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ISLAMIC ACCOUNT

For our Islamic customers, we have structured an account for any client to waive all swap charges/credits in their account. The exclusive Islamic Accounts (also known as ‘Swap-Free Accounts’) do not swap or rollover interest on overnight positions, which is against the Islamic faith.

request an islamic account

Islamic account benefits

Trade in the international market in accordance with the Muslim religion
No interest/swap charges on overnight positions

islamic account conditions

Kindly note that individual account holders are permitted to have either a swap-free or swap-standard account at any given time. MBG Jordan 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 rate calculated based on one standard lot (100,000 base units) and is determined by interbank rates.

Check the rates listed on the MT4 trading platform for the latest swap rates.

  • Please note that when trading spot forex, swap rates are determined two days in advance. For example, if trades are opened on Thursday, the swap begins on Monday. For trades on Friday, the 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)

Swap Rate = Contract Size x Lots x Swap (points) x Minimum Fluctuation (points) x Days

Swap for currency pairs with non-USD as quote currency
(counter currency)

Swap Rate = Contract Size x Lots x Swap (points) x Minimum Fluctuation (points) x Days x PIP Value at the closure of market
EXAMPLES:

FOR 5 DECIMAL QUOTATION

  • Buy EUR/USD at -2.2pts (SWAP Points)
  • Sell at 0pts
  • 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) x 1 (Lot) x -2.2pts (Swap Points) x 0.00001 (Minimum Fluctuation Points) x 5 days = -11
  • Swap Rate is $11

FOR 4 DECIMAL QUOTATION

  • Buy EUR/USD at -0.22pts (SWAP Points)
  • Sell at 0pts
  • 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) x 1 (Lot) x -0.22pts (Swap Points) x 0.0001 (Minimum Fluctuation Points) x 5 days = -11
  • Swap Rate is $11
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