Forex Trading (CFD Contracts)
Islam does not say that one can only do business on the assets which one’s own and possess. Islam says to not devour others’ welath via unfair means, the same Quranic verse quoted above in the question as well. While applying this directive, Prophet (sws) prohibited many transactions which had an element of deceit and damage in them, including selling of something before its possession is taken. While many scholars consider it to be an absolute directive, we consider it an applied directive based on economic environment of that time. Current economic transactions need to be reviewed in the light of current economic environment; and if the legal environment and industry standards have eliminated or significantly reduced the element of deceipt and damage from a particular transaction that was otherwise declared prohibited, then there is no need to consider such a transaction prohibited in today’s time as well. Details of Salah are found in Sunnah transmitted through ijma and tawatur, not from Hadith. Hadith is a historical record where we find different applications done by Prophet Muhammad (sws), explanation of religious directives done by him and Uswa of Prophet Muhammad (sws). This does not give rise to Hadith as a separate independent source of religion, rather it is explanation of an already established religion contained in Quran and Sunnah. For more details, please see : Discussion 61620