Risk Management in Islamic Finance Brill’s Arab and Islamic Laws Series Editorial Board H.H Prof Eugene Cotran Mark Hoyle Martin Lau VOLUME Risk Management in Islamic Finance An Analysis of Derivatives Instruments in Commodity Markets By Muhammad al-Bashir Muhammad al-Amine LEIDEN • BOSTON 2008 This book is printed on acid-free paper Al-Amine, Muhammad Al-Bashir Muhammad Risk management in Islamic finance : an analysis of derivatives instruments in commodity markets / by Muhammad Al-Bashir Muhammad Al-Amine p cm — (Brill’s Arab and Islamic laws series, ISSN 1871-2894 ; v 1) Includes bibliographical references and index ISBN: 9789004152465 (hardback : alk paper) Commodity exchanges—Law and legislation Commodity exchanges—Religious aspects—Islam Finance (Islamic law) Option (Contract law, Islamic) Sales (Islamic law) Risk management—Religious aspects—Islam KBP962.8 A43 2008 332.64/4091767 22 2008029640 ISSN 1871-2894 ISBN 978 90 04 15246 Copyright 2008 by Koninklijke Brill NV, Leiden, The Netherlands Koninklijke Brill NV incorporates the imprints Brill, Hotei Publishing, IDC Publishers, Martinus Nijhoff Publishers and VSP All rights reserved No part of this publication may be reproduced, translated, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission from the publisher Authorization to photocopy items for internal or personal use is granted by Koninklijke Brill NV provided that the appropriate fees are paid directly to The Copyright Clearance Center, 222 Rosewood Drive, Suite 910, Danvers, MA 01923, USA Fees are subject to change printed in the netherlands CONTENTS List of Tables List of Statutes List of Cases Acknowledgments List of Contemporary Scholars The Islamic Fiqh Academies Transliteration ix ix ix xi xiii xix xxi Chapter One Introduction Background of the Research Objectives of the Research Research Methodology Scope and Limitations of the Study Outline of Chapters Distinctive Features of the Research Literature Review Forward and Futures Contracts Options Contracts 1 10 12 14 15 15 35 Chapter Two The Forward Commodities Market Economic Benefits of the Forward Contract Istiṣnāʿ and the Forward Contract Ibtidāʾ Al-Dayn Bi Al-Dayn and the Forward Contract Bayʿ Al-Ṣifah and the Forward Contract Nonexistence of the Subject Matter and the Forward Contract 44 45 61 63 65 Chapter Three Is it Permissible to Exchange Gold with Paper Money on Forward Basis? Historical Sketch of the World Monetary System Critical Analysis of Several Fatwās on Gold Trading The ʿIllah behind Trading Gold unless Its Hand to Hand The Effect of the ʿIllah in Gold to Its Trade on a Forward Basis 67 72 72 75 84 87 vi contents Chapter Four The Forward Market for Currencies Basic Rules of Currency Exchange and Paper Money Mutual Promise in Currency Exchange Mutual Loan and Currency Risk Management Currency Basket and Risk Management Managing Price Fluctuation through Deposit Cooperative Funds and Currency Risk Management 94 94 103 109 110 111 111 THE FUTURES MARKET Chapter Five Concept, Scope of Futures Contracts and Speculation Concept of Futures Contracts Characteristics of a Succesful Futures Market Futures Contracts and Forward Contracts A Brief History of the Commodity Market Scope of the Futures Market Economic Benefits of Futures Contracts The Clearinghouse and the Futures Market Hedging