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Oanda opens Dubai office

  • #1
  • First Post: Sep 15, 2009 2:02am Sep 15, 2009 2:02am
I just got an email from them stating their office is open. I called the head of the office and got him on the phone. They aren't offering Sharia accounts yet, but he says they plan on doing so in the "near future". I explained to him that it's a necessity to do so if they want to pull in Emirati customers and I explained how my clients will not use them even though it's cheaper to do so. He said that he has been told the same thing by just about everyone he's spoken with in country.

It'll be interesting to see how long it takes, if indeed they do it at all, to offer no-swap accounts.
  • #2
  • Sep 15, 2009 3:50am Sep 15, 2009 3:50am
cool this is gonna be very interesting
  • #3
  • Sep 15, 2009 4:55am Sep 15, 2009 4:55am
Any links?

What are they offering that's cheaper?
  • #4
  • Sep 15, 2009 5:03am Sep 15, 2009 5:03am
Quoting DubaiTrader
Any links?
www.oanda.ae
  • #5
  • Sep 15, 2009 6:58am Sep 15, 2009 6:58am
sweet. i hope when they offer sharia accounts, they will do it for all customers..not just middle east customers
  • #6
  • Sep 16, 2009 12:43pm Sep 16, 2009 12:43pm
Quoting hilmy83
sweet. i hope when they offer sharia accounts, they will do it for all customers..not just middle east customers
You know, I'm curious as to how people qualify for it. I've read on some broker sites that the account is for muslims only. How do they know you're a muslim? Is it simply by country of residence so that anyone opening an account from the UAE would qualify? What if you're a muslim living in the US? It's not like muslims have an ID saying they're muslims. I've met lots of westerners here that have converted yet still have a westerner name like Dave Smith, so they can't be doing it by name.
  • #7
  • Sep 16, 2009 8:55pm Sep 16, 2009 8:55pm
Dopey,
most likely they require traders to be 'accredited investors' just like in Oanda Singapore?
  • #8
  • Sep 17, 2009 3:46pm Sep 17, 2009 3:46pm
Great. Can anyone tell me what are 'sharia' acounts?
  • #9
  • Sep 17, 2009 4:32pm Sep 17, 2009 4:32pm
Quoting Eban
Great. Can anyone tell me what are 'sharia' acounts?
basically an interest free account. brokers handle this differently. Some make you pay a fixed amount.
  • #10
  • Sep 17, 2009 4:33pm Sep 17, 2009 4:33pm
Quoting Dopey
You know, I'm curious as to how people qualify for it. I've read on some broker sites that the account is for muslims only. How do they know you're a muslim? Is it simply by country of residence so that anyone opening an account from the UAE would qualify? What if you're a muslim living in the US? It's not like muslims have an ID saying they're muslims. I've met lots of westerners here that have converted yet still have a westerner name like Dave Smith, so they can't be doing it by name.
yea the ones that i've seen would base it on the country you reside in. But sometimes you can get it if you talk to the rep. Having an 'arabic' name really helps
  • #11
  • Last Post: Sep 23, 2009 9:25am Sep 23, 2009 9:25am
As a quick introduction, I work for OANDA as the Moderator for our Forex Forum.

A couple of clarifications:

As Dopey mentioned earlier reporting on this conversation with our representative in Dubai, we at OANDA understand the importance of sharia complaint accounts and are researching the best way to offer them to our customers.

The accounts opened in Dubai have to be complaint local regulation. For example the investor has to have a Net Worth of $500,000 excluding his primary residence.

If you have any further questions you can post them here or direct them to the Dubai office http://www.oanda.ae/contact/

Regards

- Alfonso Esparza
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