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Fiqh Issues in Short Selling as Implemented in the Islamic Capital Market in Malaysia قضايا فقهية فيما يتعلق بالبيع القصيركما هو مطبق في سوق المال الإسلامي بماليزيا

Author

Listed:
  • Asyraf Wajdi Dusuki

    (Department of Economics Kulliyyah of Economics and Management Sciences International Islamic University Malaysia.)

  • Abdelazeem Abozaid

    (Department of Economics Kulliyyah of Economics and Management Sciences International Islamic University Malaysia, Malaysia)

Abstract

Islamic capital market represents an assertion of Shari`ah principles in the capital market transactions where the market should be free from any elements or activities that are prohibited in Islam. The strict adherence to Shari`ah principles also implies that all financial instruments used by transacting parties in the capital market need to be Islamic. One of the most popular and commonly used financial instruments in conventional capital market is short selling. Many finance literature assert that short-selling provides liquidity, drives down overpriced stocks and generally increases efficiency of the markets. In general, the conventional short sale is selling a stock which investor does not actually own; a transaction which would clearly violate the general Islamic rule of ‘do not sell what you do not own’. Nevertheless, the Shari`ah Advisory Council (SAC) of Malaysian Securities Commission has recently legalized the short selling instrument to be used in Islamic Capital Market in Malaysia. This paper, therefore aims to study fiqh issues surrounding the short selling instrument. Three main issues are specifically highlighted and discussed, namely the issue of bay`ma`dum (selling what the seller does not own), the eligibility of stock as object of a loan contract and benefiting from loan contract. يمثل وجود أسواق المال الإسلامية التأكيد على المبادئ الإسلامية التي تستلزم خلو معاملات تلك الأسواق من كل المعاملات والأنشطة المحرمة في الإسلام. كما أن الالتزام الصارم بمبادئ الشريعة يتطلب أن تكون الأدوات المالية المستخدمة من قبل الأطراف المتعاملة في أسواق المال إسلامية. أحد الأدوات المالية الشائعة الاستخدام في أسواق المالية التقليدية هي البيع القصير (Short Selling)، لأن أدبيات التمويل التقليدي تؤكد على أهمية هذه الأداة لأنها وسيلة لتوفير السيولة، كما أنها تساهم في تخفيض قيمة الأدوات المرتفعة الثمن (Overpriced Stocks)، وفي كفاءة أسواق المال. إن عملية البيع القصير التقليدية تنطوي في العموم على بيع الأسهم التي لا يملكها المستثمر. وهذا تطبيق يخالف المبدأ الإسلامي الذي يحرم بيع الإنسان ما لا يملك. وعلى الرغم من هذا فإن مجلس الشريعة الاستشاري (SAC) التابع لهيئة الأوراق المالية الماليزية قد أباح استخدام هذه الأداة في سوق المال الإسلامي الماليزي مؤخرًا. تهدف هذه الورقة إلى دراسة القضايا الفقهية المتعلقة بهذه الأداة، بمناقشة ثلاث قضايا رئيسة وهي: بيع المعدوم، وإقراض الأسهم، ومدى الانتفاع من عقد القرض.

Suggested Citation

  • Asyraf Wajdi Dusuki & Abdelazeem Abozaid, 2008. "Fiqh Issues in Short Selling as Implemented in the Islamic Capital Market in Malaysia قضايا فقهية فيما يتعلق بالبيع القصيركما هو مطبق في سوق المال الإسلامي بماليزيا," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 21(2), pages 63-78, July.
    • Handle: RePEc:abd:kauiea:v:21:y:2008:i:2:no:3:p:63-78
    DOI: 10.4197/islec.21-2.3
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    Citations

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    Cited by:

    1. Abdelkader Derbali & Abderrazek El Khaldi & Fathi Jouini, 2017. "Shariah-compliant Capital Asset Pricing Model: new mathematical modeling," Journal of Asset Management, Palgrave Macmillan, vol. 18(7), pages 527-537, December.
    2. Md. Mahmudul Alam & Chowdhury Shahed Akbar & Shawon Muhammad Shahriar & Mohammad Monzur Elahi, 2017. "The IslamicShariahprinciples for investment in stock market," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 9(2), pages 132-146, May.
    3. Swastika, Putri & Dewandaru, Ginanjar & Masih, Mansur, 2013. "Does Restricted Short Selling Bring Benefit to Stocks Listed in Islamic Capital Market? New Evidence from Malaysia based on Dynamic Panel Heterogeneous Techniques," MPRA Paper 58833, University Library of Munich, Germany.
    4. Ahmad Audu Maiyaki, 2013. "Principles of Islamic Capital Market," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 3(4), pages 278-283, October.
    5. Alam, Md. Mahmudul & Akbar, Chowdhury Shahed, 2019. "Rationality of the Capital Market: Capitalistic System vs. Islamic System," SocArXiv 83ekv, Center for Open Science.
    6. Waemustafa, Waeibrorheem & Sukri, Suriani, 2015. "Theory of Gharar and its interpretation of Risk and Uncertainty from the perspectives of Authentic Hadith and the Holy Quran: A Qualitative Analysis," MPRA Paper 78316, University Library of Munich, Germany, revised 10 Jan 2016.

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