Swap-Free (Islamic) Account Terms & Conditions
Purpose
These Swap-Free (Islamic) Account Terms and Conditions (hereinafter the “Terms”) govern the provision and use of the Company’s Swap-Free (Islamic) Account. These
Terms supplement the Client Agreement and shall be read together with all other legal documentation of the Company. In the event of any inconsistency, these Terms shall prevail only in relation to the operation of the Swap-Free (Islamic) Account.Account Features
Swap-Free (Islamic) Trading Accounts are available to eligible Clients who are unable to use accounts subject to overnight swap charges due to their religious beliefs. Clients requesting a Swap-Free (Islamic) Trading Account shall submit a request to the Company, which reserves the right, at its sole discretion, to assess the request and, where considered necessary, require appropriate information or supporting documentation to verify the Client’s eligibility before approving or declining the application.
For Swap – Free (Islamic) Accounts no overnight swap (rollover) interest shall be applied to eligible positions held with the account. The Company may apply administrative charges, fixed fees, or other non-interest-related charges in accordance with its Schedule of Fees or Trading Conditions, where applicable and may determine which financial instruments are eligible for Swap-Free trading as defined here https://tsgbrokers.com/islamic-account/ . The Company reserves the right to amend the list of eligible instruments from time to time and clients will be informed accordingly in advance, in accordance with the Company’s Terms and Conditions.
Eligibility
A Swap-Free (Islamic) Account is available only upon the Client’s request and is subject to the Company’s prior approval. To be eligible for a Swap-Free (Islamic) Account, the Client must:
- Be at least eighteen (18) years of age or have reached the legal age of majority in their country of residence, whichever is higher;
- Successfully complete the Company’s account opening and verification procedures, including the submission of valid identification documents and any other documentation required by the Company n accordance with applicable laws, regulations, and the Company’s Know Your Customer (KYC) and Anti-Money Laundering (AML) policies;
- Provide his/her acceptance of the declaration as stated in Section 4 below of this Terms and Conditions. Declare and agree that the Swap-Free (Islamic) Account is requested for the purpose of complying with Sharia principles prohibiting the payment or receipt of interest (Riba), and undertake to use the account in good faith and in accordance with such principles;
- Accept and comply with these Terms and Conditions, the Client Agreement, the Company’s policies, and any applicable banking, regulatory, or legal requirements.
The Company reserves the right, at its sole discretion, to determine whether a Client is eligible for a Swap-Free (Islamic) Account and may request any information, documentation, or declarations it considers necessary for this purpose. Approval of a Swap-Free (Islamic) Account shall not constitute an obligation on the Company to maintain such status indefinitely, and the Company may review, suspend, or revoke such status at any time if it determines that the Client no longer satisfies the eligibility requirements or has breached these Terms and Conditions.
Client declaration
The Client declare and agrees to the following statement:
“The Swap-Free (Islamic) Account is requested for the purpose of complying with Sharia principles prohibiting the payment or receipt of interest (Riba) and undertake to use the account in good faith and in accordance with such principles”.
Client Acknowledgements
The Client acknowledges and agrees that:
- the Swap-Free (Islamic) Account is a specific account type offered by the Company and does not alter the nature of the investment services provided;
- all trading remains subject to the Client Agreement, Risk Disclosure, Order Execution Policy, and all other applicable legal documentation which forms part of the Client Agreement.;
- the Company does not represent or warrant that the account satisfies the personal religious beliefs or requirements of any Client, and each Client remains solely responsible for determining whether the account meets their own requirements.
Prohibited Use
The Client shall not use a Swap-Free (Islamic) Account for the purpose of obtaining an unfair trading advantage or engaging in strategies intended to exploit the absence of overnight swap charges.
Without limitation, the Company may consider the following to constitute misuse:
- swap arbitrage or financing arbitrage;
- abusive trading practices designed to exploit pricing differences;
- coordinated trading between multiple accounts for the purpose of avoiding financing costs; or
- any other activity which, in the Company’s reasonable opinion, constitutes abuse of the Swap-Free feature.
Company’s Rights
The Company reserves the right, at its sole discretion and without prejudice to any other rights available under the Client Agreement, to:
- refuse any request for a Swap-Free (Islamic) Account;
- revoke the Swap-Free status of an account;
- convert the account and apply standard charges, and
- suspend or terminate the account where misuse or breach of these Terms is identified.
Amendments
The Company may amend these Terms from time to time in accordance with the Client Agreement and applicable regulatory requirements. The Client will be notified in writing accordingly.
Governing Provisions
Except as expressly provided in these Terms, all provisions of the Company’s legal documentation, which can be found athttps://tsgbrokers.com/other-documents/ form part of the Client Agreement, in accordance with the provisions of the Client Agreement shall continue to apply in full to the Swap-Free (Islamic) Account.
