Hence, he buys the right to obtain shares or currency and the like. He may achieve what he had aimed for, and so, he makes a great profit, but he may not achieve the purpose, and he would therefore incur a great loss. The intention of the investor may also be to protect himself from an expected loss by putting the risk on the other party and obliging him to buy, when there is harm damage , at a price that protects him from the loss that would result from the drop in prices.

Is Binary Options Halal or Haram?

It is for this reason that binary options are not considered among the valid contracts Islamically , so they are void in our view because there is no specific money on which the contract is conducted. The resolutions and recommendations of the 17 th Al-Barakah Islamic Economic Forum included the following:. The dealings in such contract are based on contradictory expectations due to the fluctuations of the price. Hence, based on the fact that the will of the contractor is neither considered in the contract nor is there a compensation for it, the Forum confirms thereby the decision of the Islamic Fiqh Academy No.

Since the subject of the contract is neither money, nor a benefit, nor a financial right that is permissible to compensate for, then it is a contract that is not permissible in Islam. This is because it involves the postponement of exchanging the goods for the money, which is called initiating a debt for a debt, and there is a consensus among the scholars that this is forbidden, because it involves a person selling what he does not possess on other than the Salam Contract contract according to which the price of a clearly defined item is paid in advance at the place of concluding the contract and the sold item is to be received later ; and this is also forbidden with the agreement of the jurists.

Since such contracts are not permissible to start with, then it is not permissible to conduct them. The fact that there is no interest or fees is not enough a reason for the permissibility of dealing in those contracts. Also, the mere raising of a slogan of it being an Islamic account is not enough to issue a verdict permitting the dealing in it; rather, the Islamic conditions should be met while there should be no impediments.

You’re a good Muslim? No problem, we’ve got Islamic binary options accounts | The Times of Israel

For more benefit, please refer to Fatwa Allah knows best. Binary Options Contracts Fatwa No: Fatwa Date: - Ramadan 2, Email Print. Question Assalamu alaikum.. Buying shares in new company through lottery process. Buying shares and selling them on same day.

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