Yes, a Finq.com Islamic account for Muslim faith traders including a swap-free account is offered. 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.
Finq.com at a glance
| 🔍 Broker's Name | Finq |
| 📍 Headquartered | Seychelles |
| 📅 Year Founded | 2017 |
| 🏛 Regulating Authorities | The Financial Services Authority (FSA) |
| 📃 FSA Seychelles License: | SD007 |
| 🌐 Countries not accepted for trade | United Kingdom, Germany, France, Norway, Sweden, Italy, Denmark, Belgium, United States, Canada, Australia, Saudi Arabia |
| ☪️️ Islamic Account (Swap Free) | Yes |
| 📒 Demo Account | Yes |
| 📒 Institutional Accounts | No |
| 💻 Managed Accounts | Yes |
| 📊 Maximum Leverage | 1:300 |
| 💳 Minimum Deposit | $100 |
| ZAR | R1 600 ZAR |
| 💳 Deposit Options | Debit/credit cards, bank transfers, Neteller, FasaPay, and Skrill |
| 💻 Platform Types | MetaTrader 4 |
| 📲 OS Compatibility | PC and Mac OS, mobile for Android and IOS |
| 📊 Tradable Assets | Stocks, Forex, Indices, Commodities, Bonds, Crypto, ETFs |
| 🌐 Languages supported on Website | English, Arabic, Indonesian, Malay, Spanish, Vietnamese |
| ☎ Customer Service Hours | 24 hours a day/ 5 days a week |
Min Deposit
USD 100
Regulators
FSA
Trading Platform
MT4
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our Finq.com Islamic Account below.
Finq.com Islamic Account Revealed – A Key 11 Point Quick Overview
- ✅Finq.com at a glance
- ✅Finq.com Overview
- ✅What exactly is an Islamic Account?
- Why is interest discouraged or prohibited by Sharia law?
- What are the steps involved in opening a Finq.com Islamic Account?
- What are Finq.com spread costs on an Islamic Account?
- What other features does Finq.com Islamic Account have?
- Finq.com Pros and Cons
- Finq.com Customer Reviews
- Conclusion
- Frequently Asked Questions
Here is our overview of the Finq.com Islamic Account as well as the pros and cons as well as features that are offered to traders.
Finq.com Overview
Established in 2017 and headquartered in Seychelles, Finq is an offshore broker that provides traders with access to a wide array of tradable instruments, with over 2000 available across several popular asset classes that include Forex, indices, shares, and ETFs, amongst others.
Traders are provided access to the MetaTrader 4 platform, an industry staple, as well as the broker’s proprietary WebTrader platform. Finq also offers a comprehensive selection of useful resources that include an economic calendar, and a very comprehensive demo account feature for beginner traders to test their skills before signing up for a live account.
New clients can choose from a broad selection of tailored account types, each with unique features and tools, while Islamic traders can sign up for a swap-free account in line with the requirements of Sharia law.
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 a purely profit motive. As such, two principles guide Islamic finance as below:
| ☪️️ Islamic account: | no stand alone account offered |
| Swap 🆓 | |
| Transactions are settled immediately |
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.
| Riba |
| Gharar |
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. |
| disgraces the human spirit. It effectively promotes a culture that places undue significance on that which is monetary, while disregarding that which is human. | |
| is essentially seen as the unlawful acquisition of property. | |
| When entrenched, Riba corrupts society. | |
| 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 Finq.com Islamic Account?
Traders who wish to apply for an Islamic Account with Finq will have to apply directly to the broker’s accounts department. They will likely have to submit supporting documents to prove their religious status.
