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Revision in the Jurisprudence of Markets and Financial Engineering مراجعة في فقه الأسواق والهندسة المالية

Author

Listed:
  • Abduljabbar Hamad Obaid Al-Sabhany

    (Department of Islamic Economics and Banking Faculty of Al-Sharee’a and Islamic Studies/ Yarmouk University, Jordan)

Abstract

Financial markets, alongside with commercial banks, have been the most important financial intermediaries in different societies. Muslim communities must, by virtue of their faith, abide by Shari'a controls in their financial markets and in all their transactions. This paper reveals institutional shortcomings and a lack of social guardianship that caused a complete omission of the final results and effects while evaluating the activity of the financial markets. Moreover, the paper identified a clear trend towards formalism stamping the path of Islamic financial engineering in its effort looking for solutions and exits for transactions by resorting to the terms and promises. In the End, The paper concluded on many recommendations based on its main conclusions considering the state of the contemporary markets in light of the recent American financial crisis (2007-2008). المستخلص: مثَّلت الأسواق المالية إلى جانب المصارف التجارية مؤسسات الوساطة المالية الأكثر أهمية في المجتمعات المختلفة. ويتعين على المجتمعات المسلمة بحكم إيمانها أن تلتزم في أسواقها المالية ومجمل معاملاتها بالضوابط الشرعية. وقد سعت الورقة إلى التحقق من مدى هذا الالتـزام، وشخصت - بعد المراجعة - قصورًا مؤسسيًا وغيبة للقوامة الاجتماعية تسبب في إغفال كلي للنظر في النتائج والمآلات عند تقدير نشاط الأسواق المالية. وشخصت الورقة زيادة على ذلك ميلاً واضحًا نحو الصورية والتَّحَيُّل دمغ مسلك الهندسة المالية "الإسلامية" إذ كثيرًا ما تلجأ إلى الشروط والوعود لبلوغ ما لا تستطيع بلوغه بالعقود. وختمت الورقة ببضع توصيات جاءت تعلية على الاستنتاجات الرئيسة التي خلصت إليها من استقراء حال الأسواق المعاصرة في ضوء الأزمة المالية الأمريكية الأخيرة (2007-2008م).

Suggested Citation

  • Abduljabbar Hamad Obaid Al-Sabhany, 2019. "Revision in the Jurisprudence of Markets and Financial Engineering مراجعة في فقه الأسواق والهندسة المالية," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(3), pages 3-32, October.
    • Handle: RePEc:abd:kauiea:v:32:y:2019:i:3:no:1:p:3-32
    DOI: 10.4197/Islec.32-3.1
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    More about this item

    Keywords

    Financial Markets; Islamic Financial Engineering; Transaction controls; Beneficial Ownership; Speculation. الأسواق المالية، الهندسة المالية الإسلامية، ضوابط المعاملات، الملكية النفعية، المضاربة.;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • G01 - Financial Economics - - General - - - Financial Crises
    • G19 - Financial Economics - - General Financial Markets - - - Other

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