Common use of ISLAMIC ACCOUNT Clause in Contracts

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.

ISLAMIC ACCOUNT. 9.1 10.1 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 10.2 The 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- 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 10.3 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, 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.