In many countries like 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, Trading Options, and Forex are involved in religious restrictions. By religious restriction, it means any kinds of gambling is regarded as an illegal action. […]
In many countries like 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, Trading Options, and Forex are involved in religious restrictions. By religious restriction, it means any kinds of gambling is regarded as an illegal action.
Trading Options traders who are interested in gambling become eager in Forex and Trading Options Markets because you are dealing with real trades.
So, if the Trading Options trader is not equipped with the required knowledge and personality, his work can be perceived as gambling and the reminder of Casinos, and he is condemned to lose.
In some countries like the United Arab Emirates, a lot of Options Traders are involved in trading on Forex and Trading Options markets as their job or entertainment. They are permanently using the platform on their cell phones 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 reality, has lost a few working days’ incomes and is a job class for him.
By job class we mean, for example, the Trading 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 an absolute sadness.
In each Islamic country, the outlook is different, and it may be different that by eliminating the name of the gambling from Forex and Trading Options, make them legal. However, because a rich Options trader from Qatar or an Arab from Saudi Arabia or the United Arab Emirates, looks at trading as 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 a very different perspective about legal and illegal matters, and we would say it that sometimes, they are entirely different from each other. Some people regard Forex trading as being illegal in Malaysia and some other as legal in Iran. In contrast, in Malaysia’s law, Forex trading is legal and in Iran’s law is illegal. Therefore, the law is not always in accordance with the religion and countries have different religious and government laws.