ISLAMIC ACCOUNT Sample Clauses

ISLAMIC ACCOUNT. 9.1 Islamic Accounts, also known as swap free accounts, offer trading with Financial Instruments, offered by us, in order to be in compliance with the Sharia Law, as they imply no swap or rollover interest on overnight positions. Islamic Account is completely swap free for as long as the Account is open and it should only be requested and made available for Clients who are followers of this Islamic tradition (“Islamic Account”). The customer hereby confirms and/or accepts and/or declares that a request to render their account as Islamic shall only be made due to the said Islamic religious beliefs and for no other reason whatsoever. 9.2 Customer may elect to designate, in the manner provided by the Company as this may be altered from time to time, their trading account to be a swap-free account not charged with or entitled to, premiums and/or rollovers and/or interest. We reserve the right to revoke the Swap- free status granted to any real trading Account at any time without being obliged to provide any explanation or justification. Such action will routinely be taken in cases where trades are held for more than 7 days or to close the positions. The Company reserves the right to refuse accepting the request of a customer to designate their account as an Islamic Account, upon its sole and absolute discretion which shall be conclusive and undisputable upon the customer. 9.3 In the event that the Company suspects that a customer is abusing the rights conferred to them by the classification of the account as Islamic Account, the Company has the right, without prior notice, to proceed with one or more of the following: 1. The Company may add commission upon each and every one of the trades executed on the Islamic Account; and/or 2. The Company may cancel the special rights and/or conditions conferred to the Account due to its classification as Islamic Account, recall the designation of the Account as Islamic Account and render it a normal trading Account; and/or 3. The Company may restrict and/or prohibit the customer from hedging their positions; and/or 4. The Company may, upon its sole discretion, close any open positions and reinstate them upon the then real market price. The customer hereby, acknowledges that they shall bear all costs derived from the aforementioned action, including but not limited to, the cost on the change of the spread.
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ISLAMIC ACCOUNT. Bluesuisse Markets Limited offers the possibility to the Client to open Islamic (hereinafter called Swap-Free) account. Swap-Free accounts are only available to those Clients who cannot use Swaps owing to their religious beliefs. Islamic Accounts have exactly the same trading conditions and terms as our regular trading account types. The only difference is that there are no swaps on trading instruments. However, a handling charge applies for holding exotic currency pairs overnight for more than three consecutive nights. Accordingly, in all instances where a request for a Swap-Free Account is submitted, Bluesuisse Markets Limited reserves the right to require an adequate justification for and/or proof of the necessity or need of any such conversion. Furthermore, the Company reserves the right to refuse the processing of any such request, at its sole discretion, for any reason whatsoever, without being obliged to provide any explanation or justification. Clients are not allowed to use Swap-Free accounts to make profits from Swaps and may not request the payment of any Swap amounts that have been lost as a result of converting their real Trading Account(s) to Islamic Accounts for the period during which their real Trading Accounts has/have been converted into Islamic Accounts. Bluesuisse Markets Limited reserves the right to revoke the Swap-Free status granted to any standard trading account at any time, at its sole discretion, without being obliged to provide any explanation or justification. In the event that the Company detects any form of abuse, fraud, manipulation, cash-back arbitrage, or other forms of deceitful or fraudulent activity in regard to any Islamic Account of any Client, the Company reserves the right, at any time: with immediate effect, to revoke the Swap-Free status from any and all standard trading accounts of such client that have been converted to an Islamic Account; and/or to correct and recover any un-accrued Swaps and any related un-accrued interest expenses and or costs pertaining to any and all of such Client’s Islamic Accounts during the period for which such accounts were converted into Islamic Account; and/or with immediate effect, to close all trading accounts of such client with the Company, void all trades carried out in such Client’s Trading Accounts with the Company and cancel all profits or losses incurred in such client’s trading accounts. The Client expressly acknowledges and understands that the Swap-Free status shall be...
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Related to ISLAMIC ACCOUNT

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