Futures Contracts and the Jurisprudential Challenges
Creating new financial instruments, known as derivatives, may expand the stock exchange on one hand and provide us with a suitable condition in managing the risk on the other, for the sake of reducing producer's anxiety. This study collected data from documents, including research conducted in this field, books, journals, articles taken from the World Wide Web. Because of compatibility and incompatibility with the principles and rules of Islamic Shariah, requires analysis of Islamic fiqh texts and correct explanation of the contract, can be said, method will be analytic - Inferential.In this article tried to set forth an introduction to futures contract. It also examines the consistency of this financial instrument with fiqh principles and rules. Here the
If this fiqh theory should be based that firstly, the promises is considered as mandatory, and secondly, non-delivery contract price in the contract of salam does not lead to nullity, and third, the sale delayed to delayed absolutely not invalidate, Futures contracts not contradict with Islamic Sharia rules. But the opinion majority of fiqh scholars about contract of salam and sale delayed to delayed to be based, Future contract from the fiqh point of view is confronted with the problem.Of course If a) the futures market is planned in the way that the seller and buyer undertake to respect the contract in future, b) the fiqh rule of respecting the promises is considered as mandatory and c) the margin account plays just as a security and none of the parties of the transaction is allowed to withdraw from this account as the profit of the contract, then it seems that from fiqh point of view, this market is legitimate.
Journal Of Islamic Economics Studies, Volume:2 Issue: 1, 2011
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