آليات التحوط لإدارة المخاطر في المؤسسات المالية الإسلامية وتطبيقاتها المعاصرة /إعداد بدني، يوسف آدم

Abstract

This research focuses on “The Tools of Hedging against Risk and Their Contemporary Application”. The study begins with discussing the concept of risk, its model, types, and management, focusing on the most important types of risk that Islamic Financial Institutions (IFIS) face in their transactions. It also explains the concept and legality of hedging, and its types in IFIS. In chapter three, the study touches upon the concept of Financial Engineering and its importance in developing Islamic tools for hedging against risk. Furthermore, it explains the concept of financial derivatives, their types, and ruling in Islamic jurisprudence. In chapter four, the study highlights and explains some of Islamic jurisprudence tools that can be used for hedging against risk. In addition, it explains some of their contemporary applications. In the final chapter, the study discusses the Shari'ah compliance of the contemporary tools of hedging in IFIS. Likewise, it explains some Shari'ah rulings, parameters and principles for the application of these tools. The study follows inductive, comparative, and analytical methods. It also distributes questionnaire to some IFIS in Malaysia and outside Malaysia. The study has reached to a number of findings, some of them are: financial derivatives which comprise (Futures, Forwards, Options and Swaps contracts) are non- Shari'ah compliant, and thus; they are not permissible in Islamic jurisprudence. However, Salam, Urbun, Rahn, third-party guarantee, and other Islamic jurisprudence hedging tools are Shari'ah compliant and permissible. Some IFIS have applied them, and it was clear that there are Shari'ah compliance tools for hedging. Islamic Profit Rate Swap, Islamic Cross Currency Swap, Islamic FX Swap, Ijarah Rental Swap and Cross Currency Ijarah Rental Swap and others, are contemporary Shari'ah Compliant tools for hedging in Islamic Financial Institutions.