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Binary Options Guide -Islamic Account
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Home > Binary Options Guide, binary options trading strategy > Binary Options Guide – Islamic Account

Binary Options Guide – Islamic Account

The Binary Options Trading phenomena has sparkled a couple of years ago and it has spread like wild fire across the internet. The online binary trading made it possible for almost any person around the globe to take a part in this fantastic new source of income. Brokers are constantly looking for new traders and new market to exploit, and  deliver this trading option to almost everyone who is connected to the internet. Along with this on growing phenomena there are some cultural aspects that must be considered when influencing people from different cultures to open a trading account on their trading platform. The most visible  difference is of course the language and writing, however the real difference could be pin pointed to the cultural/religious factors.  In the Middle East for instance, traders speak Arabic and the majority of the population are a part of the Muslim religion. According to the Muslim faith, Fees and Interest are forbidden, so in order to open the gate to that sector, brokers are offering special trading accounts that respect this social justice based on Islam,  now it is possible to open an Islamic account that  doesn’t violate the sharia law on many binary trading platforms.

The Qur’an which is the word of god according to the Muslim religion, instructs in many places to stay away from interest. one well known verse from the Qur’an, states quite clearly, “Allah has permitted trade and forbidden interest“, another good example “you who have believed, fear Allah and give up what remains (interest) if you should be believers.

The Sharia also clearly instructs not to take interest, and even though many Muslims do not know why it is forbidden, The followers clearly obey the law because The Qur’an is considered the word of god and in many Muslim states the Qur’an is also the states law. Many scholars claim that the law is based on social justice for all, and If one person is rich, he may not enrich himself from another persons misfortune. A believer should only take whats is his and nothing more, this law prevents the tragic situations we see these days that the rich are becoming richer and the poor are becoming more and more poor.

One broker that offers an Islamic account is OptionBit , they do not add interest (RIBBA) in any way or form, zero commission and fees. Another example is the 6option trading platform that offers zero commissions interest and fees.  These trading platforms both have an interface and support in the Arabic language, and offer the opportunity to trade with accordance to the Sharia law.





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