Futures Contracts

Abstract

This study aims to clarify the nature of future contracts and the legal rulings associated with those
contracts. The researcher used the historical descriptive approach to reach the results of the
research, as he reached a number of conclusions, namely: Fiqh councils and most contemporary
scholars have prohibited using future contracts. Similarly, the Auditing and Accounting Authority
for Islamic Financial Institutions supported this opinion. A number of evidences supported these
opinions like the existence of a clear defect in the contract essence, in addition these activities are
considered forbidden and prohibited by the consensus of scholars.