Dubai, United Arab Emirates: “eToro”; the world's leading social trading network, offers Islamic Accounts for Online Financial Trading on its 24-hour online trading platform. The company asserted that it does not charge interest or fees on Islamic accounts and guarantees that there is no form of Riba- based interest in these account in order to ensure their conformity with the principles of Islamic law.
The company noted that with Islamic accounts all open operations after 5 pm New York time usually extended for the next 24 without deduction of any rollover commissions.
“eToro” guarantees the integrity of its Islamic account that are free form any form of Riba throughout the duration of the contract. In the currency market, if you don’t close the trade before 5:00 pm New York time, all open trades will be automatically rolled over. This normally poses a problem for those following Islamic law, due to the possible usurious interest charged for the rollover.
There’s no doubt that currency trading is one of the most difficult dilemmas in Islamic jurisprudence (Faqih). On the one hand, it requires the simultaneous exchange of currencies, which makes it a kind of hand to hand exchange. On the other hand, contemporary scholars consider the record of money transferred to or from a bank account as delivery. To resolve the issue, several decisions and fatwas have been issued.
According to these decrees, the conditions for trading currency are: Immediate buying and selling without delay; the currencies need to be transferred from the account of the seller to that of the buyer and vice versa; the cost of the trade should be paid without delay and finally no interest on trades. In the case that there is any usurious interest, the contract will be invalid, void and Haram.
As a solution, one can either trade as much as their money permits or take out a loan from a broker, under the condition that the broker doesn’t receive any usurious interest on the loan.
“eToro” Islamic accounts offers several benefits. No interest on contracts lasting longer than 24 hours – zero rollover interest consistently. “eToro” doesn’t take any additional rollover commissions for contracts lasting longer than 24 hours.
No commissions or fees for account management. Company’s revenues come strictly from spreads (the difference between the buy and sell prices of an instrument).
An “eToro” Islamic account provides you with interest-free leverage.
The minimum deposit to open an “eToro” Islamic account is $1,000.
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