The Capital Hunter provides an opportunity for traders of Islamic faith to use a special swap-free account.
Muslims may exchange the currency if there is no time gap during conversion, and the parties of the transaction have no debts to each other. According to Sharia law, any financial transaction in which one of the parties pays or receives interest from the other side is prohibited. This makes it impossible to pay swaps to move positions to the next trading day since the swap is considered an interest payment. With such restrictions, it would be impossible for Muslims to trade in the foreign exchange market. That is why a special swap-free account was developed for traders practicing Islam.
To avoid paying or receiving a swap, all transactions are automatically closed at 22:00:00 GMT and immediately open at 22:00:01 GMT. This transfers the open position for the next 24-hour period, but the account holder will not pay any interest. All other functions and features of swap-free accounts are completely identical to the usual ones.
To open an Islamic account with The Capital Hunter, you first need to open a regular real trading account and then contact the support service by e-mail with a request to make it non-swap.