Islamic account

[Fxmen]

Can anyone explain what does it mean? How it differ from simple account?

[raa]

No interest. Same as Islamic bank account. Muslims cannot receive an interest for a money deposit, because Islam prohibits money lending.

[capsmart]

If Islamic banks have to pay for their employees, other expenses and also have a profit there must be something they charge even if they do not call it interest.

[red1dregon]

and they don`t except rollovers))

[Fxmen]

Why? I can't understand is it somehow connected with the Islamic nation?

[red1dregon]

not only with the nation...more with their religion

[raa]

If Islamic banks have to pay for their employees, other expenses and also have a profit there must be something they charge even if they do not call it interest.

As far as I know they don't make any traditional loans, they do sort of direct investment, business angel investments, i.e. they take equity in return of funds. But most importantly, they don't pay dividends on deposits from Muslims. However, I do not know if this rule applies to enterprises or only to physical persons. Also, no idea about credit cards, how do they work, if any.

[raa]

If Islamic banks have to pay for their employees, other expenses and also have a profit there must be something they charge even if they do not call it interest.

Why? I can't understand is it somehow connected with the Islamic nation?

There is no such thing as Islamic nation Islam is a religion, not a nation. As a believer, a Muslim when applying for a bank account or a forex account must indicate it himself and ask for an Islamic account.

Sort of like being a Protestant/Lutheran for example in Nordic countries: you sign up yourself as a follower of a religion, and then the state tax you 10% of your income automatically.

[raa]

and they don`t except rollovers))

I think they do, but charge a spread on it each time, i.e. automatically close/open a position for you, so there is no interest.

[Fxmen]

Yes, I'm sorry for nation
It's interesting when had this type of an account appeared? And only some brokers offer it...