In the beginning, I want to say that I am not an expert in sharia (Islamic Law). This article is just a response to questions we received about IQ Option accounts. 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 about 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 percents. 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.
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 obstacles. Some modifications were introduced so the Muslims can comfortably use the platform. This means there is no system where they will receive percents. Nevertheless, they still have access to many different functionalities and tools. They are also able to open usual and VIP accounts. 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 using Islamic account 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 religion 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!
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