Contracting with Gharar (Uncertainty) in forward contract: What does Islam says?
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| internalnotes | ‘Abdul al-Aziz, M. ‘A. (2005). Al-qawa’id al-fiqhiyyah. Kaherah: Dar al-Hadith. ‘Izzu al-Din, ‘A. S. (1994). Qawa’id al-ahkam fi masalih al-anam. Dimashq: Dar al-Qalam. Ahmad Hidayat, B. (2000). Studies in the Islamic law of contracts: The prohibition of gharar. Kuala Lumpur: International Law Book Services. Ahmad Hidayat, B. (2004).The significance of prohibition of gharar towards the formulation of essentials of contract in Islamic muamalat: An analysis from the quran and hadith. Al-Bayan Journal of Al-Qur‘an & Al-Hadith. 2, 171-188. Ahmad, S. Y. (2011). Head of Shariah, Kuwait Finance House (Malaysia) Berhad. Interview on 11th August. Atikullah, H. A. (2007). Gharar and its legal position in the Islamic law of business contract. Hamdard Islamicus, 30(3), 39-50. Azhari, S. ‘A. (1990). Jawahir al-iklil sharh mukhtasar li khalil ibn ishaq. Beirut: Maktabah al-Thaqafah. Azlin, A. A., & Mustafa, A. A. (2014). The Concept of hedging in Islamic financial market. Asian Social Science, 10(8), 42-49. http://dx.doi.org/10.5539/ass.v10n8p42. Aznan, H. (2011). Advisor of Malaysian Exchange, Malaysian Exchange. Interview on 26th October. Baji, A. W. S. (1999). Al-muntaqa sharh al-muwatta’malik. Beirut: Dār al-Kutub al-‘Ilmiyyah. Dardir, A. M. (n. d.). Al-sharh al-kabir. Kaherah: Matba’ah ‘Isa al-Babi al-Halabi wa Syurakah. Darir, S. M. A. (2004). Al-gharar al-mani‘ min sihhati al-mua‘malah wa miqdaruhu. Paper presented at the Forth conference of the Shariah Boards of Islamic Financial Institutions, Bahrain, 2004. Dusuqi, M. A. ‘A. (1996). Hasyiah al-dusuqi ‘ala syarh al-kabir. Beirut: Dar al-Kutub al-‘Ilmiyyah. Hassan, Z. M. (2012). Senior Executive Sales and Logistic Felda Palm Industries Sdn. Bhd. Interview on 10th January. Haydar, ‘A. (1991). Dur al-hukkam sharh majallah al-ahkam. Beirut: Dar al-Kutub al-‘Ilmiyyah. Hull, J. C. (2003). Options, futures & other derivatives. New Jersey: Pearson/Prentice Hall. Ibn ‘Abidīn, M. A. (1994). Radd al-muhtar ‘ala al-durr al-mukhtar. Beirut: Dār al-Kutub al-‘Ilmiyyah Ibn al-Shat, ‘A. A. (1992).‘Idrar al-syuruq ‘ala anwa’ al-furuq. Misr: Dar ‘Ihya’ al-Kutub. Ibn Hajr, A. H. A. (2000). Fath al-bari sharh sahih al-bukhari. Beirut: Dār al-Kutub al-‘Ilmiyyah. Ibn Hazm, ‘A. A. (n. d.). Al-muhalla. Beirut: Dār al-Afaq al-Jadīdah. Ibn Juzay, M. A. (1975). Qawanin al-ahkam al-shar‘iyyah. Beirut: Dār al- Ma‘rifah. Ibn Nujaym, Z. I. (1969). Al-ashbah wa al-naza’ir. Kaherah: Mua’ssasah al-Halabi. Ibn Qayyim, J. (1993a). I‘lam al-muwaqi‘in ‘an rabb al-‘alamin. Beirut: Dār al-Kutub al-‘Ilmiyyah. Ibn Qayyim, J. (1993b). Zad al-ma‘ad. Kaherah: al-Maktabah al-Taufikiyah. Ibn Qudāmah, ‘A. A. (1996). Al-mughni. Kaherah: Dar al-Hadith. Ibn Rushd, A. M. J. (1988). Al-muqadimat al-mumahadat li bayan ma iqtadatuhu rasum al-mudawwanah min al-ihkam al-syar‘iyat wa al-tahsilat al-muhkamat li umahat masa‘ilaha al-mushkilat. Beirut: Dar al-Gharbu al-Islami. Ibn Rushd, M. A. H. (2003). Bidāyah al-mujtahid wa nihāyah