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QUESTION: What is the Muslim position, or what would be our position on the stock market? —California
WDM: The stock market, in my estimation, is an investment. You're speculating. You're not involved in any usury.
I'm sure that we can't live without speculation if we are going to be dealing with people. The businessman has to speculate.
If I speculate that this commodity is going to sell better than this one, or that this commodity has a better chance than another one and I choose the one I think will be running best this year or for the next two or three years or whatever, and then I invest money in that stock, that's not gambling. That's speculation. That's not usury and it's not gambling.
Speculation, however, is strictly forbidden in matters that G_d has decided. But when it comes to trying to foresee the future for a particular commodity that's going to be produced or that's on the market, that's wise—you have to do that. And there's nothing immoral or un-Islamic about it at all.