The main objective of this paper is to review contemporary practices in commodity, currency and corporate stock trading in the light of Islamic economic framework and to suggest bare outlines of the Islamic alternatives in these areas. Trade in commodities, currencies and stocks involve forward and futures contracts. Arbitrage, hedging and speculation are also essential elements of these markets. We shall try to examine these practices to determine their compatibility with the Islamic law. We shall also try to find out the exact point where they deviate from the Islamic framework and suggest some mechanism to perform the same economic function in the Islamic economy.