-------- Magazine "Global Islamic Finance", January 2011 --------
.. In 2008 the online-brokerage company InstaForex operating in Forex and CFD markets took the strategic decision for internationalization. Having grabbed significant customer base in the domestic market (Russia) the company carried out the strategic analyses. Its outcome lead to internationalizing towards the emerging markets: Malaysia, Indonesia, India, Egypt, Syria, Iran, Nigeria and other countries. But within this framework the company has faced the following problem – was it enough to provide one-fits-all product, or the company had to create the unique solutions for separate markets?
.. The first solution would lead to efficient economy of scope and scale and the second would lead to deeper penetration to foreign markets. As the outcome, the possibilities of technical progress were used by Instaforex to challenge the dilemma. The first implementation of strategy was carried out while internationalizing to Islamic countries: Malaysia, Indonesia, Iran and others.
.. From one point of view – there was a need to open Islamic accounts. According to the rules of the Mohammedan religion any business transactions, in which one of the parties must pay or get the interest from another party, are prohibited. Islamic or swap-free accounts support deals with any currency pair and if position is transferred through the midnight a trader does not get and there is nothing withdrawn from trader's account regardless the volume of opened position. Islamic accounts were created especially for Muslims, because crediting swaps and interests is against their religion.
.. From the other point of view the drastic change was not required in the domestic market. Instaforex took very simple solution – to give their customers freedom of choice so each and every customer can choose standard or Islamic accounts. Surprisingly enough, the majority of the brokerage companies in Forex market are very strict – they give the fix set of tools with no choice, which does not allow them to become really global and meet the needs of particular individuals. Introduction of Islamic accounts set up a new paradigm for InstaForex: to widen the spectrum of choice constantly. Now the customers of InstaForex know that they built the successful conditions of trading for them – not the broker. Thus, the customers can choose the leverage from 1:1 to 1:1000 (the biggest on the market), they can use the methods of deposit and withdrawal from wire transfer to branded card (very rare and very convenient option on the market), the wide choice of currencies (107 – also very rare on the market) can meet the demands of the most demanding trader, and last but not the least – the analytics represented in different dimensions form the articles – to the own TV channel of Instaforex, giving the freedom of choice of proper means communication.
.. Nowadays, Instaforex cannot be treated as national company any longer. It's a big player on the market, which managed to become local on the markets it works – by giving the solutions for different countries and even different personalities. As the outcome the company has a customer base of almost 250000 of traders. Among them, around 50% of the users are loyal Muslim customers. This fact traces us back to the introduction of Islamic accounts as the first step of differentiation. If you want to trade your own way, than Instaforex is the optimal choice for online trading!
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