eToro guarantees there is no form of Riba-based interest new Islamic accounts to ensure they conform to Islamic law
eToro, the global social trading network, has announced it has launched Islamic accounts on its 24-hour online platform.
The company said that it does not charge interest or fees on Islamic accounts and guarantees that there is no form of Riba-based interest in these account in order to ensure their conformity with the principles of Islamic financial law.
eToro said it guarantees the integrity of its Islamic account that are free from any form of Riba throughout the duration of the contract.
In the currency market, if you don’t close the trade before 5pm New York time, all open trades will be automatically rolled over. This normally poses a problem for those following Islamic law, due to the possible usurious interest charged for the rollover.
The minimum deposit to open an eToro Islamic account is $1,000.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.