What is the ruling on financial exchange conditioned upon the occurrence or non-occurrence of a specific event, such as one of them saying: "If such-and-such happens, pay me, and if it does not happen, I will pay you," or saying: "If it rains today, I will pay you, and if it does not rain, you do not pay"?

A person's statement to his companion, "If such and such happens, then so and so is binding upon me, and if it does not happen, then so and so is binding upon you," or "If it rains, such and such is binding upon me," and similar statements, are considered forbidden gambling. Al-Maysir (gambling) includes everything that involves gambling, as mentioned by Imam Al-Qurtubi, who likened chess to the maysir of the Persians. It is not permissible to take money or prizes in competitions and games except in "archery, hoofed animals, and racing animals" and similar things that aid in matters of jihad, based on the hadith: "There is no prize except in archery, hoofed animals, or racing animals." Sheikh Ibn Baz and the Permanent Committee have affirmed that betting on potential outcomes, as mentioned above, is forbidden gambling.