Islamic Trading Accounts
Riba is an Arabic word that essentially means ‘interest’ or in the words of Ismail Ozsoy, a professor at Fatih University in Istanbul, “an unearned or unequally distributed income”. The main argument according to Professor Ozsoy is that “either the borrower or lender would absolutely and inevitably be subjected to a loss and an injustice in any case.” As such, it can be considered an injustice on either side of the transaction and therefore is illegal under Islamic law.
Moving on from the background and history of Riba, in response to the demand, many brokers are happily offering Islamic trading accounts to their clients. One such broker is StockPair who offer an account that does not involve Riba in any way, shape or form. There are zero commissions, interests or fees associated with their Islamic trading accounts. You can read more about this type of Islamic trading account here.
Another good broker that has a fully dedicated Arabic support team as well as an Arabic trading platform is 24Option. This broker offers Islamic trading accounts to all of their clients and all you have to do is register and email their support team to be contacted by Arabic support to get you set up and trading with a no Riba account. Take a look at what they have to offer here.
The other broker who offers an Islamic trading account, fully in accordance with Islamic law is uBinary. They have a full customer service team who speak Arabic and are fully focused on assisting Arabic customers. They offer a large number of assets to trade from financial markets all around the world and they have a fully translated Arabic trading platform. Again, once you’ve registered, be sure to email their client support team to discuss your trading account needs.
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