and the Futures Market Speculation and the Futures Market Speculation and Financial Crises Arbitrage and Speculation Margin Trading and Speculation 121 121 123 124 130 133 134 139 141 143 150 155 157 Chapter Six Sale Prior to Taking Possession, Sale of Debt and Futures Contract Juristic Debate over Sale prior to Taking Possession The Meaning of Taʿām Salam and the Futures Contracts Parallel Salam and the Futures Market 159 159 164 165 167 Chapter Seven Futures Market Regulation Intermediaries in the Futures and Options Market The Fidelity Fund Futures Market Regulation Trading Offences Under the Futures Industry Act and Islamic Law 177 177 180 181 186 contents vii THE OPTIONS MARKET Chapter Eight Concept and Scope Concept of Options Definition Economic Benefits of Options American and European Options Types of Options Exchange Traded and Over-The-Counter Islamic Options A Brief History of Options Trading Scope of Options Options and Gambling Chapter Nine Khiyār Al-Sharṭ , Risk Management and Options Concept of Khiyār Al-Shart ̣ The Terms of Khiyār Al-Shart ̣ Ownership of Commodity During the Period of Khiyār and Libiality for Damage Managing Price Risk with Khiyār Al-Shart ̣ Khiyār Al-Naqd Chapter Ten ʿArbūn Risk Management and Options The Legal Status of Bayʿ Al-ʿArbūn ʿArbūn in Currency Exchange or ṣarf ʿArbūn in Commodities and Services ʿArbūn in Shares Trading ʿArbūn in Murābaḥah ʿArbūn in Salam ʿArbūn in ʿIstiṣnāʿ ʿArbūn as the Islamic Alternative to Options ʿArbūn as an Alternative to Call Option ʿArbūn as an Alternative to Put Option Does Options Trading Involve the Combination of Two Contracts in One Transaction? 195 195 196 198 203 204 206 207 208 210 222 223 224 226 228 234 237 241 242 242 244 245 250 251 252 253 254 264 viii contents Chapter Eleven The Sale of Pure Rights and the Legality of Options Concept of Māl or Property Haqq Al-Nuzūl ʿAn Al-Wazāʿif and the Sale of Rights Huqūq Al-Irtifāq and the Sale of Rights Badal Al-Khulu and the Sale of Rights Sale and Exchange of the Right of Precedence Intellectual Property and the Sale of Right Right to Option in Khiyār Al-Sharṭ and Right of Shuf ʿah or Pre-Emption as Property Rights Sale and Exchange of the Right to Option in Khiyār Al-Sharṭ and the Right to Pre-Emption or Shuf ʿah Exchange of Right to Bargain for Purchase of Commodity Sale of a Right By a Wife To Have Her Husband With Her Earning an Exchange For Waiving the Right To Hadānah Earning an Exchange For Waiving a Right 290 294 295 295 296 Conclusion 299 Glossary of Arabic Terms 309 Bibliography 319 Index 329 Abstract 333 ‫ﻣﻠﺨﺺ اﻟﺒﺤﺚ‬ 338 266 273 276 278 280 282 284 287 LIST OF TABLES 1.1 Opinion of Major Schools on the Conditions of Salam 53 2.2 Comparison Between Futures and Forward Contracts 126 LIST OF STATUTES Company Act 187 Futures Industry Act 11; 12; 18; 159; 161; 162; 187; 240; 241; 242; 143; 245; 247; 252; 254; 258 Securities Industry Act 11; 12; 247 LIST OF CASES Sydney Futures Exchange Ltd v Australian Stock Exchange Ltd (1995) 13 ACLC 369 121 Richardson Greenshields of 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Journal of Islamic Banking and Finance The International Association of Islamic Banks Karachi (Asian Region), vol 15, no 2, pp 10–18 Zaylaʿī Tabyīn al-Haqāʾiq sharḥ Kanz al Haqāʾiq Dār al-Maʿrifah Beirut Al-Zuhailī, Wahba (1989) “Badal al-Khuluʿ ” Majallat Majmaʿ al-Fiqh al-Islāmī, 4(3) —— 1994 “Bayʿ al-ʿArbūn” Majallat Majmaʿ al-Fiqh al-Islāmī, no 8(1), pp 689– 706 —— (1992) “al-Ikhtiyarat” Majallat Majmaʿ al-Fiqh al-Islāmī, 7(1), pp 249–260 —— 1997 Bayʿ al-Ashum Dār al-Maktabī Damascus —— 1997 Bayʿ al-Dayn fi al-Sharīʿah al-Islāmiyyah Dār al-Maktabi Damascus Al-Zurqānī Mohammad Ibn ʿAbd al-Bāqī (1978) Sharḥ al-Zurqānī ʿalā Muqtaṣar Khalīl Beirut Dār al-Fikr INDEX Abd Allah bin Beya xv Abd al-Wahhab Abu Sulaiman 38, 66, 270, 287, 302 Abu Ghuddah 20, 167, 288 Ajeel Jasem xiv Al-ghurm bi al ghunm 309 Ahmad Ali Abdullah 58 Al-kharāj bi al-ḍamān 309 Ali al-Salus 84 n 29, 161 Al-Taskhiri 38, 213, 302 Al-Zuhailī 19, 166–167, 172–173, 239 American option 203–204, 257 Arbitrage 30, 44, 137, 155–156 Athmān 5, 84, 86–90, 101, 309 Bayʿ al-ʿarbūn 7–8, 10, 35–36, 38–39, 42, 204, 220, 238–240, 251, 305, 309 Bayʿ al-aʿayān 309 Bayʿ al-dayn bi al-dayn 10, 26, 63, 118, 171–172, 174–175, 309 Bayʿ al-ʿīnah 147–148, 163, 265, 309 bayʿ al-kāliʾ bi al-kāliʾ 5, 9, 12, 17–18, 20–21, 27, 32, 49, 53, 57, 59, 64, 80, 106, 108, 129, 171–175, 299–300, 309 Bayʿ al-maʿdūm 270, 309 Bayʿ muʾajjal 23, 263 Bayʿ al-salam 17, 23–24, 48–50, 63, 99, 209, 309 Bayʿ al-ṣifah 12, 48–49, 65–67, 70, 301–302, 310 Bazie Al-Yaseen xiii Bretton Woods system Brokers 74 Bucketing 186 Call option 11, 39, 196–197, 204–205, 220, 243, 246, 253–254, 263–264, 305 Cash market 30, 121, 168 Chicago Board 130, 206, 208 Clearing house 125, 132, 137, 139–140, 168, 171, 173, 182–183, 304 Combination of two contracts in one transaction 41, 221, 251, 264, 306 Commodities 4–5, 8, 10–11, 13–16, 19, 22, 26, 28, 37, 44, 49, 51, 58, 61, 70–73, 76–78, 80, 82, 84–85, 89, 91–92, 95, 97–98, 111, 118, 122–126, 128, 130–133, 135–136, 138–142, 146, 149–151, 160, 162–164, 168, 170–171, 181–182, 207–208, 210, 214–215, 220, 243, 260, 289, 299–303, 305, 307 Contract 2–3, 5–30, 32–53, 55–72, 76, 79–82, 85, 93, 95–100, 103–106, 108, 113, 115–118, 121–131, 133–136, 139–141, 143, 146–148, 153–154, 157–159, 165–171, 173–182, 186–187, 189–191, 195–196, 198–204, 206–215, 218–232, 234–235, 237, 240–259, 261–262, 264, 266–272, 277, 287–288, 291–292, 294, 298–299–310, 313–317 Cooperative fund 11, 303 Countervalues 9, 11, 19, 30, 33, 42, 46, 48, 52–54, 58–60, 63–65, 76, 80, 97, 99–100, 102, 108, 123, 147, 171–172, 175, 226, 259, 300 Currency currency by creation 91–93 currency exchange 6, 12–13, 19, 24, 29, 57–60, 96–97, 100, 102–103, 105–108, 114–115, 170, 209, 242, 316 Currency basket 110 Custody 10, 272, 296–297, 306, 311 Custom 21, 32, 45, 59–60, 77, 79–80, 86–87, 93, 105, 110, 114–115, 169–170, 178–180, 188–189, 229, 239, 266, 273–277, 281–282, 284–286, 292–293, 298, 305–306, 316 Daily marking 34, 117 price 127, 190 turnover 153 volume 153 movement 190 limit 190 Ḍ arūrah 18, 115–116, 302 Debt/s 5–6, 8–9, 12, 21 n 13, 26, 32–33, 51, 54, 57–59, 63, 67, 70, 90–91, 94, 97, 107, 109, 118, 121, 157, 172–176, 179, 185, 218, 300, 302, 309–310, 315 330 index Deferred basis 5–6, 12, 71, 77–80, 82–87, 89–90, 93, 95, 98, 101, 228, 265, 302 commodity 28, 50, 250 contract 15, 97, 103 debt 175 delivery 50, 307 payment 86, 106 sale 23, 27, 63, 69 settlement 100 trading 209–210 Derivatives contracts 23, 299, 304 instruments 4, 9, 218–219, 299, 306, 308 market 3–4, 121, 144, 206, 308 trading 9, 