أنواع معاملات الصرف في الأسواق المالية باعتبار الملكية و حق الاختيار و تضعيف القوة الشرائية و أحكامها

Abstract EN

Derivative contracts for Forign Exchange tradings vary in several considerations.

This research discussed three considerations: consideration of ownership, consideration of option, and consideration of margin trading.

The first consideration: According to the ownership of the underlying currency.

The impact of this consideration on the Shariah ruling that the lack of ownership affects the validity of the contract if the parties did not have possession of the underlying currency at the contract session which is called "Majlis Al-Aqd", but if the possession happened in the contract session then the contract is valid.

Second consideration: According to the existence of an option or not.

The public of Sharia scholars prohibit option tradings in general, And decision of the Islamic Fiqh Academy has been issued in this regard.

The options contracts in FX trading is more likely to be prohibited, considering the fact that Sharia surrounded FX contracts with more conditions.

The third consideration: According to the investor agreement with the broker on Margin trading to maximize the purchasing power of the investor.

The impact of this consideration on the Shariah ruling that the Margin trading is done through financing.

If the financing method is through an interest-bearing loan, then it is forbidden.

If the financing method is through Murabaha, then it is permissible.

If the financing method is through an interest-free loan, then it is facing the question of hidden interest which is "Combining Loan and Sale rulings" God bless our Prophet Muhammad and his family and companions.