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| Source: IQ Option. Poster for the new Islamic account. |
IQ Option, the online trading platform, has introduced Islamic accounts to its Android users. IQ Option's new feature aims to cater to the needs of Muslim traders, who were previously excluded from the trading market due to religious restrictions.
The IQ Option Islamic account has a one-time fixed fee and features halal stocks for trading. Traders can extend their positions to the next trading day for free. Traditionally, this would have required an overnight commission or swap fee, which is considered usury and prohibited by shari'ah law.
Islamic account users also have access to 21 halal stocks. These are shares of companies that do not sell alcohol and tobacco, as well as companies known in the Islamic world and traded on Islamic exchanges.
IQ Option's Islamic account has a one-time commission of US$1. According to IQ Option, competitors require traders to make a large deposit to open an account.
All IQ Option Islamic account holders are assigned a personal account manager, a feature previously reserved only for VIP account holders.
Traders can get an Islamic account on their own without contacting support. Registration must be done with a desktop PC, after which traders can use the account from any Android device.
Details
For those new to IQ Option:
1. Register a standard account on the IQ Option website. You will only need your email.
2. Log in with your email and password and click on your profile icon.
3. Tap the Islamic account activation link.
4. Deposit US$10 or an equivalent in your account currency.
5. The Islamic account will go live soon after, ready for trading on the IQ Option platform.
If you already have an IQ Option account:
1. Log in with your email and password and click on your profile icon.
2. Tap the Islamic account activation link.
3. Make sure you have at least US$1 on your account balance.
As with standard IQ Option accounts, Islamic accounts are also available in regular and VIP tiers. VIP accounts are available to traders who deposit US$3,000+.
The Islamic accounts are available for traders from 20 countries. In the APME region, Bahrain, Bangladesh, India, Indonesia, Iraq, Jordan, KSA, Kuwait, Lebanon, Malaysia, Oman, Pakistan, Qatar, the UAE and Yemen are supported.