11, 19, 71, 137–138 Difference of Opinion 20, 30, 159, 172, 189, 219, 226, 247, 256, 278, 283, 287, 289, 295–296 Dinār 79–80, 88, 93, 101, 107, 173–175, 237, 264–265, 294, 310 Dirham 79, 93, 101, 104, 173, 175, 237–238, 265, 268, 310 Divorce 295–297, 311, 313 Dubai Islamic Bank 75–76, 248, 249 n 35 Economics 6, 10, 12–13, 15, 25, 26 n 19, 28, 36, 47, 59–60, 72, 76, 79, 90, 103, 121, 130, 135, 137–138, 145–147, 149, 151–154, 156, 183–184, 198–199, 210, 215, 217–219, 229–230, 255, 261, 266, 310 El-Gari 17–18, 35–36, 90, 92, 109, 157, 198–199, 208, 253, 256–257, 271 European option 12, 203–204 Exercise date 204 price 203–204, 229 Fahim Khan 28–30, 51, 134, 144–145, 167–168, 304 Financial crisis instruments 12, 109, 150, 304–305 institution xx, 1, 3–5, 37, 83, 301 market transaction, right 15 system, value 6, 10, 49, 118, 154, 198, 225, 231, 247, 261, 307 floor 121, 132, 140, 151, 191 Fluctuation 11, 15, 31, 38, 44, 63, 96, 102–103, 106–107, 109–112, 135–136, 138, 142–143, 199, 229, 263 Foodstuffs 123, 130, 133, 148, 159–165, 184, 224, 304 Foreign currency 19, 29, 96, 99, 103, 104–106, 108, 113–114 Forward basis 5–6, 9, 11–12, 72, 82, 93, 224, 302 contract 5–8, 11–12, 18–19, 23, 25–27, 34, 44–51, 55, 57, 60–67, 70–71, 97, 105, 113, 115–118, 122, 124–125, 128–130, 134, 165, 170, 175, 195, 299–303, 307–308 currency exchange market 12, 24, 96, 103 price 116 sale, trading 12, 42, 55, 63, 259, 309 Freedom of contract 40, 210, 220, 231, 252, 256, 259, 267, 269, 306 Fulūs 79, 84, 86–87, 94, 96, 98–100, 209–210, 224, 303 Fungible good 26, 33, 68 Futures Contract 6, 8, 10, 12, 14–18, 20–23, 25–26, 28–30, 34, 48, 50, 116–118, 121–126, 129–131, 133–136, 140, 143, 147–148, 159, 168–171, 175, 178–179, 181–182, 186–187, 191, 195, 201–202, 208, 211, 218, 301 Futures Industry Act 8–9, 12, 118, 121–122, 139, 177–180, 182, 186–187, 189 futures Brokers 8, 177, 180 futures fund manager 177–178 contract commodity 18, 130, 158 exchanges 117, 139, 190 industry: market 8, 10–12, 15, 25, 28–30, 32, 37, 42, 49, 117–118, 121–125, 128, 130–135, 138–142, 144–145, 148, 150, 153, 157, 162–165, 167–168, 170, 173, 176, 178, 180–182, 186–187, 191, 201, 304 trading 5, 8–9, 12, 14–19, 21–22, 24–32, 34, 46, 50, 56, 123–124, 130, 132, 136, 155, 157, 167, 170, 178, 188 Gambling 4, 7–8, 13–14, 19, 29, 32, 36–38, 42, 55, 118, 143–144, 147, 208, 210–216, 218, 221, 244, 259–260, 306 index Gharar 17, 26–27, 32, 48, 51 n 23, 52–56, 58–59, 63–66, 68–70, 108, 160–161, 166, 173, 176, 210, 216, 218, 237, 240, 259, 264, 267, 295, 299–300, 302, 304 gharar fāhish 35, 311 gharar yasīr 311 Gold for gold 72, 76–78, 97, 104–105 gold standard 74 Great Depression 74 Hadānah 10, 295, 297, 306, 311 Ḥ aqq 272, 296 Ḥ aqq al-irtifāq 312 Ḥ aqq al-nuzūl an al-wazāʿif 276–277, 292, 306 Ibn Mani 93, 240, 245–246 Ijārah 7, 13, 48, 213, 228, 230, 242–244, 257, 305, 312 Ijārah muntahiyyah bil-tamlīk 312 ʿIllah 5, 12, 17, 21, 69, 72, 77, 79–81, 83–87, 89, 94, 98, 100–102, 134, 148, 162–163, 173, 209, 303, 312, 315 illah qāsirah 84 Istisnāʿ 5, 11, 13, 18–19, 23, 25, 28, 48–49, 61–64, 70, 130, 251–252, 299–301, 305, 313 Interest rate 1, 10, 47, 122, 133, 158, 208, 259–263, 299, 307 Islamic law xix, 4–13, 18, 20, 22–23, 25–26, 28–29, 32–33, 37, 39, 43, 45, 47–49, 51–52, 55, 66–67, 70, 72, 86, 89, 94, 103, 106, 113, 115, 118, 129, 159, 180, 188, 201, 