Islamic Accounts in Binary Options

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We have heard, seen or read about the issue of investing in Forex, Binary Options, or similar trading products. To understand is binary option trading halal logo muslim, we need to take a look at these 2 particular popular system.

Forex and Binary Options. Grand Ayatollah Khamenei may Allah grant him long life: There is no problem in exchanging one currency with another non-homogenous currency insofar as the law of the country does not forbid it. Grand Ayatollah Saafi Gulpaigani may Allah grant him long life: Since the transaction in the currency market is formal and there is no real transaction conducted, therefore the transaction is not valid. Judging by this definition, a lot of what we do in daily life is gambling.

Binary options are gambling much like other financial instruments, tangible or intangible. You may have grasped that the common trait of the last 3 examples is poor risk management. The Financial Conduct Is binary option trading halal logo muslim FCA has announced the impending transition of the regulation of binary options in the United Kingdom from an online gambling service to a financial product. How you manage your risk vs profit ratio. How you understand a particular commodities, PAIRS, assets and its movements before you make a decision to buy or sell.

If you treat it like a business, it will be a business. If you Gambled your is binary option trading halal logo muslim fortune, it will be the best gamble of your life. Take a look at our money management guides here: Posted on admin in Reviews on March 6, Comments. If you enjoyed this article please consider sharing it!

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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 Muslim 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 is 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 of brokers that offer Islamic trading accounts, we have compiled a list of leading binary brokers that offer Islamic trading accounts. It should be noted that the list above is by no 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 it might also be dependent on the skills of the individual trader, thus in reality making it impossible for us to give advice 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 this would certainly be Haram.