The Juridical and Legal Study of the Alternatives to the Sale of Salaf Oil Securities in Secondary Market

Selling Salaf commodity before maturity is forbidden by Islam, so making a secondary market for these securities is not possible within common procedures. Hence we have to find a new way to make a secondary market for these securities. Some proposed ways are parallel Salaf, assignment through agency and Solh of Salaf commodity, all of which have shortcomings that puts the formation of secondary markets in trouble. Combination of parallel Salaf and assignment (Havaleh) seems to be the most complete proposal, yet there are still many problems with it. This study attempts to challenge them and another way that is considering securities as Circulating Rights. Circulating Rights is a matter that is considered in foreign law systems and is not compatible with Islamic Jurisprudence rules. But we can somewhat accept this rules in our system when combining them with Islamic rules.