218–219, 221–223, 226, 231–233, 237, 244, 251, 256, 258, 263, 266, 269–270, 272–273, 276–277, 280–281, 284, 286, 289–290, 295–296, 299, 301–302, 305, 311–312, 314–316 Kamali xi, 24–28, 34 n 39, 38–40, 54, 144, 164, 166, 222, 231, 233, 253, 266–267, 269 Khiyār al-ʿayb 313 Khiyār al-Shart 6–8, 10, 13, 35–36, 38–42, 59, 204, 212, 215–216, 219–220, 222–226, 228–235, 240, 259, 270–271, 273, 287–294, 297–298, 305–307, 313 Khiyār al-Naqd 6–7, 219–220, 222–223, 233–236, 313 Kuala Lumpur Commodity Exchange 23, 117, 131–132, 138, 150 331 Kuala Lumpur Futures Market 132 Kuala Lumpur Interbank Offered rates 133 Kuala Lumpur Commodities Clearing House Sdn Bhd 140 Kuwait Finance House 80–81, 106, 161 Māl 273, 314 Manfaʿah 36, 213, 273–275, 280–281, 284, 296, 314 Market crash 143, 150, 154, 305 forces 15, 75, 267 manipulation 151 movement 150, 196 participants 15, 118, 123, 138, 170, 187, 207, 298, 304 place 29, 124–126, 139, 185 price 42, 96, 125, 135, 168, 190–191, 202, 253, 258, 263, 296, 306–307, 313 problem 146 offenses 118 operation 186–187 rigging 145 risk 1, 121 share 22 medium of exchange 76–77, 79–83, 85–95, 98–100, 102, 209, 303 Mohammed Obaidullah 40, 99–102, 134, 200, 209, 222, 307 Monetary system 12, 72–73 Money by creation 6, 88, 93 Monzer Kahf xvi Muhammad Akram Khan 23–25, 114, 117, 149, 156, 304 Mukhtar al-Salami 19, 36–38, 46, 48, 59, 65, 135, 161, 212–213, 269–270, 287, 302 mutlaq al-thamaniyyah 81, 85–87, 94, 303 Mutual loan 109–110, 303 Mutual promise for currency exchange 103 Najash 32, 184, 189, 315 Nazih Hammad 56, 58, 115, 161, 166–167, 174, 251 Obaiyathullah 216 Option 6–13, 17–21, 24–26, 32, 34–43, 59, 65, 100–101, 104, 118 n 50, 121–122, 127, 133, 140, 143, 145, 177–178, 181–182, 191, 196–216, 332 index 218–234, 237, 241, 243, 246–248, 251–255, 257–267, 269–273, 275, 277–279, 282, 284, 287–294, 297–299, 305–307, 313 Palm oil 4, 37, 103, 117, 125–127, 131–132, 136–138, 153, 167, 190 Paper money 12, 76, 78–88, 90, 92–96, 98–100, 102, 209, 224, 302–303 Permissibility 8–9, 11–12, 24, 27, 40, 51, 55, 57–58, 67, 71, 87, 99–100, 104–105, 134, 165, 174, 239, 269, 277, 297–298, 301–303, 312 Prevailing 32, 44, 59, 75, 77, 82–83, 104, 134, 161, 170, 245, 251, 262, 266, 270, 276–277, 280–281, 283, 292, 298, 306 Prohibition 1, 10–12, 17, 21, 23, 27–28, 30, 33, 51 n 23, 52–53, 58, 64, 68–69, 72, 77, 84–85, 87, 89, 100–101, 106, 109, 129, 133, 148, 160–163, 172–176, 187, 209–210, 239, 256, 264, 272, 300–301, 303 promise 19, 24, 35, 44, 70, 75, 82, 93, 103–109, 112–113, 229, 238, 245, 247, 249, 283, 299, 301, 303 Public interest 14, 19–20, 26, 37, 46, 56, 108, 190, 266, 282, 286, 314 Put option 11–13, 197, 199, 201–202, 204–206, 220, 254, 256–258, 263–264, 305 Rafiq al-Misri 109 Risk management 3–7, 12–13, 33, 37, 40, 93, 116, 121, 132, 142, 191, 204, 219–220, 223, 228–231, 234–235, 252, 275, 299, 303, 305–306 mechanism 124 reduction 39, 252–253 shifting 29, 135–136 ṣarf 6, 19, 58–60, 78, 81, 89–90, 96, 103 n 17, 104–105, 115, 316 Sale of commodities 160, 243 of currency by description 5, 48, 65–66, 301 of debt of nonexistent 5, 302 of foodstuff 162–163, 224 of gold 104 of pure right 7–8, 13, 247, 269, 284 prior to taking possession 8, 10, 12, 21 n 13, 26, 118, 159, 161–163, 304 Saleh al-Marzuqi 87–89 Sayyid Abdul Jabbar 23, 117 Second World War 74 Securities Commission 182–183, 