Analyzing the Futures Contract Legal Analysis

Futures contracts are one of the types of derivatives provided in Commerce and trade, and especially in the stock market utilize as a means to cover the risks arising from fluctuations of the price. Futures contract has a lot of similarities to sale predecessor and the only way to differentiate it from sale predecessor is in futures contracts price is delayed like sale. In Futures contracts one of the parties is committed to give the asset defined–namely the underlying asset that can be commodity, currency, securities or index futures-in a specific date in future and get the price, and the opposite side is also committed to get the underlying asset with the same characteristics and  pay the price of being recognized. For the obligation of parties to perform obligations undertaken, the clearing house offer parties a margin, which shall be commensurate with the price changes, it will dampen. Distinguishing these contracts with the forward contract, it is the standard of the quality and quantity of goods can be determined. Scholars and scientists study futures as stated contracts in religious jurisprudence like Kali be Kali sale, order to manufacture, Araboun, magistrate contract and so on. So this contract isn’t under any kind of stated contracts and should be independent contracts. Also, some scientists believe these contracts are gambling or ruled that it is lucre and have it considered illegitimate, and in accordance with the development of the intellectual and traditional documentation gambling and lucre aren’t included in futures and illegality of them are not accepted and it is adduced to the verse of Quran stating “God has permitted trade…”, It is included of legal transactions. Futures based on the verseof Quran saying “… fulfill contracts …” is a kind of irrevocable contract and the other traits of them are formal, obligational and substitutable provisions.