Islamic Financial Options Design for Speculation and Risk Management
Keywords:
Financial markets, real & financial assets, , islamic economic, investment, speculation, hedging, gamblingAbstract
The study dealt with the nature of financial options contracts (Options Financial) in the regulated financial and commercial markets, and the traditional way in which financial and real assets are traded, as well as the opinions of Islamic researchers and economists about them, which boil down to the disagreement of options in their practical reality with the literature of Islamic economics, but considering the functions of options and: Therefore, the study aimed to find out the possibility of re-engineering these options in accordance with the literature of Islamic economics and making use of them, and it was confirmed that this could be achieved by identifying the elements of violation of the financial options of the literature of Islamic economics, which were: the use of options for the purpose of illegal speculation, represented specifically in two Islamic, the second: Getting involved in one of the artificial determinants of supply and demand. With the exception of these two elements of options contracts, and adherence to the other controls set out in the study, the conceptual framework for the design of Islamic financial options was reached through the mechanism of designing contracts, work procedures and forms and submitting them to individuals, companies, and governments and benefiting from them in the local and international traditional and Islamic financial markets, distinguished by providing the same functions to investors and hedges interested in trading in accordance with the provisions of Islamic Sharia.
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