Contents
Key Takeaways🔑
| →IQ Option offers an Islamic account for clients who follow the Islamic faith. |
| →Islamic account users can enjoy interest-free trading without violating Sharia law. |
| →Whether options trading is halal or haram depends on the contract and the underlying asset. Consult a trusted religious teacher for guidance. |
Islamic account on IQ Option platform
This article is just a response to questions we received about Islamic account on IQ Option. In the beginning, I want to say that I am not an expert in sharia (Islamic Law). Many people ask if trading on IQ Option is halal (allowed) for clients who follow the Islamic faith. The short answer is yes, IQ Option offers a so-called Islamic account. To get a deep knowledge of Islamic banking and finance I encourage you to visit this article on Wikipedia.
Islamic countries were always involved in trading. The Muslims were sailing through the sea, were having their caravans and were trading goods to enrich their homelands.
The religion of the Muslims says it is prohibited to receive percentages. And it was not that important when they traded spices or silk. The brokerage platforms, however, are based on percentages.
IQ Option has developed an Islamic account for people who follow the Islamic faith where the Muslims can take part without breaking the rules of the law of their religion. So it is possible to perform trades, use platform functionalities and withdraw money while still following the rules of the religion.
Is Options Trading allowed in Islam?
There is a great acceptance that stock trading is Halal. The company whose shares are traded should not be associated with products/services that are haram. The products and services with which this company deals cannot be used against any Muslim country.
In the case of options, let us first remember what they are. It is a form of contract where the buyer has the right to buy or sell a particular asset after a certain period of time at a certain price. Some scholars allow this type of contract as it is a bit like paying a down payment to buy a car or a house. The buyer can eventually cancel the purchase.
There are also those who think options are haram because it is a type of insurance and it is speculative.
It is difficult to clearly define whether options trading is halal or haram because it depends on the contract itself and the asset on which the option contract is based. It is best to consult a trusted religious teacher who is able to understand the nature of the transaction and guide you further.
Pros and Cons🤔
Pros:😊
- Interest-free trading for Islamic account users
- Equal access to platform functionalities and tools
- Can open usual and VIP accounts
Cons:😞
- Opinions on options trading being halal or haram may vary
- Not all countries are eligible for Islamic accounts
| Islamic Account Features | Description |
|---|---|
| Interest-free trading | No extra costs charged for opening, closing, or holding trading positions. |
| Platform functionalities | Islamic account users have equal access to tools and features. |
| VIP accounts | Islamic account users can open VIP accounts with a $3,000 deposit, just like other users. |
IQ Option offer for Muslims
IQ Option wants to be an innovative company with a trading platform available from all corners of the world. Nationality or religion will not be an obstacle. Some modifications were introduced so that Muslims can comfortably use the platform. This means there is no system where they will receive percentages. Nevertheless, they still have access to many different functionalities and tools.
They are also able to open usual and VIP accounts. A deposit of $3,000 is required when opening a VIP account. This condition is equal for all users in different countries. The only difference is that by using an Islamic account on IQ Option you can enjoy interest-free trading so there are no extra costs charged for opening, closing or holding your trading positions.
Residents from Arab countries can open an Islamic account in IQ Option and benefit from it. This is now possible without breaking Islam's religious laws. The specific countries are listed on the official IQ Option site. If you already have an account and you want it to be an Islamic one you need to contact IQ Option support. You can do it using support chat on the IQ Option platform.
Have a great trading experience!
Q&A✅
- Q: What is an Islamic account on IQ Option?
- A: An Islamic account is designed for clients who follow the Islamic faith and offers interest-free trading in compliance with Sharia law.
- Q: Can I open a VIP account with an Islamic account on IQ Option?
- A: Yes, Islamic account users can open VIP accounts by making a deposit of $3,000, just like other users.
- Q: How do I open an Islamic account on IQ Option?
- A: If you already have an account, you can contact IQ Option support to request an Islamic account. If you're a new user from an eligible country, you can open an Islamic account during the registration process.
- Q: Is options trading allowed in Islam?
- A: The permissibility of options trading in Islam depends on the contract and the underlying asset. Consult a trusted religious teacher for guidance.
- Q: How do I know if I have an Islamic account on IQ Option?
- A: Check your account settings, or contact IQ Option support for confirmation.