Islamic Financial Services is a system of mutual agreement between Islamic financial institutions and individuals for the purpose of credit and debit card banking products. Islamic financial services include Muslim money exchange, FSS, interest sharing accounts and various other such services. The system was introduced to help Muslims who are traders of currency or products in different countries. However, the government has imposed strict regulations on the money exchanging and trading involving the Muslims.
The System includes various products like FSS Islamic Financial Services (IFRS), Islamic Banking, FBS Islamic Account, and FBS Guaranteed Deposit Account. FBS provides Islamic financial service to the Muslims. FBS Islamic Account does no lend or exchange any currency in the trading process. In this case, the account holder is not liable to any interest rate, penalty or other charges. These accounts are mainly designed for keeping the monetary assets of the people.
The FBS Islamic Account is also known as the Islamic Banking or the Islamic Payment Service. It was introduced to facilitate the Muslim traders with their transactions. The main feature of this account type is that you can gain access to both the domestic and the international traders by using a single login and password. In addition to that, the traders can gain access to their transactions in their own currency through online transactions. FBS is open to all traders, whether they are residents of Britain or residents of Pakistan.
Basically, FBS has four types of accounts. They are known as the Trading Forex Exotics Market, FSS Forex Trading, Guaranteed Deposit Accounts (GDC), and the Islamic Financial Service (IFRS). These four account types have different characteristics. With the FSS account, the traders can open a new line of credit. This line of credit can be used to trade for exotics. If you do not want to lose your money, you need to follow all the trading conditions.
The FBS trading account type allows the trader to earn free foreign exchange (FX) bonus. You need to follow all the trading terms in order to get the free bonus. You can use this bonus in order to make the necessary purchases for your home country currency. The bonus will allow you to buy a variety of foreign currencies including Pounds, Euros, Dollars and Yen.
The next paragraph will provide the details about the GDC. The GDC is a great way to start trading if you do not want to lose your money. The broker in this case will agree to trade the currency for you. You can start trading from any of the four currency pairs that are being offered by the GDC.
The third trading account option is the zero spread account. The zero spread account is perfect for traders who do not like high risk. These traders have more leverage and they also have lower margin requirements. This is because the leverage level of this type of account is much lower than the other two types of accounts. The zero spread has less leverage but traders will not be able to gain returns as fast as with the other two types of accounts.
The last type of account is the standard account. You can find some brokers who offer these trading accounts but these types of brokers are few. The standard account will allow you to have higher than the average returns with less risk. This is a very good option if you want to increase your returns.
You can have more leverage with the FBS Islamic Account through the use of a demo account. A demo account allows you to trade without using real money so you can have a feel of how a trading strategy works without incurring any risks. The good thing about the demo account is that you can continue to use the software program even after you are already registered with a live trading account. You can practice whatever strategies that you have created using this software so you will know if it works or not.
Although the FBS Islamic Financial Account is easier to open compared to other accounts, there are still a few things that you need to consider before you can start trading. The first thing that you have to do is to open a standard account. The minimum deposit required for opening the FBS Islamic financial account is five thousand US dollars. The minimum deposit for the standard account is three thousand US dollars.
Then, you need to decide whether you want to go with the no spreads or the multi spreads. The no spreads allow you to trade only one currency and the multi spreads allow you to trade two different currencies with the same spread. Although there is a limit on the amount of leverage that you can enjoy, you can still enjoy a higher level of returns by choosing the no spreads option. Finally, you have to determine the final spread that you will be using. The final spread is the amount of the commission that you will be paying the brokers.
