المشتقات المالية في المنظور الإسلامي

Abstract EN

This study aims to familiarize the reader with derivatives : their concepts, types, and the ways they are used, as well as to determine the extent to which they comply or conflict with the rules of the Shari‘ah.

An inductive approach was employed to test the hypotheses of the research and to achieve its objectives ; i.e., by reviewing what has been written about financial derivatives in theory and in practice.

A deductive approach was also adopted to derive Shari‘ah rulings and apply them to derivative contracts in order to arrive at Islamic rulings for them.

The research has concluded that the contracts of financial derivatives in their current forms are a kind of prohibited usury.

They also involve selling what one does not own, selling what has not been received, and selling one debt for another.

Most of these contracts also end without any exchange of counter-values, which is what would achieve real benefit for both parties to the contract.

Thus, they contradict the purpose for which these contracts were sanctioned and conflict with the rule of justice, which is the principle that underlies contracts.

They are essentially a form of gambling in which one party wins and the other loses.

They involve superficial and imaginary deals, in which no delivery or receipt of the goods occurs, nor either is the price delivered; rather, settlement is merely an offset of differences, which the loser pays to the winner.

For these reasons, they are not allowed in the Shari‘ah, and since they are unlawful to begin with, it is not permitted to trade them.