Options as An Islamic Instrument for Hedging الاختيارات أداة للتحوط الشرعي

Mosa Adam Issa
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Mosa Adam Issa: National Commercial Bank Jeddah - Saudi Arabia

Chapter 6 in Lectures in Islamic Economics and Finance, Selected From Wednesday Seminars-10 محاضرات في الاقتصاد والتمويل الإسلامي ، مختارة من حوارات الأربعاء - 10, 2014, pp 161-187 from King Abdulaziz University, Islamic Economics Institute.

Abstract: It is well known that the going opinion amongst Sharia scholars is the prohibition of options due to excessive contractual uncertainty (Gharar), selling what you do not own, and selling rights that are not suitable to be the subject matter of a contract of exchange. In this paper we show that an option is not a contract of sale, rather it is a unilateral commitment to sell where all of the details of the commitment are known and agreed upon. Those who argue that options are characterized by excessive uncertainty may have mixed between the concept of contractual uncertainty and the concept of financial risk, and in the opinion of the author, although options are subject to financial risk, they are not subject to contractual uncertainty. Since the Sharia prohibits transactions on the basis of excessive contractual uncertainty and not on the basis of financial risk, this paper argues that options are permissible if used for permissible means, such as hedging. الرأي الفقهي السائد هو تحريم الاختيار (option) باعتبار أنه يتضمن الغرر الفاحش وبيع الإنسان ما لا يملكه وانه من قبيل بيع الحقوق المجردة التي لا يجوز بيعها ابتداءً. وقد اثبتنا في هذا البحث أن الاختيار ليس عقد بيع وإنما هو التزام بالبيع من طرف واحد وان مفردات الاختيار محددة وليست مجهولة، وان من يقول أن الاختيار يتضمن غررًا فاحشًا خلط بين مفهوم الغرر ومفهوم الخطر وفي نظرنا أن الاختيار يتضمن خطرًا ولا يتضمن غررًا وأن الشريعة حرمت المعاملات التي فيها غرر فاحش وليس تلك التي تتضمن مخاطر بمفهومها المالي، وعلى هذا يجوز استخدام الاختيار لأغراض مشروعة ومنها التحوط.

Date: 2014
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