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Islamic Financial Derivatives for Managing Commercial Risks نحو مشتقات مالية إسلامية لإدارة المخاطر التجارية

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  • ABDURRAHIM ABDULHAMEED Al-SAATI

    (Associate Professor, Department of Economics, Faculty of Economics & Administration, King Abdulaziz University, Jeddah, Saudi Arabia)

Abstract

This paper aims at initiating serious discussion on hedging contracts between economists and Fuqaha (Muslim jurists). It underlines the importance of managing commercial risks faced by productive and financial projects by hedging against risks through shariah compatible modes. The paper proposes contracts based on adapting those currently in use in the financial markets, by introducing some modifications and adding certain conditions. These hopefully make the contracts acceptable to Islamic jurists without losing their economic role in hedging. Also they are comparable to some well known shariah contracts. These are: forwards, futures, options and swaps. يهدف هذا البحث إلى فتح حوار متعمق بين الاقتصاديين والفقهاء حول عقود التحوط، فيبدأ بالتعريف بأهمية إدارة المخاطر التجارية، التي تواجه المشروعات الإنتاجية والتمويلية، عن طريق التحوط (hedging risks) بأساليب متفقة مع الشريعة الإسلامية. ويقترح البحث أربعة أنواع من العقود مبنية على ما هو شائع الاستخدام في الأسواق المالية المعاصرة، مع إدخال تعديلات وشروط تجعل هذه العقود أقرب للقبول فقهـًا دون تفويت وظيفتها الاقتصادية في التحوط، ومع المقارنة ببعض العقود المعروفة في الفقه الإسلامي. والأنواع الأربعة هي : عقد التحوط العادي (forwards)، وعقد التحوط النمطي (futures)، والتحوط باستخدام خيار الشرط (options)، والتحوط بالمقايضة المؤقتة (swaps).

Suggested Citation

  • ABDURRAHIM ABDULHAMEED Al-SAATI, 1999. "Islamic Financial Derivatives for Managing Commercial Risks نحو مشتقات مالية إسلامية لإدارة المخاطر التجارية," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 11(1), pages 55-92, January.
    • Handle: RePEc:abd:kauiea:v:11:y:1999:i:1:no:7:p:55-92
    DOI: 10.4197/islec.11-1.7
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