267–268 Siddq Al-Darir 37, 59, 212–215, 241, 255–256, 270, 287, 292, 302 Silver 5–6, 72–74, 76–81, 83–90, 92–102, 104–105, 209, 303 Speculation 6, 8, 10, 12, 26, 29–32, 41, 44, 99, 103 n 17, 118, 131, 141, 143–151, 153–157, 176, 191, 211–212, 216, 229–230, 259–260, 304 Stock Exchange 147, 156, 198, 216, 253, 257 indices 16, 19, 29, 208, 214, 259–260, 299 margin 157 market 17, 19, 97, 115, 154, 157, 198–199, 210, 229, 245, 305 option 122 price 205–206 trading 7, 13, 157, 214 Sudin Haron 49 Taʿām 161, 164–165, 316 Taḥ jīr 10, 282, 316 Taqi Usmani 20, 212, 285–286, 297 Thaman thamaniyyah 82, 85–86, 88–90, 93, 95, 98 mutlaq al-thamaniyyah 25, 81, 84 n 29, 85–87, 94, 303 qhalabat al-thamaniyyah 85 thaman ḥ aqīqī 99, 101 Umar Charpa 25 United States 74, 78, 91, 124, 130, 206 Vogel, Frank E 32, 34 n 39, 42–43, 168, 254, 257, 272 weighable 77–78, 85, 101–102, 313 Zakah 79–81, 84, 86, 95, 146, 149, 164, 317 Zamir Iqbal 50 ABSTRACT The importance of derivative instruments as tools of risk management is taken for granted in the modern financial system Many Muslim scholars have stressed the need for a prudent utilisation of such instruments in Islamic equity markets, banking and finance However, these instruments may not be totally in compliance with Islamic principles of muʾāmalāt This study begins with a critical review of the previous works and proceeds to analyse the forward, futures and option contracts from an Islamic point of view The present study also highlights their economic benefits, their reason d’être, the legal aspect of these contracts which may or may not be acceptable from sharīʿah perspective and then attempt is made to propose Islamic alternatives whenever they are deemed necessary and appropriate Derivatives are used in commodities, shares, currencies, interest bearing transactions and stock indices The scope of the present analysis is, however, limited to derivative transactions based on commodities and shares The use of these instruments in interest rate and currencies is out of the scope of the present study due to the involvement of ribā Stocks indices are also excluded due to their indulgence in excessive risk or gharar The discussion on the forward contract includes the forward commodity market, the possibility of trading gold on a forward basis and the forward market for currencies An analogy has been drawn between the conventional forward contract and similar contracts in Islamic law such as bayʿ al-salam, bayʿ al-istiṣnāʿ and bayʿ al-ṣifah The present study rebuts the claim that there is no benefit in the conventional forward contract or that it contradicts the principle enshrined in the ḥ adīth “do not sell what is not with you” The possibility of trading gold on a forward basis is also discussed starting with a brief history of the world monetary system, followed by a critical analysis of several fatwās on the issue of gold trading and then expounds on the ʿillah behind the prohibition of selling gold on deferred basis and its implications on trading gold on forward basis No final conclusion has been upheld as the main objective of addressing this particular issue in this work is to invite more research on the issue due to its profound implications to Islamic finance as a whole 334 abstract Several alternatives to the forward currencies are explored