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Welcome to Islamic Binary Options Brokers List by Zvezda Geek Team, here we set almost all binary options brokers that provide Islamic account – حساب إسلامى and also we set useful information’s to let you know by yourself what is Islamic Binary Options Account?. You can jump to Islamic Binary Options Brokers Table by clicking here but we suggest that you read the explanation below first.
The development of on-line trading within the monetary industry within the last 20 years has opened new horizons for retail traders of all races and creed. With one quarter of the world’s population being Muslim, it’s inevitable that more and a lot of Muslim traders can be part of the online Binary Options Trading scene. In Muslim economic jurisprudence, doctrine, or sharia law, charging “Riba – ربا” or interest is prohibited and is fully considered as a serious sin. Several brokers in sensing a chance that may profit them further as their Muslim traders came up with the thought of an Muslim Trading Account.
What Is Sharia Law?
The lifetime of a Muslim is guided by sharia law. Sharia – شريعه is an old Arabic meaning “pathway to be followed“. A Muslim is anticipated to abide by the Muslim principles covering all aspects of their life from social matters to economic matters that were expounded within the holy Quran. Within the area of banking and investments, sharia law strictly forbid the loaning of cash with interest. Investments within the Muslim world are instead ruled by the thought of “risk sharing- مشاركة المخاطره” through principles like Bai’ al ‘inah – أتفاق البيع و أعادة الشراء (sale and buy-back agreement), Bai’ bithaman ajil – بيع مؤجل السداد (deferred payment sale), Bai’ muajjal – بيع مؤجل (credit sale), Bai salam – بيع سلم, Mudarabah – مضاربه (Profit Sharing), Murabahah – مرابحه and Musawamah – مساهمه.
Binary Options Trading And Sharia Law
When sharia law is applied to Binary options trading, this suggests interest that’s earned income or charged for an nightlong position is prohibited further. Within the spot monetary markets, trading is finished on a twenty four hours basis. By 5 pm new york time, all open market positions are then rolled over to ensuing twenty four hours cycle. Daily interest is then added to the broker’s account. In spite of whether or not the binary broker debits or credits their clients accounts with the interest like forex brokers, the actual fact that interest is attained or collectable throughout a trading dealing makes the trade “haram – حرام” to Muslim. This case puts Muslim traders on a collision course with their religious beliefs.
You may also like: List Of Islamic Forex Brokers
What Is Islamic Trading Account?
In order to beat this perplexity, some innovative binary options brokers have return up with the thought of an Muslim trading account or “Swap Free” account that eliminates Riba – ربا of any kind throughout trading. As an example, rather than having an open market position rolled over mechanically creating nightlong interest payable, open positions in Muslim trading accounts are closed by five pm new york time then open forthwith, thence avoiding any interest collectable for the recent twenty four hour cycle. “You may also like: What Time Do Stock Markets Open and Close?”
Binary Options Brokers Providing Muslim Trading Account:
For a broker to be able to claim that they provide trading accounts supported Muslim principle, these accounts should be able to fulfill the subsequent conditions:
- Immediate execution of trades.
- Immediate settlement of transactional value.
- No interest collectable on trades.
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