al-muqtasid. Beirut: Dār al-Kutub al-‘Ilmiyyah. Ibn Taymiyyah, A. ‘A. (1975). Nazariyah al-‘aqd. Beirut: Dār al-Ma‘rifah Ibn Taymiyyah, A. ‘A. (1997). Majmu‘ah fatawa shaykh al-Islam ibn taymiyah. Beirut: Maktabah al-Ma‘arif. Jarrow, R. A., & Turnbull, S. (1996). Derivatives securities. Ohio: South-Western College Publishing. Jau‘ani M. N. H. (2005). Dawabit al-tijarah fi al-iqtisad al-Islamiyyah. Beirut: Dār al-Kutub al-‘Ilmiyah. Jundi, K. I. (2005). Mukhtasar al-‘alamah khalil. Kaherah: Dar al-Hadith. Kasānī, A. M. (2000). Badā’i‘ al-sanā’i‘ fi tartīb al-syara’i‘. Beirut: Dār al-Ihya’ al-Turath al-‘Arabi. Khan, M. A. (1988). Commodity exchange and stock exchange in an Islamic economy. Journal of Islamic Economics, 1(2), 31-55. Kunhibava, S. & Shanmugam, B. (2010). Shariah and conventional law objections to derivatives: A comparison. Arab Law Quarterly, 24(4), 319-360. Mardawi, ‘A. S. (1990). Al-insaf fi ma‘rifatu al-rajih min al-khilaf. Beirut: Bayt al-Afkar al-Dauliya. Masri, R. Y. (1991). Al-jami‘ fi usul al-riba. Damascus: Dar al-Qalam. Muhamad, S. H. (2011). Manager of OTC, Direct Clearing & Exchange Link, Market Operations, Bursa Malaysia. Interview on 5th April. Nawawī, A. S. (n. d.). Al- majmu‘ sharh al-muhadhab. Beirut: Dar al-Fikr. Nawawī, A. S. (1992). Raudah al-talibin. Beirut: Dār al-Kutub al-‘Ilmiyah. Nik Mohamed Ruslin, N. J. (1998, October). Pasaran derivatif-kontrak hadapan minyak sawit mentah. Paper presented at the Third Workshop on Sharia Expert. Nurdin, N. (2011). Assistant General Manager, Securities Commission. Interview on 7 th April. Obaidullah, M. (Ed.). (2000).What shariah experts say: Currency exchange. International Journal of Islamic Financial Services, 2(2). Qarafi, A. I. (2001). Kitab al-furuq. Kaherah: Dār al-Salam. Sanhuri, ‘A. A. (1954). Masadir al-haq fi al-fiqh al-Islami. Beirut: Dār al-Ihya’ al-Turath al-‘Arabi. Sarakhsī, M. A. (1989). Kitab al-mabsūt. Beirut: Dār al-Ma‘rifah. Sharbīnī, M. A. (1998). Mugni al-muhtāj ilā ma‘rifah al-ma‘āni alfaz al-minhāj. Beirut: Dār al-Fikr. Shatibi, A. M. (1900). Al-Muwafaqat fi usul al-shari‘ah. Misr: al-Tijariyyah al-Kubra. Shatibi, A. M. (1913). Al-‘itisam. Misr: Dar al-Kutub al-Khudawiyya. Shibir, M. U. (2001). Al-Mu‘amalat al-maliyah al-mu‘asirah fi al-fiqh al-Islami. Urdun: Dar al-Nafa’is. Shibir, M. U. (2006). Al-qawa‘id al-kuliyyah wa al-dawabit al-fiqhiyyah fi al-syari‘ah al- Islamiyyah. Urdun: Dar al-Nafa’is. Shīrazī, A. ‘A. (1995). Al-muhadhab fi fiqh al-imam al-shafi‘i. Beirut: Dār al-Kutub al-‘Ilmiyyah. Sulaiman, I. S. (2003). Al-ta’min wa ahkamuh. Beirut: Dar al-Ibn Hazm. Tamer, S. (2005). The Islamic financial system: A critical analysis and suggestions for improving its efficiency. Frankfurt: Peter Lang GmBH. Teoh, B. C. (2011). Assistant of CEO, The Palm Oil Refiners Association of Malaysia (PORAM). Interview on 6th October. Usmani, M. T. (1999). What shari’ah experts say. International Journal of Islamic Financial Services, 1(1), 1-3. Zaharuddin, A. R. (2011). Lecturer of Economics and Management Science Faculty, International Islamic University of Malaysia. Interview on 24th June. Zarqā’, M. A. (1998). Al-madkhal al- fiqh al-Islami al-am. Dimashq: Dar al-Qalam. Zarqā’, M. A. (1994). Nizam al-ta’min: haqiqatuuh, wa al-ra’yu al-syar’i fihi. Beirut: Mu’assasah al-Risalah. Zuhaylī, W. (1997). Al-fiqh al-Islāmi wa adillatuh. Beirut: Dār al-Fikr. Zuhaylī, W. (2001). Usul al-fiqh al-Islāmi. Beirut: Dār al-Fikr. |
