 التحليل الفقهي والمقاصدي للمشتقات الماليةShariah and Maqasid analysis of financial derivativesAbdulazeem Abozaid MPRA Paper from University Library of Munich, Germany Abstract: 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. Keywords: financial derivatives; Islamic derivatives; Ilamic financial engineering (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:93382 Access Statistics for this paper More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC. |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.