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首页> 外文期刊>International journal of law and management >Conventional futures: derivatives in Islamic law of contract
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Conventional futures: derivatives in Islamic law of contract

机译：常规期货：伊斯兰合同法中的衍生品

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Purpose - This paper aims to compare and contrast the concept of conventional futures contract from the Islamic law of contract perspectives. The underlying theory and practice of Islamic finance is based on the principles of Islamic law of contract. Although the necessity of derivative instruments such as the case with futures contract is essential for developments in Islamic finance, the permissibility of using these instruments still remains a debatable issue. Design/methodology/approach - The paper discusses arguments for and against using derivative instruments as in futures, for example, in light with the Qur'an and Sunnah (the Prophet's traditions), as well as the views of classical scholars, jurists and contemporary researchers. Arguments for and against are analysed systematically to derive a logical conclusion. Findings - The study finds that majority scholars consider futures contracts as non-compliant with the Islamic law due to the fact that selling something that does not exist, deferment in the both counter values, gharar or ambiguity and excessive risk taking, pure speculation and sale of one debt for another. Research limitations/implications - The study focuses narrowly on conventional futures contract. Analysing other financial derivative contracts could be a future research endeavour. Practical implications - The study has so far found the verdict of impermissibility of conventional futures contract in its current form as has been argued by majority scholars in the premise that they do not comply with the Islamic law. Policymakers and industry practitioners need to take this opinion of majority scholars while developing new Islamic financial derivatives. Originality/value - To the best of the author's knowledge, the present research is the first attempt so far that explained the validity of conventional futures by analysing arguments of classical and contemporary jurists, scholars and researchers.
机译：目的 - 本文旨在将传统期货合同的概念与伊斯兰合同视角的概念进行比较。伊斯兰金融的潜在理论和实践是基于伊斯兰合同法则的原则。虽然衍生工具的必要性如期货合约的案件对于伊斯兰金融的发展至关重要，但使用这些文书的允许仍然是一个可贬值的问题。设计/方法/方法 - 本文讨论了使用衍生工具作为期货的论据，例如，与古兰经和逊日（先知的传统），以及古典学者，法学家和当代的观点研究人员。系统地分析和反对的论据以获得逻辑结论。研究结果发现，由于销售不存在的事实，销售不存在的事实，延迟，加剧或歧义，纯粹猜测和过度风险，考虑多数人认为期货合约与伊斯兰法律，因为卖出不存在的事实另一个债务。研究限制/影响 - 该研究略微关注传统期货合约。分析其他金融衍生合同可能是未来的研究努力。实际意义 - 目前研究迄今已发现常规期货合约不允许性的判决，其目前的形式是由多数学者争论的前提是他们不遵守伊斯兰法律。政策制定者和行业从业者需要对大多数学者的这种看法，同时制定新的伊斯兰金融衍生品。原创性/价值 - 据笔者所知的最佳知识，目前的研究是迄今为止首次尝试，通过分析古典和当代法学家，学者和研究人员的论据来解释传统期货的有效性。

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