التحوط بالجمع بين المرابحة و العربون : حقيقته و حكمه

Abstract EN

This paper studies an alternative to traditional hedging instruments, which is combining of Murabaha and Arboun by splitting the invested capital into two parts, the bulk of which is invested in a low risk Murabaha with a margin covering the capital, while the remaining money is used as a deposit (Arboun) in an asset purchase contract at an agreed price.

If the expected price increase in the purchased asset, the investor completes the purchase.

If the expected increase did not occur, he will only be required to cancel the contract and losing the amount paid as Arboun (Down payment), which is covered by the Murabaha profit margin The research concluded that it is permissible to use this form of hedging to protect the capital from the price fluctuations risks in the financial markets, but this is under the condition of full compliance to Sharia controls of Murabaha and Arboun agreements.