The relationship between Ultima Markets and the client is that of Wakalah/agency.
Ultima Markets is the agent that manages the accounts and charges an administration fee based on a signed mandate.
The relationship between the liquidity providers and Ultima Markets is that of Qardh (Loan) which is managed under a signed mandate by Ultima Markets.
The account holders do not sign a mandate with the liquidity provider and have an agreement only with Ultima Markets. The actual trading is referred to as Bay al-Sarf (currency trading).

