ICoption is happy to offer Islamic account!
Islamic accounts have been designed with the provisions of Islamic law, because it is important for us that we provide the possibility of trading for all traders and investors, according to their faith and religion.
ICoption makes every effort to provide Islamic accounts the same services (such as customer support and daily trading signals) that owners of other accounts types are free to enjoy.
Features of Islamic accounts:
• No commissions
• Great variety of trade times
• Daily market reports
• Daily trading signals
• Personal Training
About Islamic trading accounts:
Trading was initially limited to large economic entities, which performed the operation manually, either by telephone or in writing, but developments in the market have made the human element less important. Nowadays, most trading is done electronically via the Internet, with assets being bought and sold constantly in a very smooth and easy manner, and all it takes is the push of a button.
The appearance and spread of binary option trading has caused accusations about its legality, more specifically as it applies to Islamic account holders. Supporters of binary option trading claim that such trades are Halal – as they maintain certain rules in Islam, while opponents have claimed that is not the case and have even issued a Fatawa forbidding it due to the fact that they view it as dishonest trade.
It became necessary to resolve the dispute, so financial experts discussed the issue with Arab financial World leaders and Islamic organizations. The suspicion of usury in such dealings was the main concern; this practice of adding fees and extra costs to trades was prevalent in early binary option trading, with some trades and commissions being left open overnight, working to the benefit of companies.
As a result of that Fatawa, based on the evidence and arguments from the Qur’an and Sunnah, binary option trading was initially forbidden. However, when the Arab world entered a recession major brokerage firms made a push towards including the Arab world in this field of investments by meeting again and offering binary option investment as a possible solution to the recession. After long consultations and deliberations, economists established the so-called “Islamic account,” which basically calls for accounts that do not include fees starting or opening any deals or positions, and because there are no commissions every transaction can be made, regardless of duration time period, bypassing any religious issues that were present before.