulated in Cyprus, bringing the company under sound European jurisdictional regulation. Fibo Group has a long history in the financial and investment markets, having been established in 1998 by a group of industry experts.
Fibo Group caters for a broad range of clients and trading styles and offers a variety of popular assets and trading instruments. In terms of popular CFD trading, FIBO Group offers the most liquid assets for CFD trading, namely commodities and indices.
Trading conditions include a minimum deposit is 50USD with no commissions, no requotes, reasonable margin requirements, low spreads, micro-lots, and access to a variety of trading platforms. With regards to Forex trading, FIBO Group offers trading accounts with low fixed (MT4 Fixed) spreads for trading on more than 60 currency pairs.
There is also access to NDD order execution technology accounts, consisting of MT4 NDD and cTrader NDD options. This will grant traders access to platforms for PC, MAC, Android, and iOS smartphones, along with consulting and advice, easy account registration, swift withdrawal, and deposit options.
Traders of the Islamic faith can apply for a swap-free account that provides swap-free conditions with the same features as are available on the MT4 Fixed account. This means that Islamic traders can enjoy the same fixed spreads and access to broad liquidity while still being able to trade according to the requirements of Sharia law, creating a diverse and accessible trading environment from the broker.
Overall, Fibo Group is an excellent and reliable option for both beginner and experienced traders, who will enjoy the secure trading conditions, excellent customer support, and award-winning service. Furthermore, traders can take advantage of the competitive ECN conditions for No Dealing Desk trading to allow for truly competitive market prices and access to broad liquidity.
What exactly is an Islamic Account?
To better understand Islamic forex trading, it is important to first gain an insight into the guiding principles of Islamic finance.
To this end, Islamic finance differs significantly from conventional finance in that it is guided by a set of ethics rather than by purely profit motive. As such, two principles guide Islamic finance as below:
The first principle is a risk sharing philosophy between the lender and borrower. According to Islamic principles, interest is unethical, as it guarantees a reward for the lender, while the borrower must incur all the risk. This, according to Islamic finance, can lead to exploitative practices.
The second principle is that financial activity must promote social and economic wellbeing. The purpose of finance in Islam is to promote happiness and contentment in this earthly life. Finance is just one part of life and society.
With these guiding principles, the fundamental feature of Islamic finance is to encourage socio-economic justice. It is for this reason that interest (or riba) is prohibited. Excessive risk (or gharar) is also prohibited, as is excessive gambling or speculation.
Why is interest discouraged or prohibited by Sharia law?
Interest is any pre-agreed fee paid over and above the principal amount, whether it is a personal or commercial loan. Charging interest, according to Sharia law, or making money from money, is unlawful. The major reasons for its condemnation include:
Riba promotes negative growth. It may increase money quantitatively, but essentially, there is no primal progression in social wealth
Riba disgraces the human spirit. It effectively promotes a culture that places undue significance on that which is monetary, while disregarding that which is human
Riba is essentially seen as the unlawful acquisition of property
When entrenched, Riba corrupts society
Riba is, for all intents and purposes, unjust. While it creates money for the lender, it is extremely oppressive towards the borrower
What are the steps involved in opening a Fibo Group Islamic Account?
To open an Islamic account traders should start by applying for a swap-rated account. Once this account has been created, they can apply for Islamic account status. They will likely have to produce supporting documents to confirm their religious status.
The “Islamic Account” service can be provided both for new customers and for already existing customers (this requires a request written to the Customer Service Department by e-mail: service@fibogroup.com).
The service is only available for MT4 Fixed accounts. Traders should note that Fibo Group reserves the vested rights to stop offering their Clients the Islamic Account service at any time without any prior notice.
In such a case the broker at its own and sole discretion has a right to take a decision to close all the open positions on the Client’s Islamic Accounts and make an additional charge of the swap accrued to the account. All the Islamic Accounts owned by such a client are to be changed to the group of the ordinary trading accounts.
What is Fibo Group’s spread costs on an Islamic Account?
The spread on the Islamic Account will occur under the same conditions as the MT4 Fixed account. On MT4 Fixed accounts FIBO Group acts as a market maker, providing quotes with fixed spreads starting from 2 pips.
The spreads for the trading instruments are set according to the liquidity and volatility of a currency pair. To get more information about trading conditions, please, visit the specifications section on the broker’s website.
Traders that prefer expert advisors may find it useful if the fixed spreads allow them to test a strategy and apply it to automated trade. The tuning of an expert advisors is based on the price history where the “interval” between bid and ask is constant.
What other features does Fibo Group’ Islamic Account have?
Traders using the Islamic MT4 Fixed Account will have the following features at their disposal:
Best for automated trading
No spread change on news
Spread from two points
Straightforward registration
Good revenue withdrawal
Commission-free trading
Tight ECN spreads
Min Deposit
USD 50
Regulators
CySEC, FSC BVI
Trading Platform
MT4, MT5, cTrader
Crypto
Yes
Total Pairs
38
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Fibo Group Pros and Cons
| ✔️ Pros | ❌ Cons |
| Same conditions on Islamic Account a standard account | Additional charges on Islamic account |
Conclusion
Fibo Group is a well-regulated and broad-reaching Forex broker that offers an attractive partnership programme for Introducing Brokers. However, Fibo Group does not offer any additional bonuses or promotions.
FIBO Group does offer a 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. The fee is not an interest and depends on the direction of the order.
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Frequently Asked Questions
Can Muslim traders from South Africa open an account with Fibo?
Yes, Muslim traders from South Africa are welcome to open a Fibo Group Islamic account
Is a Forex Islamic account Halal?
Yes, as long as traders adhere to the principles according to Sharia law, a forex account is considered Halal.
How many instruments can I trade with Fibo Group?
Fibo Group provides 38 currency pairs as well as spot metals on the EU site. Global clients can trade a wider range of forex, as well as over 20 CFDs on major indices and commodities, such as the FTSE100 and crude oil. The list includes 9 CFDs on cryptocurrencies, plus a range of shares.
Which platforms are supported by Fibo Group?
MetaTrader 4, MetaTrader 5 and cTrader.
Does Fibo Group offer leverage?
Yes. The maximum leverage available is 1:1000 in the MT4 Cent account, but for most other account types, the maximum leverage is 1:400. For EU clients, leverage is available up to 1:50 for standard traders and up to 1:400 for professionals.
What spreads can I expect with Fibo Group?
Fibo Group provides both fixed and floating spreads which begin at 0.3 pips for EUR/USD and 1 pip for major indices, including NASDAQ. The gold spread is around 0.5 USD and crude oil is 8 cents.
Does Fibo Group charge commission?
Yes. Commissions depend on the account type, as some are offered commission-free. These start from 0.003% from the amount of the transaction.
Are there additional charges on the Islamic account?
Yes. Once a week FIBO Group will charge:
- A fee of $50 per standard lot for specific instruments
- A fee of $150 per standard lot for a further set of instruments as listed on the Fibo Group website
- $50 per standard lot for metals
- Commissions for a standard lot of cryptocurrencies in USD
- For using the “Islamic Account” service. The fee applies to all positions which are open overnight from Wednesday to Thursday at approximately 00.00 EET
Is Fibo Group regulated?
Yes. FIBO Group Holdings Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), under license number 118/10. FIBO Group is a member of the Investor Compensation Fund, which can cover up to €20,000 per client.
FIBO Group Ltd is also regulated by the Financial Services Commission (FSC) in the British Virgin Islands, under license number SIBA/L/13/1063.
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