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Muhammad Rasoul, Chief Executive Officer of Amana, has challenged the retail foreign exchange and contract-for-difference industry's promotion of "swap-free" or "Islamic" trading accounts, arguing that financing costs are inherent whenever leverage is used and should be communicated more transparently to clients.
Speaking from the broker's Dubai office, Rasoul said that any leveraged product held overnight involves a financing component, regardless of whether it is explicitly labelled as a swap or interest charge.
"Financing exists wherever leverage exists," he said, suggesting that the industry's marketing of high-leverage or interest-free accounts as client acquisition tools lacks sufficient clarity around actual costs and risks.
Amana is a Dubai-based retail broker operating in the Middle East and North Africa region. According to Rasoul, the firm has adopted a model that prioritises client transparency over aggressive promotional tactics, including implementing a lower default leverage ratio of approximately 25 times to reduce the risk of account blow-ups.
The company has also shifted its focus towards longer-term, direct relationships with clients and encourages fully funded trading where appropriate, Rasoul said.
"Our goal is to create a place we'd want our own family members to trade. We prioritise honesty over aggressive positioning and focus on clear, proactive communication on costs and risks."
— Muhammad Rasoul, Chief Executive Officer, Amana

Muhammad Rasoul, Chief Executive Officer, Amana
Rasoul's comments come amid ongoing debate within the retail brokerage sector over the structure and disclosure of financing costs on leveraged products, particularly those marketed to Muslim clients who seek Sharia-compliant trading solutions.
The full interview and analysis is available in Broker Insights: https://liquidityfinder.com/insight/broker-insights/amana-reality-check-muhammad-rasoul-swap-free-leverage
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