The trading of assets such as gold, silver, currency, and money – including cryptocurrencies – in leveraged transactions or in futures and options markets (VIOP) is not permissible. The buying and selling of money and money-like assets must be equal and immediate if they are of the same type; if they are of different types, payment must be immediate, otherwise, interest (riba) will occur. In leveraged transactions, brokers/banks allow trading up to 100 times the amount of available money or collateral, effectively providing conditional credit. The benefit derived from this credit is interest, which is prohibited in Islam. In leveraged trading, the risk involved in these transactions for customers has a nature similar to gambling, while the bank or institution gains profit without bearing any risk. The mere presence of risk cannot be the sole measure of permissibility; what matters is whether the risk is associated with a forbidden transaction. Leveraged transactions are conditional credit/loan in nature, and the benefit derived from commissions on these transactions is also impermissible.
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