Your question is profound and important, relating to the Sharia rulings of futures contracts.

In summary:

Futures contracts involve legal discussions, but the majority of contemporary scholars and Sharia bodies consider that traditional futures contracts (as they are conducted in global financial markets without immediate delivery) contain usurious risks and prohibited transactions, and the main reasons are:

The absence of immediate counter-exchange: In Sharia, selling gold or currencies (money for money, or gold for dollars) requires immediate counter-exchange (at the time of the contract) according to the hadith of the Prophet, peace be upon him:

"Gold for gold and silver for silver... hand in hand" (Narrated by Muslim).

Gharar and gambling: Many futures contracts rely on speculation on prices without the intention of receipt or delivery, which falls into gharar and maysir, both of which are prohibited by Sharia.

The probability of riba: When contracting gold against dollars without immediate delivery, and the process of delivery and receipt is postponed, this falls into riba, because selling gold for currency requires immediate counter-exchange.

Important note:

Some forms of Sharia-compliant futures contracts have been developed within what is called Sharia-compliant commodity contracts (like Salam contracts under their Sharia conditions), but these come with strict conditions differing from traditional futures contracts found in exchanges like CME or similar markets.

And also some platforms promote "Islamic" products for contracts, but they may just be a play on words, so it is essential to verify the fatwa related to them and from a trusted Sharia supervisory body.

The summary:

Traditional futures contracts (like trading gold for future delivery without immediate delivery) are considered a usurious transaction prohibited by most scholars.

If you want to trade gold in a halal manner, for example, immediate actual counter-exchange must take place or a correct Sharia-compliant contract like the Salam contract with its conditions must be used.

The difference between spot contracts and futures contracts from a Sharia perspective.

First: The difference between spot contracts and futures contracts from a Sharia perspective

Second: Why are traditional futures contracts prohibited?

1. The condition of immediate counter-exchange is not fulfilled.

In Sharia, selling gold for dollars or currencies requires immediate counter-exchange (receipt and delivery).

In futures contracts, no delivery or receipt occurs at the time of contracting.

2. The presence of gharar (ignorance and gambling)

No one knows for certain whether the price will rise or fall.

Speculating on price differences is a type of gambling that is prohibited.

3. Riba (riba al-nasia)

If the receipt is postponed in the sale of gold or currencies, the contract falls into riba al-nasia, which is one of the types of riba prohibited by consensus.

4. The predominant intention in global markets

Most traders do not intend to receive actual gold; they only trade contracts to benefit from price changes.

Third: The opinion of jurisprudential assemblies and scholars.

International Islamic Fiqh Academy (Organization of Islamic Cooperation):

In its decision No. (63/1/7) in 1990, it stated that futures contracts as they are conducted in international markets are not permissible in Sharia due to:

The condition of immediate counter-exchange is not fulfilled,

The entry of gharar and maysir,

The presence of riba in postponement.

The Council of Senior Scholars in Saudi Arabia:

I have decided that dealing in futures contracts for commodities and currencies in the same traditional manner present in global markets is not permissible.

Fourth: Alternative Sharia-compliant solutions

If you want to deal in gold or commodities in a Sharia-compliant way, there are methods including:

1. Actual immediate purchase:

Buying gold or currency with actual immediate counter-exchange.

2. The Sharia-compliant Salam contract:

The buyer pays the full price at the time of the contract.

And the commodity (like gold) is received at a specified future time.

But the specifications must be fully defined and the price paid in full at the time of the contract.

(Salam is permissible under its conditions, and it is considered a special exception allowed by the Prophet, peace be upon him, for the needs of the people.)

Fifth: A quick summary

Spot contracts in gold and currencies are permissible on the condition of immediate counter-exchange.

Traditional futures contracts as in global markets are prohibited due to riba and gharar.

There are Sharia-compliant alternatives such as the Salam contract or direct actual purchase.