Islamic Account Checklist — 12 Questions Before You Fund

Score this account

1. Is there ANY overnight charge — by any name?

Ask: "Will my account be charged any fee for positions held overnight, regardless of what the fee is called — swap, rollover, admin fee, financing fee, holding fee, currency conversion fee?" A genuinely swap-free account answers "no charge of any kind for holding positions, regardless of duration."

2. Is there a maximum hold period before fees kick in?

Some برۆکەرەکان offer سواپ-بەخۆڕایی for 5-14 days only. After that, swaps apply. This is structurally a deferred سواپ — useful for day بازرگانان but problematic for swing بازرگانان. Ask for the explicit hold period.

3. Are the spreads identical to ستاندارد هەژمارەکان?

If the ئیسلامی هەژمار has noticeably wider spreads, the برۆکەر has built the سواپ revenue into the spread. Structurally still a financing component, just hidden. Check by comparing the live spreads side by side.

4. Is the commission per لۆت the same as on a ستاندارد ECN هەژمار?

A برۆکەر that offers a سواپ-بەخۆڕایی ECN هەژمار at $7/لۆت instead of $7/لۆت has done it cleanly. A برۆکەر charging $14/لۆت has loaded the cost. Compare to the ستاندارد ECN هەژمار commission.

5. Is سواپ-بەخۆڕایی available on all instruments — or only فۆرێکس majors?

Some برۆکەرەکان only remove swaps on EUR/USD, GBP/USD, USD/JPY etc., but keep them on metals, indices, and crypto CFDs. If you مامەڵە gold or indices, this matters. Get the full list of سواپ-بەخۆڕایی instruments.

6. Is there a "negative balance protection" guarantee?

If a sharp مارکێت gap leaves your هەژمار below zero, who covers the negative balance? On most regulated برۆکەرەکان it is automatically zeroed out. On some unregulated برۆکەرەکان, you owe the برۆکەر the negative balance — which crosses into a debt with riba implications. Get this in writing.

7. What is the broker's regulation?

Top-ئاست regulation (FCA in UK, ASIC in Australia, CySEC in EU, DFSA in Dubai) means ڕاستەقینە client money segregation, ڕاستەقینە complaints procedures, ڕاستەقینە audit. Offshore-only regulation (St. Vincent, Vanuatu, Marshall Islands) means you have very limited recourse if anything goes wrong — and recourse-less مامەڵەکان have additional gharar concerns.

8. Are client funds segregated from the broker's own funds?

If the broker uses your money for their own operations, the situation looks structurally like a loan you didn't agree to — and the broker pays themselves an implicit interest on it. Segregated accounts mean your money sits in a separate banking facility that the broker cannot touch for their own use.

9. Does the برۆکەر certify Shariah compliance externally?

Some brokers have their Islamic accounts certified by recognized Shariah supervisory boards (AAOIFI-aligned scholars, Bahrain Shariah Review Bureau, etc.). External certification is not a guarantee — but it is a stronger signal than the broker's marketing claim alone.

10. Is there a maximum leverage cap?

Many scholars advise lower leverage (1:30 or 1:50) for Islamic accounts to reduce gharar. A broker that offers 1:1000 on its "Islamic" account has either misunderstood or doesn't care. Look for brokers that cap Islamic-account leverage at lower-than-standard levels.

11. What is the broker's stance on hedging and EAs?

Some برۆکەرەکان ban Expert Advisors (EAs) and hedging on ئیسلامی هەژمارەکان. This is fine. Others permit them but treat them differently from ستاندارد هەژمارەکان — sometimes adding extra fees. Understand the operational rules before funding.

12. What documentation will I receive on هەژمار opening?

Ask for the ئیسلامی هەژمار مەرجەکان in writing before you sign. Read them. If the مەرجەکان include any reference to interest, financing charges, or rollover compensation, the هەژمار is not what is being marketed. A clean ئیسلامی هەژمار agreement is short and explicit on the absence of these elements.