ICM Capital Islamic Account Reviewed ☑️ (Updated 2023)

ICM Capital offers an Islamic Account to traders of the Muslim faith, which can be opened as a swap-free version of any of the three swap-rated accounts with the same access to all the trading conditions, tools, and features.

ICM Capital at a Glance

📍Choose your quick section of our ICM Capital Islamic Account below.

ICM Capital Islamic Account – 12 key points quick overview:

1. ICM Capital at a Glance
2. ICM Capital Islamic Account – 12 key points quick overview:
3. ICM Capital Overview
4. What exactly is an ICM Capital Islamic Account?
5. Which financial activities are restricted and prohibited by Sharia law?
6. What are the steps involved in opening an ICM Capital Islamic Account?
7. What are ICM Capital’s spread costs on an Islamic Account?
8. What other features does ICM Capital’s Islamic Account have?
9. ICM Capital Customer Reviews
10. ICM Capital Pros and Cons
11. Conclusion
12. Frequently Asked Questions

📍Here is our overview of the ICM Capital Islamic Account as well as the pros and cons as well as features that are offered to traders.

ICM Capital Overview

ICM Capital was established in 2009 and is a No-Dealing Desk (NDD) and Market Maker broker that is based in the United Kingdom, offering trading solutions and services to traders from around the world.

ICM Capital is well-regulated by the Financial Conduct Authority (FCA) in offering comprehensive trading solutions and a range of services. ICM Capital offers its solutions to traders from around the world except those who reside in North Korea, the United States, or any other jurisdiction where trading interferes with local laws.

ICM Capital has a good reputation and is widely known as a broker that offers transparent fee schedules, high-quality trade execution, and comprehensive solutions that are tailored toward both retail and institutional clients alike.

ICM Capital may be headquartered in the United Kingdom but there are more than 10 other offices in regions spread across Africa, South America, and Asia pacific. There are more than 130 financial instruments that can be traded and spread across several asset classes.

ICM Capital is known for using innovative and reliable ECN technology that connects traders to some of the best liquidity providers including Tier-1 banks.

In addition, ICM Capital is also well-known for the commitment that it shows toward superior trading services and unique, innovative trading solutions, helping traders refine their trading skills and add a competitive edge to their trading in various financial markets.

There is a strong commitment toward a Corporate Social Responsibility (CSR) policy that supports a variety of projects aligned with this specific initiative.

What exactly is an ICM Capital Islamic Account?

An Islamic, or swap-free, trading account is one that is allowed by Islamic Sharia law. These accounts are based on the Islamic principle where interest is not applied to positions that are held open for longer than a trading day after the trading day has concluded.

Islamic Accounts are provided by brokers who serve Middle Eastern clients along with clients from other jurisdictions and offer certain features that are in line with the Sharia law, which prohibits the accrual of interest on funds deposited into the account.

The other important feature of an Islamic Account is that transactions must be settled immediately, requiring that currencies be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.

There are two key elements of the Islamic law that relate specifically to trading accounts, these elements are:

Riba

Gharar

Riba is the prohibition of generating money from money, which in this case specifically refers to an interest, which is not allowed according to Sharia law. This type of interest is seen as both unjust and exploitive gains pertaining to trade or business.

Which financial activities are restricted and prohibited by Sharia law?

Due to the restrictions and certain prohibitions placed on Muslim traders when considering the intricate details involved with trading activities, the following are affected greatly:

Overnight rollovers – which involve the incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 5 PM EST which is prohibited by the Sharia law.

Margin deposits and interest – which involves the accrual of interest on funds that are deposited into the trading account, which is prohibited.

Loans – when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms, this is prohibited by the Sharia law as per the key element, Riba.

Trading on margin – stocks that are traded on margin result in the trader being liable for paying interest, which amounts to Riba, as money is borrowed from the broker to buy or sell such equities, which is prohibited by the Sharia law.

Short sales – which affects mostly shares and involves borrowing and subsequent sale of an asset, which is prohibited.

Forward sales – which affects forward contracts as well as the trading of futures contracts which involves the buying and selling of contracts at a future date according to a price agreed upon on the day of entering such a contract.

What are the steps involved in opening an ICM Capital Islamic Account?

Opening an Islamic Account with ICM Capital is a fully digital process that will consist of the following steps:

Step 1 – Open Your Account

To open an Islamic Account with ICM Capital, traders must first register for a live trading account, either an ICM Direct or an ICM Zero Account.

  Step 2 – Fill out the form

Once the trading account has been approved, the trader can request for the account to be converted to an Islamic Account.

What are ICM Capital’s spread costs on an Islamic Account?

The cost of spreads will depend on the type of account that the trader has converted to an Islamic Account.

ICM Direct Account – From 1.3 pips EUR/USD

ICM Zero Account – From 0.0 pips EUR/USD

What other features does ICM Capital’s Islamic Account have?

The features on the ICM Capital Islamic Account mirror those on the initial live accounts, which include these dynamic features:

Minimum deposit from 200 USD (2 715 ZAR)

Leverage up to 1:30

Minimum lot size from 0.01 of a standard lot

Access to forex, metals, futures, shares, and Cash CFDs

Absence of a limit on the stop/limit levels for forex and metals

Access to Trading Central

Ability to use Excerpt Advisors (EAs)

Real-time news feeds

Access to Mobile Trading Platforms on either Android or iOS

The assurance that client funds are kept in segregated accounts

Access to all charts as well as trading software and platforms

Free video tutorials

Fifth decimal pricing on all trades

Personalized services presented in more than 16 languages

SMS Updates

The option to convert the account to an Islamic or Swap-free account

Complimentary premium services

Custom trading conditions for professional traders

Market execution at optimal speeds with minimal requotes and low latency

Stop-out level of 50%

Deposit currencies: EUR, USD, or GBP

ICM Capital Customer Reviews

I had issues with my skrill and that…

I had issues with my skrill and that caused some delays of about a week in my withdrawal processing but as soon as skrill sorted out my account the money landed.

Processes went smoothly

Just want to say that I was recommended by a friend to trade with ICMCAPITAL and so far after 3 months all deposits and withdrawals have gone smoothly and hoping to continue trading with them.

The company is so trusted

The company is so trusted, and the company’s employees were super professional and helpful.
ICM has a low spread, no commission, and nice offers.

ICM Capital Pros and Cons

Conclusion

ICM Capital offers an Islamic Account to traders of the Muslim faith, which can be opened as a swap-free version of any of the three swap-rated accounts with the same access to all the trading conditions, tools, and features.

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Frequently Asked Questions

Trading environment

Does ICM Capital offer leverage?

Yes, ICM Capital offers leverage. As a result of strict requirements and restrictions of the FCA, traders only have access to leverage up to 1:30.

Does ICM Capital charge a commission on an Islamic Account

No commission is charged for all other products

Are there additional charges on the Islamic account?

No, there are no additional charges indicated when traders convert their live trading account to an Islamic Account.

What is the overall rating out of 10 for ICM Capital?

8/10.

Does ICM Capital offer the option of an Islamic Account?

Yes, ICM Capital offers the option for either an ICM Direct or ICM Zero Account to be converted to that of an Islamic Account.

Featured SA Shares Writer and Forex Analyst.