According to most contemporary scholars, it is not permissible to buy or sell option contracts. This is also the opinion of the International Fiqh Academy, Mufti Taqi Uthmani, Dr Darir, Dr Wahbah Al Zuhayli and Sheikh Abdul Fattah Abu Ghuddah.
The main argument for its prohibition is that options are like gambling which is prohibited in Islam.
On the other hand, some other scholars do not see any issues with trading options. This is the opinion of Dr Ahmad Yusuf Suleyman, Dr Mustafa Khalifa, and Dr Hashim Kamali.
They reject the idea that there is an element of gambling to such contracts and argue that, there is no proof from the Quran and Sunnah on the prohibition of options.
And Allah knows best!
(Mufti) Billal Omarjee