Does Forex trading fall under the category of gambling and selling what one does not own, based on the fact that it is a virtual market where there is no real purchase of currencies, but rather mere speculation on price expectations?

Binary options trading is impermissible because it falls under gharar (excessive uncertainty), which is forbidden in Islamic law. The International Islamic Fiqh Academy has issued a resolution stating that options contracts are not permissible in Sharia because the underlying asset is neither wealth, nor a usufruct, nor a financial right that can be compensated for. As for Forex activity, a general ruling cannot be given; rather, the ruling depends on the type of work, its field, and what actually takes place therein.