Capital Index, a brokerage house that recently acquired a license from the Financial Conduct Authority (FCA) to provide financial services has announced that the firm is launching a new service aiming at clients from the Middle East and North Africa (MENA).
The firm which was formerly holding only a CySEC license has announced that the growing demand for trading services in the MENA region demanded some changes to its existing products.
The new Shariah compliant trading account is strictly adhering to the principles of the religious community in the countries from the MENA region, offering global markets access without interest rate charges related to contract swapping or roll-over fees overnight positions held.
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Clients who follow the Islamic faith are prohibited from accepting or being charged interest on their trading accounts.
The CEO of the company Robert Woolfe elaborated in a statement: “Attracting new customers from the Middle-East and Africa has always been part of our expansion plan. We knew that if we were going to be successful in these territories we would need to create an account that was sensitive to the religious laws of Islam.”
“Our Shariah compliant account does exactly this. The Islamic account may not contain any swap or roll over fees but will still receive all the same benefits of our most popular ‘Advanced’ trading account. Since launch we’ve already been very encouraged by the number of traders in these regions enquiring about opening an Islamic account with us,” he elaborated.
In the Islamic financial world, Shariah-compliant accounts are exempted from trading shares of companies which are receiving income from sales of alcohol, gaming services, pork products, pornography, military equipment or weapons amongst others.