Yes, Evest offers interest-free Islamic accounts that are compliant with Islamic Sharia principles, designed to meet the needs of traders looking for investment solutions that align with Sharia guidelines.

What are the benefits of an Islamic account?

All trades are exempt from overnight fees, such as SWAP or Rollover fees, ensuring compliance with Islamic principles. Please note that the Islamic account does not affect leverage or any other trading conditions.

What types of Islamic accounts are available?

There are three types of Islamic accounts available:

1. Islamic Account.
2. Islamic Pro Account.
3. Islamic Pro Plus Account.

These accounts differ in terms of spread value and the Sharia commission per lot, with the Islamic Pro Plus account offering the tightest spreads.

Are there any fees on the Islamic account?

Please note that if trades are left open for three days or more, a Sharia commission will be charged for each trade according to the Islamic accounts schedule specified by Evest.

What instruments are available in the Islamic account?

The Islamic account allows trading in more than 400 financial instruments, including over 300 stocks of global companies, multiple foreign currency pairs, and commodities such as energy contracts, precious metals, and agricultural resources.

How can I open an Islamic account?

After activating your account, you can contact Evest’s customer support team and request to convert your account into an interest-free Islamic account.

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Sharia Ruling on Global Trading

Evest’s Islamic trading account provides access to global markets without overnight interest, as positions are exempt from SWAP or Rollover charges that may apply when positions are held overnight. This provides a model that is more compatible with Islamic finance principles and offers greater clarity regarding trading conditions.

However, exemption from overnight charges does not automatically mean that all trading instruments or positions are Sharia-compliant. The ruling depends on the nature of the asset, the type of contract, the way the trade is executed, the use of leverage, and any additional fees or conditions. Traders are therefore advised to carefully review the terms of the instrument and account and consult an independent Sharia authority when necessary before trading.

Is Evest Halal or Haram?

Evest cannot be described entirely as halal or haram in absolute terms, because the ruling depends on the type of financial instrument, the way the trade is executed, and the contract terms. Evest provides an Islamic account without overnight interest, and Islamic accounts are exempt from SWAP charges, with the possibility of applying alternative Sharia-compliant fees when a position remains open for more than three days, according to the applicable fee schedule.

Therefore, exemption from overnight charges alone is not sufficient to determine whether all positions are Sharia-compliant. Traders should review the traded asset, contract type, leverage, and other fees before trading and consult an independent Sharia authority when necessary.