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Speculation between Proponents and Opponents المضاربة على الأسعار بين المؤيدين والمعارضين

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

Author

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  • Rafiq Yunus Al-Masri

    (Islamic Economics Institute King Abdulaziz 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 selling, options, futures and margin-purchasing. The paper reviews the opponent's, as well as the supporter's 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 والخيارات والمستقبليات والشراء بالهامش. 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 في 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

  • Rafiq Yunus Al-Masri, 2009. "Speculation between Proponents and Opponents المضاربة على الأسعار بين المؤيدين والمعارضين," 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 العالمية من منظور إسلامي, edition 1, chapter 5, pages 43-55, King Abdulaziz University, Islamic Economics Institute..
    • Handle: RePEc:abd:ieibch:35
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    References listed on IDEAS

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    4. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411-411.
    5. J. P. Gould, 1968. "Adjustment Costs in the Theory of Investment of the Firm," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 35(1), pages 47-55.
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