Actually, the subject of Islamic trading is quite confusing but you should understand that the Forex market has never treated Islamic Forex as any less. The Forex market has given the equal rights to the Forex traders who are Muslims. Most of the Muslims are not trading the Forex market assuming that it is Haram in Islam but the truth is it is NOT if you trade the market without involving the interest. So now let us discuss the Binary options, the binary trading options are accepted in Islam is it permitted under the sharia law but many of the Muslim traders are not aware of it. So our sole concern is to provide the exposure of the Islamic Forex trading.
Binary option accounts for Muslims
Are you afraid that binary options trading are not available for Muslims? Well, we are writing this article to cease your fear and worries. You should know that there are even Binary options brokers who are offering services to the Muslims. The accounts provided by the broker are under the sharia law so you should not worry about it. You are not going to trade Forex beyond the rules of Islam. Forex market respects every religion so it has provided the Muslim the ability to trade Forex. In fact, these days the Muslim traders are becoming the professional traders and leading the market. They are becoming professionals because of their disciplined character which is the key to success in the Forex market.
The introduction of Islamic banking
With the improving and rapidly growing world, the Islamic banking also has been introduced to almost ALL the financial sector including the Forex market. Islamic Banking has become the fast growing sector in the market and the UK government being the first to introduce it. UK is a non-Islamic country yet it provided the ability because there are many Muslims who are willing to take part in the financial sector but the Interest is stopping them from entering the market. So likewise, the Forex market introduced Islamic binary trading accounts to the Muslims by complying with the rules of Islam. As Muslims, it’s never accepted to engage in any transaction related to interest so Forex provides you interest free transaction.
The brokers offer Islamic accounts
If Muslims want to trade with the binary options then they can, they can seek help from the brokers who offer Islamic accounts. Those brokers are the ones who respect the laws of Islam. However now a days most of the high class brokers in the financial market are offering swap free trading account to the traders.
Summary- one of the unforgivable sin in the eye of Allah (SWT) is that involving interest in your lives so if you are trading the Forex market and if you are a Muslim make sure that you do not trade any transaction involving interest. So Forex market has made things easy for the Muslims by providing interest free accounts. There are even binary brokers who provide Islamic accounts to the Muslims. By being a Muslim trading Forex is not a dream anymore.