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Spread Betting Account Under Islamic Financing

Question

Guest Arxi

Hi, 

Can anyone tell me if the Spread Betting Account of IG is Halal in the context of Islamic Investing.

It is a margin account where we can do short selling too.

There is no interest/riba charged in the Spread Betting account (Forward Contracts).

Only we have to pay higher spread to IG which I personally think is kind of share in our profits that we are giving to IG.

Please confirm me if its Halal or not. 

The only reason I am considering Spread Betting Account is to do Short selling on Stocks to take advantage of the downward movement in the stock prices. 

Kind Regards

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