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| resourceurl | https://intelek.unisza.edu.my/intelek/pages/view.php?ref=11234 |
| spelling | 11234 https://intelek.unisza.edu.my/intelek/pages/view.php?ref=11234 https://intelek.unisza.edu.my/intelek/pages/search.php?search=!collection407072 Restricted Document Article Journal UniSZA Unisza unisza image/jpeg inches 96 96 1422 31 31 786 2014-08-14 11:57:58 1422x786 5442-01-FH02-FKI-14-01055.jpg UniSZA Private Access Contracting with Gharar (Uncertainty) in forward contract: What does Islam says? Asian Social Science The forward contract is one of derivative instruments. The value of this contract is derived from the values of underlying assets such as commodities, equities, and currencies. Muslim scholars differ on the permissibility of forward contracts. Among the key issues raised in the forward contract is the issue of gharar. In general, gharar means an excessive uncertainty and risk. However, not all contracts containing the element of gharar void the contract. This article attempts to formulate a parameter for gharar that voids the contract based on the opinions of classical and current scholars. It also analyses the elements of gharar that exist in forward contracts of crude palm oil in Malaysia. This study uses a thematic analysis approach to explain the data collected through secondary sources and interviews with few individuals involved in this industry. Based on the analysis of forward contracts on the parameter of gharar, the finding of this research indicates that the issue of gharar exists in forward contracts does not void the contracts. 10 15 Canadian Center of Science and Education Canadian Center of Science and Education 37-47 ‘Abdul al-Aziz, M. ‘A. (2005). Al-qawa’id al-fiqhiyyah. Kaherah: Dar al-Hadith. ‘Izzu al-Din, ‘A. S. (1994). Qawa’id al-ahkam fi masalih al-anam. Dimashq: Dar al-Qalam. Ahmad Hidayat, B. (2000). Studies in the Islamic law of contracts: The prohibition of gharar. Kuala Lumpur: International Law Book Services. Ahmad Hidayat, B. (2004).The significance of prohibition of gharar towards the formulation of essentials of contract in Islamic muamalat: An analysis from the quran and hadith. Al-Bayan Journal of Al-Qur‘an & Al-Hadith. 2, 171-188. Ahmad, S. Y. (2011). Head of Shariah, Kuwait Finance House (Malaysia) Berhad. Interview on 11th August. Atikullah, H. A. (2007). Gharar and its legal position in the Islamic law of business contract. Hamdard Islamicus, 30(3), 39-50. Azhari, S. ‘A. (1990). Jawahir al-iklil sharh mukhtasar li khalil ibn ishaq. Beirut: Maktabah al-Thaqafah. Azlin, A. A., & Mustafa, A. A. (2014). The Concept of hedging in Islamic financial market. Asian Social Science, 10(8), 42-49. http://dx.doi.org/10.5539/ass.v10n8p42. Aznan, H. (2011). Advisor