and debated Among the proposals advanced here are the concept of mutual promise (muwāʿadah) which is a mutual promise of currency exchange at the spot rate of exchange These alternatives also include the concept of mutual loan where an equivalent amount of money in different currencies is exchanged between the two parties as benevolent loan (qarḍ ḥ asan) and the concept of a basket of currencies where the settlement of price between the importer and the exporter is made in several hard currencies The final alternative is the idea of a cooperative fund whereby traders will participate by depositing a certain amount of money that will be managed by a third party in order to share the profit, if any, or face any risk associated with possible currency fluctuations My analysis of the futures contract addresses the main arguments against such a contract I have elaborated on the concept of sale prior to taking possession, the sale of debt for debt, hedging and the relationship between speculation and margin trading and relevance, if any, of speculation to financial crisis The present research has also examined the importance of the clearinghouse, the role of intermediaries in futures market and the regulation of the futures industry Generally I have referred, in my discussion of these issues, to the Malaysian derivatives industry and its regulatory framework The efficacy of trading in options is accentuated by the need to avoid the problems associated with the forward and futures contracts The present study proposes khiyār al-sharṭ and bayʿ al-ʿarbūn as tools of risk management and as possible alternatives to options In this connection I have argued that option does not involve the combination of two contracts in one transaction The present analysis also addresses the use of ʿarbūn in currency exchange, commodities, financial services, shares trading and salam The sale of pure rights, as it is in the case of options, is one of the hotly debated issues raised against the permissibility of options The present study argues in favour of the sale of such rights relying on the general principles of Islamic commercial law and by referring to specific cases where a right is sold or exchanged for money Included among the cases I have highlighted are the sale of the right of shuf ʿah or preemption, the rights of easements or ḥ uqūq al-irtifāq, the right of reservation over barren land (taḥjīr), intellectual property right and the right of option in khiyār al-sharṭ The present research also deals with the permissibility abstract 335 of exchanging one’s right to bargain for something; a woman waiving her right of ḥ aḍānah or custody in exchange for something, or waiving one’s right to recover one’s gift in exchange for something Finally, the present study raises the issue of involvement or otherwise of gambling in options and provides suitable response ‫‪337‬‬ ‫ﻣﻠﺨﺺ اﻟﺒﺤﺚ‬ ‫اﻟﻤﻘﺎﺻﺔ ودور اﻟﻮﺳﻄﺎء ﻓﻲ أﺳﻮاق اﻟﻤﺴـﺘﻘﺒﻠﻴﺎت واﻟﻘﻮاﻧﻴﻦ اﻟﻤﻨﻈﻤﺔ ﻟﻬﺎ‪ ،‬وﻗﺪ اﻋﺘﻤﺪت‬ ‫اﻟﺪراﺳﺔ ﻓﻲ ﻫﺬا اﻟﺠﺎﻧﺐ ﻋﻠﻰ ﻗﺎﻧﻮن اﻟﻤﺸـﺘﻘﺎت اﻟﻤﺎﻟﻴﺔ اﻟﻤﺎﻟﻴﺰي وﺗﻮاﺑﻌﻪ‪.‬‬ ‫إن أﻫﻤﻴﺔ اﻻﺧﺘﻴﺎرات ﻓﻲ اﻷﺳﻮاق اﻟﻤﺎﻟﻴﺔ اﻟﻤﻌﺎﺻﺮة ﺗﻨﺠﻢ ﻋﻦ ﻗﺪرﺗﻬﺎ ﻟﺘﻔﺎدي ﻋﻴﻮب‬ ‫ﻋﻘﻮد ﺗﺄﺟﻴﻞ اﻟﺒﺪﻟﻴﻦ وﻋﻘﻮد اﻟﻤﺴـﺘﻘﺒﻠﻴﺎت‪ ،‬وﻗﺪ انﻗﺸﺖ اﻟﺪراﺳﺔ إﻣﻜﺎﻧﻴﺔ ﺗﻘﺪﯾﻢ ﺧﻴﺎر‬ ‫اﻟﺸﺮط وﺑﻴﻊ اﻟﻌﺮﺑﻮن ﻛﺄدوات إﺳﻼﻣﻴﺔ ﻟﻠﺘﺤﻮط وﻛﺒﺪﯾﻞ ﻟﻼﺧﺘﻴﺎرات‪ ‬ﻛﻤﺎ انﻗﺸﺖ اﻟﺪراﺳﺔ‬ ‫اﺳـﺘﺨﺪام ﺑﻴﻊ اﻟﻌﺮﺑﻮن ﻓﻲ اﻟﺼﺮف واﻟﺴﻠﻊ واﻷﺳﻬﻢ واﻟﺨﺪﻣﺎت‪.