Islamic Account

Islamic Account

For our Islamic customers, MultiBank has structured an account for any client to waive all swap charges/credits in their account.

MultiBank’s Islamic Accounts (also known as ‘Swap Free Accounts’) do not swap or rollover interest on overnight positions, which is against the Islamic faith.

Islamic Account Benefits

Each account holder may only have one swap free or swap standard account at any given time. MultiBank reserves the right to revoke the swap free status granted to any live trading account in the event of any form of abuse.

What is the Swap Rate?

A swap rate or ‘rollover fee’ is an interest fee that is charged when you keep a position open overnight. Each currency pair has its own swap rates which is calculated based on one standard lot (100,000 base units) and is determined by interbank rates.

For the latest swap rates, please check the rates listed on your MT4 trading platform.

Please note that when trading spot forex, swap rates are determined two days in advance. For example, if trades are opened on Thursday, swap begins on Monday. For trades on Friday, swap begins on Tuesday.
Please also note that swap rates are tripled on Wednesdays to account for the weekend.
The above is the standard structure on swap rates across the industry, however, please note that on weeks where there are holidays, the swap rate structure may be modified to account for the holiday.

Swap for currency pairs with USD as quote currency (counter currency): contract size × lots × swap (points)×minimum fluctuation (points) × days

Swap for currency pairs with non-USD as quote currency (counter currency): contract size × lots × swap (points) × minimum fluctuation (points) × days × pip value at the closure of market

For 5 decimal-quotation, buy EUR/USD at -2.2pts (swap points), sell at 0 pts
If an investor opened 1 lot on Monday and closed the position on Thursday, then payable trading days for swap is 1+1+3=5

Swap is calculated as follows:
100,000 (contract size) ×1 lot×-2.2pts (swap points)×0.00001(minimum fluctuation points)×5 days=USD-11

In case of 4 decimal-quotation, the swap points is -0.22 and minimum fluctuation points is 0.0001, then the swap is the same

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