Customers who due to their religious beliefs can not trade under standard (regular) conditions are welcome to open an Islamic Account.
The main difference of Islamic Accounts from standard ones is the lack of bonus for a position rolled over to the following day. The fee for the service applies to positions which are open overnight from Wednesday to Thursday only.
Other terms and conditions for an Islamic Account are exactly the same as for standard ones.
The “Islamic Account” service can be provided both for new customers and for already existing customers (this requires a request written to the Customer Service Department by e-mail: email@example.com).
The service is only available for MT4 Fixed and MT4 Floating accounts.
The following terms and conditions apply to providing the “Islamic Account” service by FIBO Group, Ltd. (thereafter referred to as the “Company”) to its customers (thereafter referred to as the “Customer”).
- 1. The Customer Service Department will perform the activation of the “Islamic Account” service at the Customer's request (by e-mail).
- 2. The Company will reserve the right to reject the Customer's request for being provided the “Islamic Account” service at any time without further explanation.
- 3. The distinguishing feature of an Islamic Account is the absence of interest return, i.e.:
- — no bonus for holding a position open overnight;
- — no annual 2% bonus on idle deposits.
- 4. Once a week the Company will charge a fee of $5 per standard lot for using the “Islamic Account” service. The fee applies to all positions which are open overnight from Wednesday to Thursday at approximately 00.00 FT.
- 5. In no circumstances, one and the same Customer will be entitled to have both Islamic and swap (standard) accounts at the Company. The Customer irrevocably agrees that his/her swap accounts at the Company shall be terminated and closed, if the Customer makes a choice for the “Islamic Account” service.
- 6. The Company reserves the vested rights to stop offering their Clients the Islamic Account service at any time without any prior notice. In such a case the Company at its own and sole discretion has a right to:
- — Take a decision to close all of the open positions on the Client’s Islamic Accounts and;
- — Make an additional charge of the swap accrue to the Company both for actual and previous trading deals executed on the Islamic Accounts.
Upon receipt of the Customer's request (by e-mail) to activate the “Islamic Account” service for a regular account, the Company will automatically consider that the Customer has read and agrees to the above terms and conditions."