Binary Options Forex, Many countries, especially Islamic countries and Arab states such as Saudi Arabia, Qatar, Emirates, Bahrein and also Developing countries such as South Africa, most parts of India, Egypt and Libya are involved in religious restrictions. By religious restriction, we mean any kinds of gambling is regarded as illegal action. On the one […]
Binary Options Forex, Many countries, especially Islamic countries and Arab states such as Saudi Arabia, Qatar, Emirates, Bahrein and also Developing countries such as South Africa, most parts of India, Egypt and Libya are involved in religious restrictions. By religious restriction, we mean any kinds of gambling is regarded as illegal action.
On the one hand, this causes Binary Options traders who are interested in gambling to become eager in Forex and Binary Options Markets. This is due to the fact that here you are dealing with Real trades. It may be correct to some extent.
On the other hand, if the Binary Options trader is not equipped with the required knowledge and personality, his work can be seen as gambling and the reminder of Casinos, and he is condemned to lose.
In some countries like United Arab Emirates, a lot of Binary Options Traders are involved in trading on Forex and Binary Options Markets as their job or for entertainment. They are permanently using the platform on their cellphones and are always trading.
Profit making in these markets can be exciting for them and even their loss may be a job class. For an Arab whose monthly income is more than $50 000, losing $10 000 or even $20 000, cannot be annoying and in practice has lost a few working days’ income and is a job class for him. By job class we mean, for example, the Binary Options trader shows this loss to others and tells them he has lost $20 000 on EUR option and regards this as job class.
On the other hand, for a Muslim in Bangladesh, losing $5 may make him extremely upset and is not considered as a job class. He would not be eager to tell them about his loss and regards that as a sheer sadness.
The viewpoint for each Islamic country is different and the totality may be different, that is by eliminating the name of the gambling from Forex and Binary Options, make it legal. However, based on the fact that a rich Binary Options trader from Qatar or an Arab from Saudi Arabia or United Arab Emirates, looks at trading as an entertainment and talks about his loss and regards that as a job class, this is not true about all other countries.
Unfortunately, Islamic countries have very different points of view about legal and illegal matters and it would be said that in some cases, they are completely different from each other. Some people regard Forex trading as being illegal in Malaysia and some other as legal in Iran, whereas in Malaysia’s law Forex trading is legal and illegal in Iran’s law. Thus, the law is not always in accordance with the religion and countries have different religious and government laws.