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Speculation between Proponents and Opponents المضاربة على الأسعار بين المؤيدين والمعارضين

Author

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  • Rafic Yunus Al-Masri

    (Islamic Economics Research Centre King Abdul Aziz University, Jeddah, Saudi Arabia.)

Abstract

Speculation on prices is the essence of the stock market, the same as interest is the essence of the commercial banks business. As such, the study of speculation should take priority to the elaborate study of contracts in the financial markets, e.g. short sale, options, futures and margin-purchase. The paper reviews the opponents, as well as the supporters opinions of speculation, and concludes that speculation is a form of gambling, whereby a minority wins what the majority of investors lose. This leads, to departure of stock prices from the real value of the commodity or financial paper, thus precipitating price volatility. Actually, commodities and financial papers are not the objective of speculation. What is intended is profiting from stock prices differences. So, the question arises whether it is advisable to prohibit deferred contracts so that the stock market is cleared from speculation, allowing real investment to prevail. المضاربة على الأسعار هي روح البورصة مثلما أن الفائدة على رأس المال هي روح البنك. ويجب تقديم دراسة المضاربة على دراسة العقود التفصيلية في الأسواق المالية, مثل البيع القصير (short Sale) والخيارات (options) والمستقبليات (futures) والشراء بالهامش (margin purchase). وبعد استعراض حجج المؤيدين للمضاربة وحجج المعارضين بدا للباحث أن المضاربة ضرب من القمار, وتربح فيه القلة مايخسره الجمهور, وتكتنفها ألاعيب ومكايد, بحيث يكسب المطلعون الكبار ويخسر الصغار, وتؤدي إلي أسعار تبتعد كثيرًا في ارتفاعها وانخفاضها عن القيمة الحقيقة للسلعة أو الورقة المالية مما يزيد من حدة تقلبات الأسعار. والسلع والأوراق المالية غير مقصودة من المضاربة, إنما المقصود هو المحاسبة على فروق الأسعار فقط. فهل يكون الحل بمنع العقود الآجلة لكي يتم تخليص البورصة من المضاربة, ويصفو الجو للاستثمار الحقيقي؟

Suggested Citation

  • Rafic Yunus Al-Masri, 2007. "Speculation between Proponents and Opponents المضاربة على الأسعار بين المؤيدين والمعارضين," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 20(1), pages 43-52, January.
    • Handle: RePEc:abd:kauiea:v:20:y:2007:i:1:no:3:p:43-52
    DOI: 10.4197/islec.20-1.3
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    Cited by:

    1. Atikullah Abdullah, 2017. "Islamic Law on Gambling and Some Modern Business Practices," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 7(11), pages 738-750, November.
    2. Abdullah Al-Awadhi & Ahmad Bash & Fouad Jamaani, 2021. "Ramadan Effect: A Structural Time-Series Test," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 12(1), pages 260-269, January.
    3. Al-Awadhi, Abdullah M., 2019. "Deviation from religious trading norms," Journal of Behavioral and Experimental Finance, Elsevier, vol. 22(C), pages 22-30.

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