The IST Markets Islamic Account removes interest-based rollover swaps and replaces them with a transparent fixed administrative service fee (Ujrah). Trading runs on MT5 across Forex, Metals, and CFDs with no hidden spread markups. Overnight costs are disclosed upfront through a published, auditable fee schedule.
Definition (plain, auditable):
The IST Markets Islamic Trading Account is a swap-free trading environment designed for clients who seek to avoid earning or paying interest (Riba) in connection with overnight holding. It removes interest-based rollover swaps and replaces them—where applicable—with a Fixed Administrative Service Fee (Ujrah) disclosed in advance by instrument.
This page is written as an audit document, not a slogan. It is designed to answer three questions with minimal interpretation:
“Swap-free” means no interest-based rollover. It does not mean “free of all costs.” A swap-free model can still carry a disclosed service fee. The compliance and trust advantage depends on how that fee is structured and disclosed.
Liquidity has a cost. That cost does not disappear because a marketing label says “zero swap.” In leveraged CFD/FX infrastructure, the broker must continuously manage exposure, liquidity provider pricing, and operational risk while positions remain open overnight.
In market structure terms, overnight holding requires the broker to manage at least four cost components:
Even when positions are offset, maintaining overnight exposure involves the mechanics of pricing continuity, liquidity provisioning, and risk controls. Retail pricing is a downstream product of upstream liquidity conditions.
Overnight positions require continuous monitoring, margin surveillance, and risk-limiting rules. These are not discretionary. They are the operational backbone of a broker’s survival under volatility.
Index and stock CFDs are synthetic exposures. There is no physical delivery in most retail CFD structures. The overnight “carry” is therefore not a ceremonial line item. It is part of how synthetic exposure is maintained.
Holding through illiquid periods increases gap risk. The risk controls exist whether or not swaps are charged. This is part of why “free overnight holding” is structurally uncommon in institutional design.
IST Markets’ stated model is to remove interest-based rollover swaps and—where an overnight cost exists—to disclose a Fixed Administrative Service Fee (Ujrah) in advance.
This design is intended to achieve two compliance outcomes:
Many swap-free pages fail on trust because they hide the economics. They remove “swap” as a label but reintroduce cost uncertainty through other channels.
A transparent fee schedule is the opposite approach:
This is why the fee table is not a disclaimer at the bottom. It is the center of the product design.
Financial trust often breaks in the smallest accounting mechanics. Rounding errors are not always accidental. They can be structural.
IST Markets uses 8-decimal precision to publish administrative service fees because:
Institutional framing:
8 decimals are a Badge of Honesty. They are a refusal to disguise costs through rounding.
The fee schedule uses a sign convention that follows standard accounting logic.
Why this matters:
Swap-free products are often criticized because clients cannot predict charges. The sign convention forces predictability. If the table says a debit applies, it is disclosed. If the table says zero, it is disclosed.
The schedule is expressed as USD per night, per unit. “Unit” depends on the instrument specification in MT5 (contract size, tick value, and symbol settings).
Audit instruction:
Before trading a symbol, verify the “contract specification” inside MT5 for that symbol. The published schedule is designed to be reconcilable against that specification and your statement.
Objective: demonstrate that the schedule is calculable before entering the trade.
Important micro-accounting note:
If your MT5 account uses a different unit definition (e.g., fractional exposure or contract size variations), use the MT5 “Specification” values to confirm what “1 lot” means for that symbol. The schedule remains the reference point; the contract specification defines the lot’s unit basis.
This section frames the swap-free design through four practical compliance lenses. It is written as audit logic. It is not a religious decree.
What is removed:
Interest-based rollover swaps that are typically derived from rate-linked financing mechanics.
What replaces it:
Where an overnight cost exists, IST Markets applies a Fixed Administrative Service Fee (Ujrah) disclosed in a schedule.
Gharar risk, in trading account design, is frequently practical rather than philosophical. It arises when costs are uncertain, hidden, or change without predictable disclosure.
This product attempts to reduce uncertainty through:
Audit question:
Can a trader determine expected overnight costs before entry? With a published schedule and a known unit basis, the answer is yes.
Taqabud is often discussed as “hand-to-hand” exchange. In platform markets, the practical translation is constructive possession: immediate confirmation, control, and an auditable trail of execution.
Execution policy reference (for the legal framework of fills and execution rules):
https://istmarkets.com/execution-policy
(If your compliance team uses the canonical policy page, also reference: https://istmarkets.com/order-execution-policy)
Swap-free structure does not remove risk. It removes interest-based rollover mechanics. Ethical trading still requires discipline.
Amanah framing (capital stewardship):
Risk warning reference (mandatory reading for leveraged products):
https://istmarkets.com/risk-disclosure/
In retail markets, many brokers advertise swap-free conditions because the demand is high. The economic constraint is universal: removing swaps removes a revenue line or a cost recovery mechanism.
Across the industry, brokers commonly recover swap removal through at least one of these mechanisms:
Demo link for verification: Click Here
XM and Exness are often mentioned by traders in “swap-free” comparisons because they are widely searched brands in this category. The point here is not to make unverified allegations about any specific firm’s current conditions. The audit point is structural:
IST Markets positions itself as a raw-pricing alternative by using a disclosed fee schedule rather than undisclosed pricing adjustments.
CFD positions that stay open overnight incur a small fee, relative to the value of the position. These fees reflect the forces of supply and demand driving the financial markets, including to cover costs associated with your position.
FEES ARE IN USD, PER NIGHT, PER UNIT
SELL (Short)i:
Zero Fee for easy-to-borrow stock: Easy-to-borrow stocks are those with an annual borrow cost below 10%.
Hard-to-borrow stocks will incur a borrow cost reflected as an overnight fee (borrow cost divided by 365) on your position: Hard-to-borrow stocks are those with an annual borrow cost above 10%. Currently, this applies to less than 2% of eToro’s available stock symbols:
Borrow costs may vary over time and currency.
BUY (Long)i: 6.4% + benchmark
Benchmark rates may vary by currency and over time.
Long and short positions can carry different overnight cost mechanics because the broker’s hedge and inventory exposure can differ by direction and symbol. In CFD structures:
Audit principle:
Directional differences are not inherently suspicious. Hidden or unstable differences are suspicious. This is why the schedule is published and why reconciliation matters.
Swap-free design is most demanded for metals because holding costs can be material for multi-day strategies. The audit requirement remains the same: the cost must be disclosed by schedule and reconcilable.
Swap-free demand is structurally high because FX traders often hold positions across sessions and events. Under variable swaps, costs can shift mid-week. Under a published schedule, cost planning becomes possible.
Indices are synthetic exposures. Overnight fees reflect the service of maintaining position exposure and risk controls through non-continuous liquidity regimes.
High leverage can reduce required margin for a position. That is the mechanical capability. It can allow smaller accounts to participate without deploying full notional value.
Leverage also compresses your error margin. The higher the leverage used, the smaller the adverse move required to trigger margin stress or liquidation.
Swap-free status addresses the Riba concern. It does not remove market risk, execution risk, slippage risk, or gap risk.
Amanah in trading context is operational:
Swap-free accounts can be abused if traders attempt to exploit the absence of swaps as a synthetic carry mechanism. This creates a sustainability problem for genuine users.
IST Markets’ stated policy approach is to reserve the right to revoke swap-free status where abuse is detected. This is positioned as a security control, not a discretionary punishment.
Typical abuse patterns in the industry include:
Client-facing principle:
A swap-free community only remains viable if it cannot be systematically exploited. Revocation clauses are designed to protect honest traders from a system that becomes economically unsustainable.