‬‬ ‫إن ﺑﻴﻊ اﻟﺤﻘﻮق اﻟﻤﺠﺮدة ﻛﻤﺎ ﻫﻮ اﻟﺤﺎل ﻓﻲ ﻋﻘﻮد اﻻﺧﺘﻴﺎرات ﯾﻌﺘﺒﺮ أﺣﺪ اﻷﺳﺲ‬ ‫اﻟﺘﻲ ارﺗﻜﺰ ﻋﻠﻴﻬﺎ اﻟﺒﻌﺾ ﻟﺘﺤﺮﯾﻢ ﻫﺬﻩ اﻟﻌﻘﻮد‪ ،‬وﻗﺪ ذﻫﺒﺖ اﻟﺪراﺳﺔ إﻟﻰ ﺟﻮاز ﺑﻴﻊ ﻣﺜﻞ‬ ‫ﻫﺬﻩ اﻟﺤﻘﻮق ﻣﻌﺘﻤﺪة ﻓﻲ ذﻟﻚ ﻋﻠﻰ اﻟﻘﻮاﻋﺪ اﻟﻌﺎﻣﺔ ﻟﻠﻤﻌﺎﻣﻼت ودور اﻟﻌﺮف ﻓﻲ ﺗﺤﺪﯾﺪ‬ ‫ﻧﻮع اﻟﺤﻘﻮق اﻟﺘﻲ ﯾﺠﻮز ﺑﻴﻌﻬﺎ‪ ،‬ﻛﻤﺎ اﺳـﺘﻌﺮﺿﺖ اﻟﺪراﺳﺔ ﺻﻮر ﻓﺮدﯾﺔ أﺟﺎز ﻓﻴﻬﺎ اﻟﻔﻘﻬﺎء‬ ‫ﺑﻴﻊ اﻟﺤﻘﻮق وﺗﻄﺒﻴﻖ ذﻟﻚ ﻋﻠﻰ ﺑﻴﻊ اﻟﺤﻘﻮق ﻓﻲ اﻻﺧﺘﻴﺎرات‪.‬‬ ‫وﻣﻦ أﻫﻢ ﻫﺬﻩ اﻟﺼﻮر اﻟﻔﺮدﯾﺔ‪ :‬ﺑﻴﻊ ﺣﻖ اﻟﻤﻠﻜﻴﺔ اﻟﻔﻜﺮﯾﺔ وﺑﻴﻊ ﺧﻴﺎر اﻟﺸﺮط وﺑﻴﻊ ﺣﻖ‬ ‫اﻟﺸﻔﻌﺔ‪ ،‬ﻛﻤﺎ ﺗﻌﺮﺿﺖ اﻟﺪراﺳﺔ ﻟﻠﺘﻨﺎزل ﻋﻦ ﺣﻘﻮق اﻻرﺗﻔﺎق واﻟﺘﺤﺠﻴﺮ وﺣﻖ اﻟﻤﺴﺎوﻣﺔ‬ ‫وﺣﻖ اﻟﺤﻀﺎﻧﺔ ﺑﻤﻘﺎﺑﻞ ﻣﺎﻟﻲ‪ ‬ﻛﻤﺎ ﺗﻨﺎوﻟﺖ اﻟﺪراﺳﺔ اﻟﻌﻼﻗﺔ ﺑﻴﻦ ﻋﻘﻮد اﻻﺧﺘﻴﺎرات ابﻟﻘﻤﺎر‬ ‫وﻗﺪﻣﺖ إﺟﺎﺑﺔ ﻛﺎﻓﻴﺔ‪.‬‬ ‫ﻣﻠﺨﺺ اﻟﺒﺤﺚ‬ ‫إن أﻫﻤﻴﺔ اﻟﻤﺸـﺘﻘﺎت ﻛﺄدوات ﻣﺎﻟﻴﺔ ﻹدارة اﻟﻤﺨﺎﻃﺮ أﻣﺮ ﻣﺴﻠﻢ ﺑﻪ ﻓﻲ اﻻﻗﺘﺼﺎد‬ ‫اﻟﻤﻌﺎﺻﺮ‪ ،‬وﻗﺪ دﻋﺎ ﻋﺪد ﻣﻦ اﻟﻌﻠﻤﺎء واﻟﺒﺎﺣﺜﻴﻦ إﻟﻰ اﻻﺳـﺘﺨﺪام اﻟﺤﺬر ﻟﻬﺬﻩ اﻷدوات ﻓﻲ‬ ‫اﻟﻤﻌﺎﻣﻼت اﻹﺳﻼﻣﻴﺔ‪ ،‬إﻻ أن ﻫﺬﻩ اﻷدوات وﺑﺼﻮرﺗﻬﺎ اﻟﺤﺎﻟﻴﺔ ﻻ ﺗﺘﻔﻖ ﺗﻤﺎﻣ ًﺎ ﻣﻊ اﻟﻘﻮاﻋﺪ‬ ‫اﻟﻤﺎﻟﻴﺔ اﻹﺳﻼﻣﻴﺔ‪.‬‬ ‫ﺗﺒﺪأ اﻟﺪراﺳﺔ ﺑﻨﻘﺪ ﺗﺤﻠﻴﻠﻲ ﻟﻠﺪراﺳﺎت اﻟﺴﺎﺑﻘﺔ ﺛﻢ ﺗﻨﺘﻘﻞ إﻟﻰ دراﺳﺔ ﻛﻞ ﻣﻦ ﻋﻘﺪ‬ ‫ﺗﺄﺟﻴﻞ اﻟﺒﺪﻟﻴﻦ‪ ،‬ﻋﻘﻮد اﻟﻤﺴـﺘﻘﺒﻠﻴﺎت‪ ،‬وﻋﻘﻮد اﻻﺧﺘﻴﺎرات ﻣﻦ اﻟﻨﺎﺣﻴﺔ اﻟﺸﺮﻋﻴﺔ‪ ‬ﻛﻤﺎ‬ ‫ﺗﺘﻌﺮض اﻟﺪراﺳﺎت إﻟﻰ اﻟﻔﻮاﺋﺪ اﻻﻗﺘﺼﺎدﯾﺔ ﻟﻬﺬﻩ اﻟﻌﻘﻮد وﻃﺒﻴﻌﺘﻬﺎ اﻟﻘﺎﻧﻮﻧﻴﺔ ﻣﻊ ﺗﻘﺪﯾﻢ اﻟﺒﺪﯾﻞ‬ ‫ً‬ ‫ﺿﺮوراي‪.‬‬ ‫اﻹﺳﻼﻣﻲ ﻣﺘﻰ ﻣﺎ ﺑﺪا ذﻟﻚ‬ ‫ﺗﺴـﺘﺨﺪم ﻋﻘﻮد اﻟﻤﺸـﺘﻘﺎت ﻓﻲ أﺳﻮاق اﻟﺴﻠﻊ واﻷﺳﻬﻢ واﻟﻤﻌﻤﻼت واﻟﻤﺆﺷﺮات‪ ،‬وﺳﻌﺮ‬ ‫اﻟﻔﺎﺋﺪة إﻻ أن ﻧﻄﺎق ﻫﺬا اﻟﺒﺤﺚ ﻳﺮﻛﺰ ﻋﻠﻰ اﺳـﺘﺨﺪام ﻫﺬﻩ اﻟﻌﻘﻮد ﻓﻲ أﺳﻮاق اﻟﺴﻠﻊ واﻷﺳﻬﻢ‬ ‫ﻓﻘﻂ‪ ‬وﯾﻌﻮد ذﻟﻚ إﻟﻰ أن اﺳـﺘﺨﺪام ﻫﺬﻩ اﻟﻌﻘﻮد ﻓﻲ أﺳﻮاق أﺳﻌﺎر اﻟﻔﺎﺋﺪة واﻟﻤﻌﻤﻼت‬ ‫ﻣﻦ اﻟﺮاب اﻟﻮاﺿﺢ اﻟﺬي ﻻ ﺧﻼف ﻓﻴﻪ‪ ‬أﻣﺎ اﺳـﺘﺨﺪاﻣﻬﺎ ﻓﻲ أﺳﻮاق اﻟﻤﺆﺷﺮات ﻓﻴﺸـﺘﻤﻞ‬ ‫ﻋﻠﻰ ﻏﺮر ﻓﺎﺣﺶ وﻟﺬا أﺧﺮج ﻋﻦ ﻧﻄﺎق ﻫﺬا اﻟﺒﺤﺚ‪.‬‬ ‫إن دراﺳﺔ ﻋﻘﺪ ﺗﺄﺟﻴﻞ اﻟﺒﺪﻟﻴﻦ ﺗﺸﻤﻞ اﺳـﺘﺨﺪاﻣﻪ ﻓﻲ أﺳﻮاق اﻟﺴﻠﻊ وإﻣﻜﺎﻧﻴﺔ ﺑﻴﻊ وﺷﺮاء‬ ‫اﻟﺬﻫﺐ ﻣﻊ ﺗﺄﺟﻴﻞ اﻟﺒﺪﻟﻴﻦ واﻟﺒﺪﯾﻞ ﻟﺘﺄﺟﻴﻞ اﻟﺒﺪﻟﻴﻦ ﻓﻲ أﺳﻮاق اﻟﻤﻌﻤﻼت‪ ‬وﻫﻜﺬا ﻓﻘﺪ‬ ‫أﺟﺮﯾﺖ ﻣﻘﺎرﻧﺔ ﺑﻴﻦ ﻛﻞ ﻣﻦ ﻋﻘﺪ اﻟﺴﻠﻢ واﻻﺳـﺘﺼﻨﺎع وﺑﻴﻊ اﻟﺼﻔﺔ ﻣﻦ ﺟﻬﺔ وﻋﻘﺪ ﺗﺄﺟﻴﻞ‬ ‫اﻟﺒﺪﻟﻴﻦ ﻣﻦ ﺟﻬﺔ أﺧﺮى‪ ،‬ﻛﻤﺎ ﺣﺎوﻟﺖ اﻟﺪراﺳﺔ دﺣﺾ اﻟﺰﻋﻢ ﺑﺄﻧﻪ ﻻ ﺗﻮﺟﺪ أي ﻓﺎﺋﺪة ﻣﻦ‬ ‫ﻋﻘﻮد ﺗﺄﺟﻴﻞ اﻟﺒﺪﻟﻴﻦ أو أﻧﻬﺎ ﺗﺨﺎﻟﻒ ﻣﺒﺪأ ”ﻻ ﺗﺒﻊ ﻣﺎ ﻟﻴﺲ ﻋﻨﺪك“‪.‬‬ ‫أﻣﺎ ﻋﻦ ﺗﺄﺟﻴﻞ اﻟﺒﺪﻟﻴﻦ ﻓﻲ ﺑﻴﻊ وﺷﺮاء اﻟﺬﻫﺐ ﻓﻘﺪ ﺑﺪأت اﻟﺪراﺳﺔ ﺑﻨﺒﺬة اترﯾﺨﻴﺔ‬ ‫ﻣﻮﺟﺰة ﻋﻦ اﻟﻨﻈﺎم اﻟﻨﻘﺪي اﻟﻌﺎﻟﻤﻲ ﺗﻠﺘﻬﺎ دراﺳﺔ ﻧﻘﺪﯾﺔ ﻟﻌﺪد ﻣﻦ اﻟﻔﺘﺎوى ﻋﻦ ﺗﺠﺎرة اﻟﺬﻫﺐ‬ ‫ﺛﻢ ﻓﺼﻠﺖ اﻟﻘﻮل ﻓﻲ اﻟﻌﻠﺔ وراء ﻣﻨﻊ اﻟﺸﺎرع ﻟﺒﻴﻊ وﺷﺮاء اﻟﺬﻫﺐ ﻣﺆﺟﻼ وﻣﺪى ﺗﺄﺛﻴﺮ‬ ‫ذﻟﻚ إذا ﻓﻘﺪ اﻟﺬﻫﺐ ﻓﻲ اﻟﻌﺼﺮ اﻟﺤﺎﺿﺮ ﺗﻠﻚ اﻟﻌﻠﺔ ‪.‬واﻟﻐﺮض اﻷﺳﺎﺳﻲ ﻣﻦ ﺑﺤﺚ ﻫﺬﻩ‬ ‫اﻟﺠﺰﺋﻴﺔ ﻫﻮ اﺳﺘﻨﻬﺎض اﻟﻬﻤﻢ ﻟﻤﺰﯾﺪ ﻣﻦ اﻟﺒﺤﺚ ﺣﻮل ﻫﺬﻩ اﻟﻘﻀﻴﺔ ﻧﻈﺮا ﻟﺘﺄﺛﻴﺮﻫﺎ اﻟﻜﺒﻴﺮ‬ ‫ﻋﻠﻰ ﻧﻈﺎم اﻟﺼﻴﺮﻓﺔ اﻹﺳﻼﻣﻴﺔ ﻛﻜﻞ‪.‬‬ ‫أﻣﺎ ﻋﻦ اﻟﺒﺪاﺋﻞ ﻟﺘﺄﺟﻴﻞ ﻓﻲ أﺳﻮاق اﻟﻌﻤﻼت ﻓﻘﺪ انﻗﺸﺖ اﻟﺪراﺳﺔ ﻋﺪة ﻣﻘﺘﺮﺣﺎت‬ ‫أﻫﻤﻬﺎ‪ :‬اﻟﻤﻮاﻋﺪة ﻓﻲ اﻟﺼﺮف‪ ،‬ﻣﺒﺎدﻟﺔ اﻟﻘﺮوض اﻟﺤﺴـﻨﺔ وﻧﻈﺎم ﺳﻠﺔ اﻟﻤﻌﺎﻣﻼت وﺻﻴﻐﺔ‬ ‫اﻟﺼﻨﺪوق اﻟﺘﻌﺎوﻧﻲ‪.‬‬ ‫أﻣﺎ ﻋﻦ دراﺳﺔ اﻟﻤﺴـﺘﻘﺒﻠﻴﺎت ﻓﻘﺪ ﺗﻌﺮﺿﺖ اﻟﺪراﺳﺔ ابﻟﻨﻘﺪ ﻟﻠﺤﺠﺞ واﻷدﻟﺔ اﻟﻤﺤﺮﻣﺔ ﻟﻬﺬﻩ‬ ‫اﻟﻌﻘﻮد‪ ،‬ﺧﺎﺻﺔ ﻓﻴﻤﺎ ﯾﺘﻌﻠﻖ ﺑﻌﻼﻗﺔ ﻫﺬﻩ اﻟﻌﻘﻮد ابﻟﺒﻴﻊ ﻗﺒﻞ اﻟﻘﺒﺾ وﺑﻴﻊ اﻟﺪﻳﻦ وﻋﻤﻠﻴﺎت‬ ‫اﻟﺘﺤﻮط واﻟﻤﻀﺎرﺑﺔ وﻋﻼﻗﺔ ذﻟﻚ ابﻧﻬﻴﺎر اﻷﺳﻮاق اﻟﻤﺎﻟﻴﺔ‪ ‬ﻛﻤﺎ ﺗﻌﺮﺿﺖ اﻟﺪراﺳﺔ ﻷﻫﻤﻴﺔ ﻏﺮﻓﺔ‬ .. .Risk Management in Islamic Finance Brill’s Arab and Islamic Laws Series Editorial Board H.H Prof Eugene Cotran Mark Hoyle Martin Lau VOLUME Risk Management in Islamic Finance An Analysis... price risk, interest rate risk, currency risk, and commodity price risk Interest rate risk is the exposure of a bank’s financial condition to movements in interest rates In Islamic financial institutions,... risks that are inherent in the Islamic financial transactions The risk management infrastructure in Islamic financial institutions needs to identify, unbundle, measure, control, and monitor all