Swap Free Policy
Swap Free/Islamic accounts are forex trading accounts designed specifically for Muslims. This is because swaps conflict with their religious beliefs. As such, only Muslim clients are authorized to have a Swap Free/Islamic account.
Any client who misuses this advantage by holding floating positions for a long period of time, thereby profiting from the swap free facility, must close their floating positions immediately, bearing in mind that these fees are handled by OTM and not by the client.
Furthermore, hedging a spot currency by its corresponding Future contract is forbidden. This is because it also constitutes an attempt to take advantage of and profit from the swap free facility. One direction of this kind of hedge must, therefore, be immediately closed.
Moreover, certain instruments will be charged Administrative Fees on daily basis as explained below:
You can find full details of each instrument on our contract specifications page.
Notes:
* The interest amount will be added or deducted according to the direction of each open position “buy or sell” and according to the currency in circulation
** The interest amount will be added or deducted under the heading of “management fees”
Should you have any question, please do not hesitate to contact us.