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 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.

  • Clients with Swap Free Accounts shall be allowed to trade in selected CFDs in underlying Financial Instruments which shall be selected by the Company also in its sole discretion and in accordance with its internal policies.

  • 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.

  • 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.

  • Swap Free Accounts do not pay or receive Financing and Rollover Charges and Benefits.

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

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

  • 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).

  • 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 pay swaps.

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

Related to Swap Free Accounts

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

  • 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.

  • Designated Accounts means any and all unsecured credit facilities (including without limitation unsecured card or non-card credit facility) that you have with the Participating FIs and excludes joint accounts, any renovation loan, education loan, credit facility granted for businesses or business purposes and such other credit facility that is excluded under the MAS regulations relating to unsecured credit facilities to individuals.

  • Excluded Accounts means any deposit account or securities account used exclusively as (a) payroll and other employee wage and benefit accounts, (b) tax accounts, including sales tax accounts, (c) escrow, fiduciary or trust accounts, (d) zero balance accounts and (e) the funds or other property held in or maintained in any such account identified in clauses (a) through (d).

  • Management Accounts means, in relation to any Reporting Period, the Franchisee’s management accounts which: (a) comply with paragraph 3.10 of Schedule 13 (Information and Industry Initiatives); and (b) are required to be delivered to the Secretary of State by the Franchisee in accordance with paragraphs 3.2 and 3.3 of Schedule 13 (Information and Industry Initiatives);

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

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

  • Master Account or “Judicial Council’s Master Account” shall mean the Judicial Council’s billing account to which the Contractor is authorized to charge specifically identified charges under this Agreement.