Islamic binary options account
Islamic Binary Options Account In Simple Words
Different parts of the world have a different outlook and set of guidelines which provides them with their approach to any new project or scheme. Islam is one of the best examples of this. Approximately one quarter of the world’s population is designated as Muslim, or Islamic. This is a huge number of people who are not used to approaching situations in the same way as their western counterparts. In fact, Islamic law forbids the involvement of any Muslim in the traditional binary options account. The main reason for this is in relation to interest; Islamic law forbids the charging or earning of interest and yet a traditional binary account will provide interest on transactions which continue overnight.
The reaction to this has been to create an Islamic binary options trading account; although not all brokers have this option yet, the amount which do is steadily increasing.
The Fundamental Principles Of Islamic Binary Options Trading
The core rule of any Islamic binary options trading account is to provide an interest free zone. There are no additional charges or opportunity to earn interest on any transaction; even if it remains open overnight.
These accounts also allow traders to partner together and increase their knowledge and finances. Traders using this option must agree the fair profit share ratio before they start trading. This can be a useful option for any trader who does not have the funds available to generate high return trades but does have the knowledge to trade successfully.
It is also possible to provide gifts and presents to Islamic organizations through these binary options accounts. Anyone who has an Islamic account will be able to choose the account type which is most appropriate to their situation. They can also trade with the knowledge that they will always receive a fair service which is checked and confirmed by the broker regularly. An Islamic account will never be hidden and there will never be any hidden charges or commission fees. Complete openness is an essential part of all Islamic binary options trading accounts.