Swap Free Accounts definition

Swap Free Accounts means the accounts offered for clients whose religion is Islam. Under Islamic laws, Muslims are prohibited from taking or giving interests from any kind of activity. Islamic accounts are also known as swap – free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith. Special terms and conditions apply as provided further below in this Agreement
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Examples of Swap Free Accounts in a sentence

  • The Company offers Swap Free Accounts (typically Islamic Client Accounts) for FX and other CFD trading, subject to the Company’s internal requirements being fulfilled.

  • Clients are not allowed to use Swap Free Accounts to make profits from swaps and may not request the payment of any swap amount(s) that have been lost as a result of converting their real trading account(s) into one or more Swap-Free Account(s) for the period during which their real trading account(s) has or have been converted into one or more Swap Free Account(s).

  • We will not charge any interest or overnight financing costs in respect of a Swap Free Account(s).

  • The Client may not request the payment of any Swap Credit amounts that have been lost as a result of converting Client account(s) into one or more Swap Free Accounts for the period during which the Client’s account(s) have been converted into one or more Swap Free Accounts.

  • Swap Free Accounts are to be used in good faith and, the Client may not use the Swap-Free Account to make profits from swaps or, not paying swaps.

  • The client agrees to use the Swap Free Account(s) in compliance with the Terms of the relevant Agreement.

  • Apart from this difference, Swap Free Accounts have exactly the same trading conditions and terms as VGP’s regular Client accounts.

  • Swap Free Accounts are liable for dividends, other corporate actions and daily funding charges which will be reflected in the relevant Account statements.

  • In the event we detect any form of abuse, fraud or manipulation or any form(s) of deceitful, arbitrage or fraudulent activity regarding any Swap Free Account(s) of any of our clients we reserve the right at any given time to, with immediate effect revoke the Swap Free Account(s) of such client(s) and to cease offering without prior notice to you.

  • In the event we detect any form of abuse, fraud or manipulation or any form(s) of deceitful, arbitrage or fraudulent activity in regards to any Swap Free Account(s) of any of our clients we reserve the right at any given time to, with immediate effect revoke the Swap Free Account(s) of such client(s) and to cease offering without prior notice to you.

Related to Swap Free Accounts

  • Collection Accounts As defined in Section 3.10(a).

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Cash Management Account has the meaning set forth in Section 2.7(a).

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.

  • Separate Accounts means the accounts which are to be prepared for each

  • Settlement Account means an account established at a financial institution designated by Merchant as the account to be credited and debited by the Servicers for Transactions, Card Fees, Chargebacks and other amount assessed by a Card Association and passed- through to Merchant pursuant to the terms of this Agreement.

  • Excluded Accounts means (a) payroll accounts, (b) health savings accounts, worker’s compensation accounts and other employee benefits accounts, (c) payroll withholding tax accounts and other tax (including sales tax) remittance accounts and (d) any other account that is used solely as an escrow account or as a fiduciary or trust account and not otherwise prohibited under this Agreement or any other Loan Document.

  • Excluded Account means (a) any deposit account specifically and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Loan Party’s employees and (b) any Xxxxx Cash Accounts.

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Reserve Accounts means the Tax Account, the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Leasing Reserve Account, the Excess Cash Flow Account, the Operating Expense Account, the Ground Rent Account and any other escrow account established by this Agreement or the other Loan Documents (but specifically excluding the Cash Management Account, the Restricted Account and the Debt Service Account).

  • Segregated Account means a client bank account as defined by and held in accordance with the Applicable Regulations.

  • Securities Accounts (i) shall mean all “securities accounts” as defined in Article 8 of the UCC and (ii) shall include, without limitation, all of the accounts listed on Schedule 4.4(A) under the heading “Securities Accounts” (as such schedule may be amended or supplemented from time to time).

  • Servicer Account means any account established by Servicer in connection with the servicing of the Mortgage Loans.