Binary islamic account


Is Binary Options Halal and compatible with Islamic traditions? This has become an important question for prospective Muslim options traders as the financial industry has become available to everyone through online trading accounts. The development of online trading in the financial industry in the last two decades has opened up new horizons for retail traders of all races and creed.

The life of a Muslim is guided by Sharia Law. A Binary islamic account is expected to abide by the Islamic principles covering all aspects of their life from social matters to economic matters that were expounded in the holy Koran. In the area of banking and investments, Sharia law strictly forbid the lending of money with interest. When Sharia law is applied to Binary options trading, this means interest that is earned or charged for an overnight position binary islamic account prohibited as well.

In the spot financial markets, trading is done on a 24 hours basis. By 5 pm New York time, all open market positions are then rolled over to the next 24 hours cycle. This situation puts Muslim traders on a collision course with their religious beliefs. For example, instead of having an open market position rolled over automatically making overnight interest payable, open positions in Islamic trading accounts are closed by 5 pm New York time and then reopen immediately hence avoiding any interest payable for the fresh 24 hour cycle.

To help traders in their selection binary islamic account brokers that offer Islamic trading accounts, we have compiled a list of leading binary islamic account brokers that offer Islamic trading accounts. It should be noted that the list above is by binary islamic account means exhaustive but is just a guide. If someone used a Halal binary options account, but had little or no knowledge of what or how to trade, then they would be using binary options to gamble — and this would certainly be Haram.

Only the individual trader can know whether this is the case. Please note that this site — binaryoptions. It appears that binary islamic account might also be dependent on the skills of the individual trader, thus in reality making it impossible for us to give binary islamic account on the matter.

See the references below for further clarification. Is Binary Options Halal or Haram? Immediate execution of trades Immediate settlement of transactional cost No interest payable on trades To help traders in their selection of brokers that offer Islamic trading accounts, we have compiled a list of leading binary brokers that offer Islamic trading accounts.

Other considerations If someone used a Halal binary options account, but had little or no knowledge of what or how to trade, then they would be using binary options to gamble — and binary islamic account would certainly be Haram.

We recommend staying within binary islamic account range of good taste and respectful language to avoid any straddle options strategy benefits. BinaryOptionsThatSuck.

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