Common use of ISLAMIC ACCOUNTS Clause in Contracts

ISLAMIC ACCOUNTS. 4.9.1 In the event of a client who, due to its observance of Islamic religious beliefs, cannot receive or pay interest, such customer may elect to designate, in the manner provided, their trading account to be a 'swap-free' account not charged with or entitled to rollovers and/or interest ('Islamic Account'). The customer hereby confirms and accepts 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. The Company reserves the right to refuse to accept the request of a customer to designate their account as an Islamic Account. 4.9.2 In the event that the Company suspects that a customer is abusing the rights conferred to them by the classification of the account as being an Islamic Account, the Company has the right, with prior notice, to proceed with one or more of the following: i. Recall the designation of the Account as Islamic Account and render it a normal trading Account; and/or ii. 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 ACCOUNTS. 4.9.1 a. In the event of a client who, due to its observance of Islamic religious beliefs, cannot receive or pay interest, such customer may elect to designate, in the manner provided, their trading account to be a '‘swap-free' ’ account not charged with or entitled to rollovers and/or interest ('‘Islamic Account'’). The customer hereby confirms and accepts 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. The Company reserves the right to refuse to accept the request of a customer to designate their account as an Islamic Account. 4.9.2 b. In the event that the Company suspects that a customer is abusing the rights conferred to them by the classification of the account as being an Islamic Account, the Company has the right, with prior notice, to proceed with one or more of the following: i. (i) Recall the designation of the Account as Islamic Account and render it a normal trading Account; and/or (ii. ) 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.