MFN has implemented a “Shariah” Islamic policy to accommodate its practicing Muslim clients who are forbidden to pay or receive interest in accordance with their religious beliefs.
In lieu of paying rollover interest/ cost of carry charges on positions held past 5:00 p.m. EST/EDT, Muslim clients may elect to pay or receive rollover charges in the form of a round-turn commission, assessed when the trade is opened.
Click here to see rollover interest/ cost of carry charges.
MFN’s Shariah Islamic policy cannot be used by Muslim clients to avoid paying a commensurate amount of commission that is equivalent to the financing charges paid by regular MFN clients.
Much in the same way that swap points, LIBOR, and LIBID are market-traded instruments, the corresponding commission charges paid by Shariah clients will fluctuate. These commission charges will be market-based, transparent, and subject to periodic adjustment by MFN based on actual market activity. When applicable, these commissions will be determined by the fixing rates of the British Bankers’ Association.
Please contact us to learn more.
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