Ambiguity and Risk (Gharar):
Futures contracts involve a significant element of ambiguity and risk, which contradicts the principles of Islamic law that prohibit transactions containing unjustified ambiguity. In futures contracts, both parties agree to buy or sell the financial instrument at a future time at a certain price, but neither party knows if the price will definitely rise or fall.Usury (Riba):
Some futures contracts involve financial transactions similar to usury. Sometimes, the contract includes the payment or receipt of financial interest or fees related to financing, which can lead to usury in Islamic transactions. For example, if there is a payment difference between the buying and selling price in futures contracts, and interest may be charged for that, this is considered usury.Selling Before Ownership (Sale of the Unknown):
In futures contracts, an agreement is made to sell or buy a financial instrument in the future, but often, the first party does not own the asset or the financial instrument at the current moment. This is considered 'sale of the unknown', which is prohibited in Islamic law. Selling something you do not own or cannot deliver may lead to dealing in something unspecified at the time of the agreement.Prohibited Speculation:
Some futures contracts rely heavily on speculation (gambling) rather than actual investment, as profit depends on rapid market movements. It is known that speculation based on very rapid market movements is not associated with real economic activities or intrinsic value.
Summary:
From the perspective of some scholars, futures contracts are considered haram because they involve unjustified risk, sell things that do not exist, and are based on speculation that resembles gambling. However, it should be noted that there are other opinions that see futures contracts, if free from these prohibitions, as permissible. It is important for a Muslim to consult a specialized jurist before making a final decision.
It is always better to trade in accordance with Sharia regulations to avoid falling into any religious violations.