A Review of Jurisprudential Impediments to Legitimacy of Tomorrow Transactions

Tomorrow transactions cover cases of deals at the end of a business day based on predictions made for its next day price in the context of a group composed of members with financial credit under the supervision of one of them as the head of the group who is responsible for taking bails appropriate to members' activities.  On the one hand, absence of any legal supervisory body outside the group, lack of any written agreement between members, the possibility of carrying out non-face to face deals, no need to deliver the object of transaction, and ease of use are aspects that are attractive to a wide range of dealers. But, there are doubts over the legitimacy of these transactions which has amounted to imposition of some restrictions. This descriptive-analytical research was done using a library method. The study attempts to detect and evaluate possible cases falsifying the legitimacy of tomorrow transactions from the perspective of jurisprudence and enforcement of the Islamic law in the society. The results suggest that the gambling nature of this type of transaction, uncertainty about its elements by considering tomorrow transactions as a reciprocal obligation, granting no permission for the possession of the consideration even with the owner's consent on the general presumption that individuals shall settle debts for the fulfillment of their obligations, having hesitation in taking risk as the lawful source of interest, and causing serious damages to other people due to the freedom to make speculative investments are the main reasons behind the illegitimacy of these type of transactions.