Comparative Study of Transactions Stock Exchange Market with Islamic Contracts

The significance of the stock exchange market in the economy has made its elimination from the novel economy almost impossible. The capacity in this market has embodied various transactions, which are identified in legal terms in order to discover their elements, institutes, relations and effects. Analyzing such transactions can reveal their situation in the civil and trading laws. Thus, Muslim thinkers and experts have no choice but to conduct a jurisprudent study comparing the common transactions with Islamic contracts. The present paper aims at a comparative study of the transactions in the stock exchange market and the Islamic contracts. In various types of common transactions in Iran, including the stock exchange of negotiable papers or goods, there are elements and relations that seem to be inconsistent with some Islamic contracts. However, given the widespread capacity of Islamic jurisprudence, other contracts can replace them. For example, instead of transaction of bonds and pawn brokerage-based sale of shares in the Stock Exchange Market which are not consistent with Islamic contracts can be replaced respectively with Sokouk ('coins') (Islamic stock exchange) and simultaneous advance purchase and sale.