Jurisprudential Investigation on Forward and Futures Contracts

One of the main concerns of investors in the capital market entry, is the fear of unpredictable increase or decrease of prices. In this situation, the new financial instruments such as futures contracts because of its effective role in risk management and risk control can be useful in reducing these concerns. So it will increase the efficiency of capital markets. The writers in this paper want to explain the forward and futures contracts and its legal nature, then attempt to check its compliance with Islamic contracts and legal norms. And then, the Jurisprudential verdict of the forward and futures contracts, in the primary and secondary markets and alternative solutions is expressed. It seems that the best way to correct forward and futures contracts is the conciliation contract. Using of this contract has no problem in primary and secondary markets because it is an independence contract and is not merely for settlement of disputes and quarrels and is applicable in all situations.