Why trading in Options is haram?
Assalamu Alaykum, I am very confused as to why trading in options is haram. I have asked many people with each giving me a different reason, of which, quite frankly, none is very convincing. On ignorant but reasoned analysis, the only scenario which I see as being wrong is the stipulation of the option or future with no covering margin as this would entail “trading on air” or the right to buy/sell something which is not there. Indeed, though, rights to buy things which do exist have very specific value, so why is it haram to trade contracts of which the base value is present? Could you please give me evidence from the Qur’an and Sunnah. What about working at a bank in the role of a Quant Analyst involved in derivates pricing, or trader involved in all sorts of financial instruments? If they are both haram, then what about as a temporary t raining type of scenario? What may be deemed as temporary training? Also what about Risk Managemtent types of positions? Finally, is it haraam in general to work at a non-Islamic Bank? Jazakumullahu khayran.