Added to this, clients will also be required to submit the following:
Proof of Identity:
Passport or in cases where Passport is not available National Identity Card |
Proof of Residence:
Recent Utility Bill (i.e., electricity, water, telephone, gas) - The bill must be less than three (3) months old. Please note that a mobile phone will be accepted as a valid Proof of Residence only if the name on the bill matches the name of the registration and the same for the telephone number |
How to open a Finq.com trading account:
🟢 Step 1 – Navigate to the Finq.com website and click on ‘Start Trading”
Navigate to the account registration area on the Finq.com website. This can be accessed by clicking on the Start trading button at the top of the landing page
🟢 Step 2 – Fill out the Finq.com account registration form
Fill out the short online registration form to request a free demo. You will need to provide your name, email address, and contact number
🟢 Step 3 – Access the Finq.com trading platform
Once the registration form is submitted, you will be redirected to your newly created account platform, click complete registration, and start trading to proceed through the KYC process.
🟢 Step 4 – Proceed through the Finq.com KYC process.
Proceed through the finq.com account verification process by providing personal information: First name, Last name, Date of birth, telephone number, country of residence, citizenship, address
🟢 Step 5 – Fill out the Tax information required
Traders will be redirected to the tax information page where they will be required to fill out their tax numbers along with their status of citizenship.
🟢 Step 6 – Provide the Finq.com financial information required.
Traders are required to provide their employment status, gross income, net worth, anticipated turnover, source of income as well as the nature of transactions to complete the account registration application accept the terms and conditions, and click “finish” located at the bottom of the Finq.com registration page.
🟢 Step 7 – Contact the Finq.com support team to covert to the Islamic account.
What are Finq.com spread costs on an Islamic Account?
The spreads on the Islamic Account from Finq will be the same as those on the swap-rated account, as with all other pricing. As such, spreads average at 1.9 pips for major pairs like USD/EUR. Spreads are fixed for each account type. While this is not the most competitive spread offering, with many brokers offering spreads in the range of 0.5 pips for major currency pairs, it is worth remembering that FinQ does not charge commissions for trading.
What other features does Finq.com Islamic Account have?
The Finq Islamic Account will allow traders to access the MetaTrader 4 platform, as well as the following features:
| ☪️️ Finq.com Islamic Account Features: | Morning Review |
| Desktop & Mobile Trading | |
| 24 Hour Customer Service | |
| Events & Trade | |
| Dedicated Account Manager |
Finq.com Pros and Cons
| ✔️ Pros | ❌ Cons |
| Islamic Account has same features and access as swap-rated account |
Finq.com Customer Reviews
Finq has a large selection of commodities
Finq has a large selection of commodities in its asset list. If you’re into commodities trade, this brokerage firm is a great choice! – Pam
Finq seems to take many precautions
Finq seems to take many precautions regarding withdrawals, yet in a manner that doesn’t make it too long or annoying. In my opinion, they have the right balance between security and fluency. – Chi
I enjoy the opportunity given by forex brokers to earn an income for referrals through IB and Affiliate programs, great offerings Finq! – Denille
Min Deposit
USD 100
Regulators
FSA
Trading Platform
MT4
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
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Conclusion
When reviewing Finq.com, it appears to be a reliable and honest brokerage firm. It is regulated and committed to ensuring the safety of customer funds. The ‘Refer a Friend’ bonus is an attractive deal for existing and potential customers.
With an initial deposit fee of only $100 on the Finq.com silver account, account variation, reputable trading platforms, and a wide selection of market instruments, this broker would be a good choice for all types of traders, no matter their trading styles and experience levels.
Frequently Asked Questions
Are Muslim traders from South Africa allowed to open a trading account with Finq.com?
Yes, Finq.com gives Muslim traders from South Africa the opportunity to open an account.
Do spread costs apply to Islamic accounts?
Yes, spread costs apply to Finq.com Islamic account
What instruments can I trade with Finq.com’s Islamic account?
Finq.com offers 2000+ tradable assets incl Stocks, Forex, Indices, Commodities, Bonds, Cryptocurrencies, and ETFs.
Does Finq.com offer leverage on the Islamic account?
Yes. Finq offers variable leverage ranging from 1:30 to 1:300. Higher leverage is granted depending on the client’s level of experience.
Are there additional charges for the Finq.com Islamic account?
No. Suspected abuse of the account will lead to the commission on executed trades, restrict/prohibit customers from hedging positions, close of open positions, and reinstate them on real market price.
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