Is it permissible to study and teach futures contracts in global stock markets, and to use them in a doctoral dissertation on preventing financial risks in oil markets?

There is no harm in studying futures contracts and prohibited financial transactions, provided two conditions are met: that the student possesses religious knowledge distinguishing between what is lawful and what is unlawful, and that they believe in the prohibition of what Allah has forbidden. Furthermore, they should intend, through their knowledge of the unlawful, to avoid it, warn people against it, and strive to find permissible alternatives.

Futures contracts in the market are often not genuine buying and selling due to the absence of the "qabd" (possession) required by Sharia, and because the seller sells what he does not own, and the buyer sells what he purchased before taking possession of it. Sales are repeated on the same item before it is taken possession of, and the role of buyers and sellers – other than the first and the last – is limited to receiving or paying the price difference at the time of settlement.

Trading in these global markets often includes prohibited contracts such as: trading in bonds (which is usury/riba), in shares of companies whose primary purpose is prohibited or some of whose transactions involve usury, buying and selling currencies without legal possession, and trading in options and futures contracts (because the underlying asset is not a commodity, a usufruct, or a financial right that can be exchanged).