ishakbn16
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Bullish
Your question about the ruling on futures contracts on the Binance platform from a Sharia perspective is an important question that should be addressed carefully. Here is a summary of the ruling as reached by many contemporary scholars and fatwa bodies:
Futures Contracts on Binance – Are They Haram?
Yes, **most scholars and Sharia bodies consider that futures contracts (Futures) in their current form on Binance and similar trading platforms are prohibited by Sharia for the following reasons:
Reasons for Prohibition:
1. Riba (Interest):
In some cases, leverage is used, which incurs interest if it exceeds a certain duration or in the event of indebtedness, which falls into the category of prohibited riba.
2. Gharar and Gambling:
Futures contracts often do not involve actual ownership of the asset, but rather a bet on the rise or fall of the price, which places them in the realm of gambling and significant gharar, both of which are prohibited in Sharia.
3. Lack of Real Possession:
In Islamic law, it is not permissible to sell what you do not own or have not possessed in a lawful manner, and in futures contracts, there is no actual possession of the currencies or assets.
4. Similarity to Maysir:
Futures contracts that rely on rapid speculation on price changes are very similar to gambling in terms of high risk and quick profit without real consideration.
Futures Contracts on Binance – Are They Haram?
Yes, **most scholars and Sharia bodies consider that futures contracts (Futures) in their current form on Binance and similar trading platforms are prohibited by Sharia for the following reasons:
Reasons for Prohibition:
1. Riba (Interest):
In some cases, leverage is used, which incurs interest if it exceeds a certain duration or in the event of indebtedness, which falls into the category of prohibited riba.
2. Gharar and Gambling:
Futures contracts often do not involve actual ownership of the asset, but rather a bet on the rise or fall of the price, which places them in the realm of gambling and significant gharar, both of which are prohibited in Sharia.
3. Lack of Real Possession:
In Islamic law, it is not permissible to sell what you do not own or have not possessed in a lawful manner, and in futures contracts, there is no actual possession of the currencies or assets.
4. Similarity to Maysir:
Futures contracts that rely on rapid speculation on price changes are very similar to gambling in terms of high risk and quick profit without real consideration.
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