In general, the majority of contemporary scholars and jurists tend to prohibit futures contracts (or 'futures') in Islamic law due to their inclusion of a number of legal prohibitions. The most notable of these prohibitions include: * Gharar and gambling: Futures contracts often involve high risks and lack of clarity in the terms, where the profit for one party is based on the loss of the other party, which resembles the gambling that is prohibited by law. * Riba: Often, futures contracts use leverage, which is considered a prohibited usurious loan, especially if it includes overnight fees (interest on the loan). * Selling what one does not own: In some forms of futures contracts, something is sold before it is actually owned, which contradicts the legal prohibition against selling what one does not possess. * Lack of legal possession: Sometimes, especially in the sale of currencies, gold, and silver, actual possession does not occur in the session, which is a fundamental condition for the validity of the sale in these cases. Decisions of jurisprudential assemblies: * The International Islamic Fiqh Academy, the Council of Senior Scholars in Saudi Arabia, and the Egyptian Fatwa House have issued decisions prohibiting the trading of futures contracts due to their inclusion of gharar, gambling, and riba. Cases where futures contracts may be permissible (under strict conditions): Some jurists believe that futures contracts may be permissible if certain conditions are met to ensure they are free from legal prohibitions.