Forex Islamic account also terms as a swap-free account does not charge swap or rollover interest on overnight carry forward positions, as interest (Ribba) considered unacceptable practice in Muslim faith. All clients can trade swap free withQMF Capital’s standard trading conditions by opening any account with us on terms offered undervarious type of accounts and converting it to an Islamic swap free conditions.
Our standard trading terms and conditions are applied as regular account with exaptation of no swaps on regular trading account types. The only difference is that there are no swaps on trading instruments, however, a handling charge applies for holding exotic currency pairs overnight for more than seven consecutive nights.
Our friendly Client Support team will process your request for an Islamic account status within 1 business day and you will receive an email confirmation once all is set up. All subsequent trading accounts opened by you at QMF Capital will be automatically classified as swap-free meaning there will be no need for contacting us again.
The Islamic (Swap-free) Trading Account Use Agreement (“Agreement”) is asupplement to the Terms & Conditions of Business and governs the terms ofIslamic (Swap-free) Trading Accounts.
For the purpose of this Agreement, unlessthe context otherwise requires, the following words and expressions shall have the earnings assigned to them in the ‘Definitions’ section of the Terms & Conditions ofBusiness.
1. An Islamic swap free account can only be created at the time of opening an account. For previously opened accounts, the connection of the service is not provided.
2. The client hereby expressly acknowledges and agrees that by downloading,completing or submitting to QMF Capital the Swap-Free trading account request, email or documentation/forms or clicking in the appropriate space, or similar buttons or links as may be designated by QMF Capital to show the client’s approval and acceptance of these terms and conditions.
3. Islamic Swap-free trading accounts are available only to those Clients who cannot use‘swaps’ owing to their religious beliefs. Accordingly, in all instances where aRequest for an Islamic (Swap-free) trading account is filed with the QMF Capital, theQMF Capital reserves the right to require an adequate justification for and/or proof ofthe necessity or need of any such conversion. Furthermore, the Company reservesthe right to refuse the processing of any such Request, at its sole discretion, for anyreason whatsoever, without being obliged to provide any explanation orjustification. While Clients may file a Request for an Islamic (Swap-free) tradingaccount at any time, the filing of any such Request entails that all other real tradingaccounts of the Client who files such a Request will automatically be converted intoSwap-free trading accounts also, without any further notice being required. Uponthe receipt of the Request, the Company shall evaluate the Request submitted andshall inform the Client by e-mail whether the Request is accepted or not. The termsset forth herein will enter into effect, as of the date on which the Company issending the above-mentioned confirmation e-mail that the Client’s Request hasbeen approved.
4. Clients are not allowed to use Swap-free trading accounts to make profits from‘Swaps’ and may not request the payment of any ‘Swap’ amounts that have beenlost as a result of converting their real trading account(s) into one or more Swapfree account(s) for the period preceding that during which their real tradingaccount(s) has/have been converted into one or more Swap-free account(s). TheCompany reserves the right to revoke the Swap-free status granted to any real trading account at any time, at its sole discretion, without being obliged to provideany explanation or justification.
5. Furthermore, in the event that the Company detects any form of abuse, fraud,manipulation, ‘interest’/‘cash- back arbitrage’, or other forms of deceitful orfraudulent activity in regard to any Swap-free account of any Client, the Companyreserves the right, at any time:
a. With immediate effect, to revoke the Swap-freestatus from any and all real trading accounts of such Client that have beenconverted to a Swap-free trading account;
b. to correct and recover any un-accrued Swaps and any related un-accrued interest expenses and or costspertaining to any and all of such Client’s Swap-free trading accounts during theperiod for which such accounts were converted into Swap-free trading accounts;and
c. , with immediate effect, to close all trading accounts of such Client with theCompany, nullify all trades carried out in such Client’s trading accounts with theCompany any cancel and all profits or losses garnered in such Client’s tradingaccounts with the Company.
6. If any of the terms set forth herein were to be translated into a language other thanEnglish, then the English version shall prevail where there is an inconsistency orconflict.