Islamic Accounts are designed for, and accessible only to, clients who cannot pay or receive swaps or rollover interest on overnight positions due to religious reasons. In order to open an Islamic Account a client must first open a Metatrader Platform account and then request for it to be converted into an Islamic Account. Clients can make this request by contacting us directly on the details available on the FP Markets website from here When a position is held over two consecutive trading days an Islamic Account will be charged an administration fee – administrative charges are given below.
We reserve the right to update the administration charges from time to time, any amendments to the charges will be notified to clients via the FP Markets website .
Islamic Accounts will not debit or credit swap charge or swap credits when holding positions overnight.
Apart from these differences, Swap Free Accounts will have the same trading conditions and terms as a regular Metatrader Platform Account.
Please refer to our Account Terms for the specific terms and conditions that relate to Islamic Accounts.
If you hold an open Long position on a Cash Index CFD contract that pays a Dividend you will be entitled to an amount equal to the amount based on the number of contracts you hold after the close of the business day before the ex-dividend date.
Conversely, if you hold an open Short position in a Cash Index CFD which pays a dividend you will be required to pay an amount based on the number of contracts you hold after the close of the business day before the ex-dividend date. This adjustment may be made either as a cash adjustment into your Metatrader trading account or included into the end of day swap rate.
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DISCLAIMER: This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; losses can exceed your initial payment and you must be able to meet all margin calls as soon as they are made. When trading CFDs you do not own or have any rights to the CFDs underlying assets.
FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354).
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