What is the ruling on trading and speculating on currency indices (such as EUR/USD) via Forex platforms that offer Contracts for Difference (CFDs), and are these platforms permissible for such transactions if the transactions themselves are permissible?

Contracts for Differences (CFDs) and speculation in currency indices, such as options and futures contracts and their equivalents, are impermissible to trade due to the presence of impermissible gharar (excessive uncertainty) and maysir (gambling). The resolution of the Islamic Fiqh Academy in Jeddah states that "options contracts are not permissible in Sharia because the underlying asset is neither a financial asset, nor a usufruct, nor a financial right that can be exchanged... The same applies to futures contracts and contracts on indices."