Common use of ISLAMIC ACCOUNTS Clause in Contracts

ISLAMIC ACCOUNTS. In the event of a customer who due to its observance of Islamic religious beliefs cannot receive or pay interest, such 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 (“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. 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. 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: The Company may add commission upon each and every one of the trades executed on the Islamic Account; and/or The Company may cancel the special rights and/or conditions conferred to the Account due to Fits classification as Islamic Account, recall the designation of the Account as Islamic Account and render it a normal trading Account; and/or The Company may restrict and/or prohibit the customer from hedging their positions; and/or 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 ACCOUNTS. 8.4.1. In the event of a customer who who, due to its observance of Islamic religious beliefs beliefs, cannot receive or pay interest, such customer may elect to designate, in the manner provided by the Company as this may be altered from time to time, their his/her trading account to be a swap-free account not charged with or entitled to, premiums and/or rollovers and/or interest (“Islamic Account”). The customer hereby confirms and/or accepts and/or declares that a request to render their his/her 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 accepting the request of a customer to designate their his/her account as an Islamic Account, upon its sole and absolute discretion which shall be conclusive and undisputable upon the customerIslamic 8.4.2. In the event that the Company suspects that a customer is abusing the rights conferred to them him/her 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: : (i) The Company may add commission upon each and every one of the trades executed on the Islamic Account; and/or and/or (ii) The Company may cancel the special rights and/or conditions conferred to the Account due to Fits its classification as Islamic Account, recall the designation of the Account as Islamic Account and render it a normal trading Account; and/or and/or (iii) The Company may restrict and/or prohibit the customer from hedging their his/her positions; and/or and/or (iv) 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 he/she shall bear all costs derived from the aforementioned action, including but not limited to, the cost on the change of the spread.