The question of whether online trading with forex or digital options is Halal or Haram is something we get from a lot of users. I will try and explain the main issues. It is important to realize there is a big difference between the question of Halal in Forex and Binary, as the two instruments are so different.

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In forex, money is made on the movement of currency based on the pips and direction, whereas in binary trading it is only the direction that matters.

When it comes to Forex trading several brokers have created Islamic Trading Accounts to be compliant with Shariah law. These accounts earn no interest and no swaps are allowed, so no transactions are considered Haram.

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With Binary Options this is not a problem as there are no associated fees on the transactions and no interest in being earned on the money being held. There have been several Fatwas issues to allow forex trading as long as it is without Riba on the accounts. One of the most cited on Islamic forex trading is by Dr.

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Mohammed Obaidullah, founder of the International Institiute of Islamic Business and Finance, but there have been many and quite established in the world of trading already. Since binary trading is so new, there are no accepted Fatwas yet, but it does not present the problem of Riba as in the case of Forex.

This means the accounts themselves are not the problem and the concern is rather the second issue of greed or gambling. There is the opinion though that as a Muslim one should avoid the currency pairs and stick to sticks, commodities and indices.

This avoids the potential problem altogether.

Even if the trading account is Halal, a Muslim make sure to behave in the correct manner when trading. This means that one can not become obsessed with greed, treat it as wildly speculative gambling or hide the activity from family members. If any of these happens then the trading activity becomes Haram and is not permitted under Islam.

As long as this is not the case then Binary Options are permissible and Islamic accounts can be used for Forex.

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Trading and Shariah There are 2 problems when it comes to trading as far as Shariah law is concerned: Islamic Binary Brokers Since binary trading is so new, there are no accepted Fatwas yet, but it does not present the problem of Riba as in the case of Forex. Greed and Gambling Even if the trading account is Halal, a Muslim make sure to behave in the correct manner when trading.

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