Why are binary options considered religiously forbidden, with a mention of some of the differences between them and what was stated in Fatwa no. 188587, what Dr. Sami Al-Suwailem said, and what Al-Azhar decreed?

Binary options are based on gharar (excessive uncertainty), and rely on luck, risk, and gambling. Therefore, options in their current form on exchanges do not fall under any of the recognized legitimate Islamic contracts. They are accompanied by excessive gambling and risk-taking, and are void due to the absence of a specific underlying asset for the contract. Furthermore, they are not considered valid contracts; rather, they are a means to attract clients in financial markets through luck, risk, and gambling.