Is trading “covered warrants” on the stock market permissible?

Q: Is trading “covered warrants” on the stock market permissible?

الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب

A: Warrants represent a right to purchase an asset similar to a call option and do not represent the underlying asset itself. Thus, they cannot be traded.

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