Islamic (swap-free) forex accounts (November 2026): the audited truth
Short answer for Saudi and UAE traders: Capital.com is #1 for Islamic accounts — it names both countries as eligible, alongside ten other Arab countries, while Pepperstone's GCC eligibility covers only Kuwait, Qatar, Bahrain and Oman. Many 'swap-free' accounts replace swaps with admin fees, shorten the fee-free grace period, or exclude the very instruments Gulf traders actually hold overnight. We audit this the only way that counts: open the Islamic account, hold real positions overnight past the grace period, and log every fee that actually hits the account.
| Broker | Availability | Broker-published claim | Measured by us | Open account |
|---|---|---|---|---|
ASICFCACySECDFSA | Yes | Swap-free account for traders who cannot receive or pay swaps, offered to residents of 23 listed countries (Albania, Algeria, Bahrain, Bangladesh, Brunei, Burkina Faso, Egypt, Indonesia, Jordan, Kosovo, Kuwait, Kyrgyzstan, Malaysia, Maldives, Mauritania, Morocco, Niger, Oman, Pakistan, Qatar, Sierra Leone, Turkey and Uzbekistan); Saudi Arabia and the UAE are not listed. No swaps; once a trade has been held for 5 days an admin charge per standard lot is deducted, and the page's table lists USD 100 for FX and precious metals (effective 19 June 2023). Standard-account pricing (average EUR/USD 1.0-1.2 pips), $0 commission, AUD$200 (or equivalent) minimum opening balance; scalping, EAs and hedging allowed. Source: the swap-free page on Pepperstone's Africa site (Pepperstone Markets Kenya); the global English page now redirects to the general accounts page (checked 2026-10-06). [Source] | Testing in progress | Open account |
FCACySECCySECASIC | Yes | Swap-free accounts offered for clients who cannot use a regular account for religious reasons; available only to clients in UAE, Kuwait, Qatar, Bahrain, Oman, Jordan, Saudi Arabia, Egypt, Lebanon, Tunisia, Algeria and Morocco. Switching requires no open trades and contacting support@capital.com. Admin fees and grace period: not published. [Source] | Testing in progress | Open account |
ASICCySECCMAFSCA | Yes | Normal swap-free (Islamic) accounts are applied automatically for residents of 19 listed countries, including the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain, Oman, Egypt and Jordan, on all account types on MT4 and MT5. XS states it does not widen spreads or add fees in place of swap. Published exceptions: crypto pairs have a 3-day grace period, after which standard swaps apply, and shares have no grace period (swaps from day one). A separate 'special' swap-free programme for selected non-Muslim countries has per-instrument grace periods (10 days on EURUSD and GBPUSD, 5 days on XAUUSD, 2 days on most other majors). [Source] | Testing in progress | Open account |
FCASCBFSCCMVM | Yes | Islamic account with "No interest on contracts lasting longer than 24 hours – zero rollover interest" and "No additional rollover commissions for contracts lasting longer than 24 hours"; page states "certain restrictions and limitation may apply" and directs prospects to middleeastdesk@activtrades.com before requesting the account. No admin fee, grace period, or excluded-instrument list is published on the page. [Source] | Testing in progress | Open account |
ASICFSA SeychellesFSCAFSC Mauritius | Yes | Swap-free available on both Raw and Standard accounts across MT4, MT5 and cTrader; min opening balance US$100. No swap/interest on overnight positions; instead an administration fee is charged on positions and deducted from the account balance. 'No administration fee for five days on selected instruments' (grace period). Conversion is by email request to the onboarding team. Exact administration-fee amounts are not published. [Source] | Testing in progress | Open account |
CFTC / NFAFCAASICMAS | Yes | OGM Terms of Business state financing costs do not apply to 'Swap Free' accounts ("Financing Costs do not apply to 'Swap Free' accounts, further information available on the Website"). Admin fee amount, grace period and instrument exclusions are NOT published on the public site. [Source] | Testing in progress | Open account |
FCACySECASICADGM FSRA | Yes | Zero interest (riba-free) on open positions; 7-day grace period, then daily admin fees on CFD positions held overnight (vary by instrument, applied after 22:00 GMT); admin fees do not apply to real stocks, ETFs or crypto; minimum deposit to open an Islamic account: $1,000. [Source] | Testing in progress | Open account |
Financial Conduct AuthorityCyprus Securities and Exchange CommissionSeychelles Financial Services AuthorityFinancial Sector Conduct Authority | Yes | Any Classic or Raw account convertible to swap-free; same spreads/execution. Swaps replaced by fixed USD-per-lot handling fees after instrument-specific charge-free days (example: EURCZK fee-free 3 nights, fees from 4th night; Classic swap-free: fees start day 41 for XAUUSD, XAUEUR, XAGUSD and JPY/CHF pairs). Crypto CFDs: 10% yearly charge on long positions after 5-day swap-free period. Fees fixed per lot, long or short; may change at Tickmill's discretion. [Source] | Testing in progress | Open account |
Financial Services AuthorityCentral Bank of Curaçao and Sint MaartenFinancial Services CommissionFinancial Services Commission | Yes | Homepage advertises "Swap-free trading — hold overnight positions for free on most popular assets, T&Cs apply." Admin-fee schedule, grace period and excluded-instrument list not published on pages fetched. [Source] | Not in our test program yet | Open account |
CySECFSCDFSA | Yes | Not published | Testing in progress | Open account |
https://www.mybestbrokers.com/islamic-forex-brokersWhich broker offers an Islamic account to Saudi Arabia and UAE residents?
Capital.com: its help centre lists Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain, Oman, Jordan, Egypt, Lebanon, Tunisia, Algeria and Morocco as eligible for its swap-free account, and switching requires closing open trades and emailing support@capital.com. Pepperstone offers its swap-free account only to residents of eligible countries — in the GCC, Kuwait, Qatar, Bahrain and Oman, not Saudi Arabia or the UAE. Capital.com does not publish an admin fee or grace period for the account, so ask for both in writing before you hold positions for several nights.
What is an Islamic (swap-free) account?
An account that charges no overnight swap interest, offered for traders who avoid riba for religious reasons. Brokers typically replace the swap with either nothing (for a grace period), a fixed admin fee per lot per night, or wider spreads — the detail is where accounts differ most.
Is swap-free really fee-free?
Often not. Most brokers apply an admin fee after a grace period (commonly 3–14 nights), and some exclude exotic pairs, gold, or indices from swap-free terms entirely. Our audit logs the fees actually charged, per broker, against their published claims.
How do you audit Islamic accounts?
We open the swap-free account variant at each broker, hold real overnight positions past the published grace period on the instruments Gulf traders actually trade (majors, gold), and record every line item the broker charges. The audit repeats monthly.