التحليل الفقهي والمقاصدي للمشتقات المالية[Shariah and Maqasid analysis of financial derivatives]

There have been increasing attempts recently to Islamize some financial derivatives. These attempts were initially meant to provide solutions to certain problems like the need to buy a currency or some commodity at a predetermined a price on a future date for hedging purposes, but they later developed to include using the same strategies for speculation purposes. The later development involves serious effects on economics for speculations have been proved to be a major reason behind the occurrence of the recent financial crisis. The paper analyses the Shariah reasons for the prohibition of derivative in general, and it shows in the course of the analysis the Shariah objectives relating to the Fiqh rules of derivatives. This is to help outline the correct Islamization standard of such instruments, if possible at all, which is the acceptability of the instrument used as well as the purpose and the effect. Having outlined the standard, the paper seeks to apply it to the recent attempts of derivatives islamization in order to determine their acceptability according to Shariah rules.