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Vol 21 No 11 Nov/Dec 2016

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Risk Management in Islamic Finance: An Analysis of Derivatives Instruments in Commodity Markets


ISBN13: 9789004152465
Published: November 2008
Publisher: Brill Nijhoff
Country of Publication: Netherlands
Format: Hardback
Price: £150.00



Despatched in 12 to 14 days.

This study addresses derivatives instruments in Islamic finance. It highlights the benefits of these instruments, their legal aspects and the appropriate alternatives. The forward, futures and options contracts in commodity markets are discussed and the arguments in favour of and against these instruments examined.

The forward contracts issue includes the possibility of trading gold in forward basis, the forward market for currencies and the possible alternative to manage related risks. With the examination of futures contracts, the main arguments against such a contract are addressed, for example the sale prior to taking possession and the sale of debt hedging and speculation.

The study proposes khiyar al-shart and bay al-arbun as tools of risk management and alternatives to options. The sale of pure rights is at the center of the admissibility of options in Islamic law and is investigated comprehensively.

Muhammad Al-Bashir Muhammad Al-Amine, Ph.D. (2003) International Islamic University Malaysia, is currently Shariah Compliance Department Manager at Unicorn Investment Bank, Bahrain. He has published extensively on Islamic banking and finance in several reknown journals including Arab Law Quarterly.