FIBO Group, Ltd. announces easier opening of three swap-free Islamic MT4 accounts
In a notice published on 22 April 2024, FIBO Group, Ltd. announced easier opening of three new Islamic MT4 account types: MT4 Fixed Islamic, MT4 NDD Islamic and MT4 NDD No Commission Islamic. The company said they are swap-free, with a fixed commission charged once weekly in the overnight session from Wednesday to Thursday.
View original sourceSwap-free Islamic MT4 accounts
FIBO Group, Ltd. described the three account types as intended for clients who prefer to conduct financial and trading operations in accordance with Islamic law. The accounts are MT4 Fixed Islamic, MT4 NDD Islamic and MT4 NDD No Commission Islamic. According to the notice, they differ from similar MT4 accounts by having no credits or debits for carrying an open trading position to the next day; the company labels this Swap Free. Instead, a fixed commission is charged once a week, overnight from Wednesday to Thursday. The notice did not state the commission amount or a time zone for that weekly charge.
Access and account rules
Clients were directed to log into their Personal Account and select the desired account from the list. The notice refers readers to a link for complete rules on opening these accounts and does not set out those rules in the announcement itself.
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