مخاطر أدوات التمويل الإسلامي

Abstract EN

Risk is defined as deviation of the expected returns from the actual and realized returns.

Therefore, understanding of the risks of any instrument requires understanding of the nature of the return that can result from it.

Based on this, this research paper demystifies the nature of Islamic financial instruments, and revenues generated by each of these instruments and the risks attached with these instruments.

We have found that Islamic financial instruments are divided into three categories: the first category is financial instruments based on assets, and which includes: Murabaha, Salam, Istisna’a, and leasing.

The second category is financial instruments based on Profits/Losses Sharing, and this category includes: Musharaka and Mudharaba contracts.

The third category is Sukuk (i.e.

Islamic Bonds) (including Islamic funds).

The three Islamic financial instruments categories face the same risks facing conventional financial instruments (i.e.

Credit risk, Market risk and Liquidity Risk), but the difference between them is in the manner they appear, how and to what extent they affect.

Also, Islamic instruments face a number of challenges while managing the risks associated to them, the most important of which is, their inability to benefit from many traditional hedging techniques because of the interest or Gharar (uncertainty) factors they contain.