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Speculation and Gambling in Financial Markets Economic and Legal Analysis المضاربة والقمار في الأسواق المالية المعاصرة: تحليل اقتصادي وشرعي

Author

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  • Abdul Rahim A. Al-Saati

    (Associate Professor-Department of Economics Faculty of Economics and Administration King Abdul Aziz University, Jeddah, Saudi Arabiaز)

Abstract

Participants in financial markets face intrinsic uncertainty caused by absence of common knowledge. This is common in gambling, derivatives and speculative transactions, as they include the idea of voluntary, and deliberate risk taking, this is why some economists classified speculation as gambling . Since gambling is forbidden in Islam, to what extent the rationale behind the prohibition of gambling can be applied to speculation, bearing in mind that all the conditions of a permitted sale are satisfied in speculative transactions, and that it has valuable economic functions?. This article will address these questions. يواجه المتعاملون في الأسواق المالية عدم التأكد، أو الخطر، أو الغرر في تعاملاتهم، والناتجة عن عدم توفر المعلومات لجميع المتعاملين بالتساوي، وهذا ينطبق على معاملات القمار، والمشتقات المالية، والمضاربة، حيث إنها جميعا تتضمن اتخاذ قرار حر اختياري، بأخذ المخاطرة. ولكن القمار محرم، والمضاربة تتوفر فيها جميع شروط وأركان البيع، ولها فوائد اقتصادية. فهل تنطبق على المضاربة علة وحكمة تحريم القمار فتأخذ حكمه؟ أم يمكن تخريج حكمها على أساس المصلحة؟ للإجابة على تلك التساؤلات، يناقش هذا البحث طبيعة عدم التأكد في المعاملات المالية، والنظريات التي تفسر سلوك المضاربة في الأسواق المالية، والعلاقة بين القمار والمضاربة في الأدبيات الغربية. ثم يناقش الضوابط الشرعية للقمار، والرهان، والميسر، المجمع على تحريمهم، إضافة إلى مناقشة المضاربة في الأسواق المالية المعاصرة على ضوء تلك الضوابط.

Suggested Citation

  • Abdul Rahim A. Al-Saati, 2007. "Speculation and Gambling in Financial Markets Economic and Legal Analysis المضاربة والقمار في الأسواق المالية المعاصرة: تحليل اقتصادي وشرعي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 20(1), pages 3-34, January.
    • Handle: RePEc:abd:kauiea:v:20:y:2007:i:1:no:10:p:3-34
    DOI: 10.4197/islec.20-1.10
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