Common use of ISLAMIC ACCOUNTS Clause in Contracts

ISLAMIC ACCOUNTS. In the event that Customer due to its observance of Islamic religious beliefs cannot receive or pay interest, Customer may elect to designate, in the manner provided by the Company, its trading account to be an Islamic Account, which is not charged with, or entitled to, premiums and/or rollovers and/or interest. In the event that Customer designates its account as an Islamic account, The Company shall consider it an abuse of Islamic Account conditions if Customer keeps transactions open for a period of time. In circumstances where The Company considers that Customer is abusing the Islamic Account conditions commissions will be charged. A daily financing charge may apply to each FX/CFD open position at the closing of the Company’s trading day as regard to that FX/CFD. If such financing charge is applicable, it will either be requested to be paid by Customer directly to the Company or it will be paid by the Company to Customer, depending on the type of FX/CFD and the nature of the position Customer holds. The method of calculation of the financing charge varies according to the type of FX/CFD to which it applies. Moreover, the amount of the financing charge will vary as it is linked to rates such as LIBOR. The financing charge will be credited or debited (as appropriate) to Customer’s account on the next trading day following the day to which it relates. The Company reserves the right to change the method of calculating the financing charge, the financing rates and/or the types of FX/CFDs to which the financing charge applies. For certain types of FX/CFDs, a commission is payable by Customer to open and close FX/CFD positions. Such payable commission will be debited from Customer’s account at the same time as the Company opens or closes the relevant FX/CFD. Changes in our swap rates and calculations shall be at our own discretion and without notice. Clients need to always check our website for the then current rates charged. Rates may change quickly due to market conditions (changes in volatility, liquidity etc.) and due to various risk related matters that are at the firm's sole discretion.