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Sharia Compatible Futures مستقبليات مقترحة متوافقة مع الشريعة

In: Issues in the International Financial Crisis from an Islamic Perspective-05 قضايا في الأزمة المالية الدولية من منظور إسلامي

Author

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  • ABDUL RAHIM AL-SAATI

    (Associate Professor, Economics Department, King Abdulaziz University, Jeddah, Saudi Arabia.)

Abstract

A Sharia Compatible Future (SCF) is a contract that is designed to achieve the objectives of the conventional futures contract and to be in conformity with Islamic transaction restrictions, which means that the essence as well as the object of the contract must satisfy the Sharia code. This implies the prohibition of interest futures. Currency futures must observe the Islamic restrictions of currency transactions, and the institutional setting must enforce the Islamic ethics and must devise a means to prevent gambling in the Islamic futures market. A future is one type of derivatives used to manage risk. It is a very efficient instrument to hedge risks and is used by businesses as well as financial institutions to bring their exposure to risk to an acceptable level. In this article, Sharia compatible futures are developed. The economic functions of futures and the rationale for hedging are discussed. Islamic literature on futures and the Sharia position with regard to hedging are analysed. Sharia compatible futures are then suggested. مستقبليات حسب الشريعة هي عقود مصممة لبلوغ أهداف المستقبليات التقليدية، ومتوافقة مع التعاليم الإسلامية، من حيث جوهرها وموضوعها . وهذا يتضمن تحريم الربا فيها . كما يتضمن أن تكون مستقبليات العملات وفق قواعد مبادلات العملة في الإسلام، وأن يكون الوضع المؤسسي معززًا للقيم الإسلامية، ومبتكرًا لوسيلة لا قمار فيها في سوق المستقبليات الإسلامية. المستقبليات ضرب من المشتقات المستخدمة في إدارة المخاطر . وهي وسيلة فعالة جدًا للتحوط من الأخطار، وتستخدمها المنشآت التجارية والمؤسسات المالية لكي يكون تعرضها للخطر في مستوى مقبول . في هذه الورقة نهتم بتطوير مستقبليات متوافقة مع الشريعة، وبمناقشة الوظائف الاقتصادية للمستقبليات، وبيان حكمة التحوط، وبتحليل أدبيات المستقبليات، وموقف الشريعة من التحوط، ومن ثم اقتراح مستقبليات متوافقة مع الشريعة.

Suggested Citation

  • Abdul Rahim Al-Saati, 2009. "Sharia Compatible Futures مستقبليات مقترحة متوافقة مع الشريعة," Chapters of books published by the Islamic Economics Institute, KAAU or its faculty members., in: Islamic Economics Institute (ed.),Issues in the International Financial Crisis from an Islamic Perspective-05 قضايا في الأزمة المالية الدولية من منظور إسلامي, edition 1, chapter 11, pages 183-208, King Abdulaziz University, Islamic Economics Institute..
    • Handle: RePEc:abd:ieibch:111
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    References listed on IDEAS

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