Monday, July 16, 2007

Markets in Everything: Growth in Islamic Accounts

Islamic accounts: the ad seems to recognize that Islamic consumers expect to pay high fees if they want to get around the problem of interest.

But there is a market response:

Do Islamic Accounts have to mean additional costs?

Surely not. Our prime ambition is to show you that additional costs are not necessary. The present situation in the world of investment has made us wonder why this type of practice is acceptable. Social, cultural and religious beliefs should not be taken advantage of. This is exactly what we would like to present you with.
Due to the growing interest in Islamic accounts, we have decided to introduce investment accounts compliant with the Shari’ah or Islamic Law. What this means is that these accounts will be swap free and that no interest will be charged neither for investors nor against them.

What does this mean?
Commission free accounts.
No swap points debited or credited for investors.
Widened spread on the FX market by only 1 pip.
Regular spread for all other instruments.
10 USD daily charge per lot for every transaction held through the weekend.

1. 5 lot transaction opened on Monday and closed on Thursday. No charge.
2. 1 lot transaction opened on Friday and closed on Tuesday. 40 USD charge.
3. 0.5 lot transaction opened on Wednesday and closed on Tuesday. 30 USD charge.

In case of any questions don’t hesitate to contact – we speak Arabic, too: Omar Arnaout

(Note: "MiE" is a registered trademark of MR)