of Malaysian Exchange, Malaysian Exchange. Interview on 26th October. Baji, A. W. S. (1999). Al-muntaqa sharh al-muwatta’malik. Beirut: Dār al-Kutub al-‘Ilmiyyah. Dardir, A. M. (n. d.). Al-sharh al-kabir. Kaherah: Matba’ah ‘Isa al-Babi al-Halabi wa Syurakah. Darir, S. M. A. (2004). Al-gharar al-mani‘ min sihhati al-mua‘malah wa miqdaruhu. Paper presented at the Forth conference of the Shariah Boards of Islamic Financial Institutions, Bahrain, 2004. Dusuqi, M. A. ‘A. (1996). Hasyiah al-dusuqi ‘ala syarh al-kabir. Beirut: Dar al-Kutub al-‘Ilmiyyah. Hassan, Z. M. (2012). Senior Executive Sales and Logistic Felda Palm Industries Sdn. Bhd. Interview on 10th January. Haydar, ‘A. (1991). Dur al-hukkam sharh majallah al-ahkam. Beirut: Dar al-Kutub al-‘Ilmiyyah. Hull, J. C. (2003). Options, futures & other derivatives. New Jersey: Pearson/Prentice Hall. Ibn ‘Abidīn, M. A. (1994). Radd al-muhtar ‘ala al-durr al-mukhtar. Beirut: Dār al-Kutub al-‘Ilmiyyah Ibn al-Shat, ‘A. A. (1992).‘Idrar al-syuruq ‘ala anwa’ al-furuq. Misr: Dar ‘Ihya’ al-Kutub. Ibn Hajr, A. H. A. (2000). Fath al-bari sharh sahih al-bukhari. Beirut: Dār al-Kutub al-‘Ilmiyyah. Ibn Hazm, ‘A. A. (n. d.). Al-muhalla. Beirut: Dār al-Afaq al-Jadīdah. Ibn Juzay, M. A. (1975). Qawanin al-ahkam al-shar‘iyyah. Beirut: Dār al- Ma‘rifah. Ibn Nujaym, Z. I. (1969). Al-ashbah wa al-naza’ir. Kaherah: Mua’ssasah al-Halabi. Ibn Qayyim, J. (1993a). I‘lam al-muwaqi‘in ‘an rabb al-‘alamin. Beirut: Dār al-Kutub al-‘Ilmiyyah. Ibn Qayyim, J. (1993b). Zad al-ma‘ad. Kaherah: al-Maktabah al-Taufikiyah. Ibn Qudāmah, ‘A. A. (1996). Al-mughni. Kaherah: Dar al-Hadith. Ibn Rushd, A. M. J. (1988). Al-muqadimat al-mumahadat li bayan ma iqtadatuhu rasum al-mudawwanah min al-ihkam al-syar‘iyat wa al-tahsilat al-muhkamat li umahat masa‘ilaha al-mushkilat. Beirut: Dar al-Gharbu al-Islami. Ibn Rushd, M. A. H. (2003). Bidāyah al-mujtahid wa nihāyah al-muqtasid. Beirut: Dār al-Kutub al-‘Ilmiyyah. Ibn Taymiyyah, A. ‘A. (1975). Nazariyah al-‘aqd. Beirut: Dār al-Ma‘rifah Ibn Taymiyyah, A. ‘A. (1997). Majmu‘ah fatawa shaykh al-Islam ibn taymiyah. Beirut: Maktabah al-Ma‘arif. Jarrow, R. A., & Turnbull, S. (1996). Derivatives securities. Ohio: South-Western College Publishing. Jau‘ani M. N. H. (2005). Dawabit al-tijarah fi al-iqtisad al-Islamiyyah. Beirut: Dār al-Kutub al-‘Ilmiyah. Jundi, K. I. (2005). Mukhtasar al-‘alamah khalil. Kaherah: Dar al-Hadith. Kasānī, A. M. (2000). Badā’i‘ al-sanā’i‘ fi tartīb al-syara’i‘. Beirut: Dār al-Ihya’ al-Turath al-‘Arabi. Khan, M. A. (1988). Commodity exchange and stock exchange in an Islamic economy. Journal of Islamic Economics, 1(2), 31-55. Kunhibava, S. & Shanmugam, B. (2010). Shariah and conventional law objections to derivatives: A comparison. Arab Law Quarterly, 24(4), 319-360. Mardawi, ‘A. S. (1990). Al-insaf fi ma‘rifatu al-rajih min al-khilaf. Beirut: Bayt al-Afkar al-Dauliya. Masri, R. Y. (1991). Al-jami‘ fi usul al-riba. Damascus: Dar al-Qalam. Muhamad, S. H. (2011). Manager of OTC, Direct Clearing & Exchange Link, Market Operations, Bursa Malaysia. Interview on 5th April. Nawawī, A. S. (n. d.). Al- majmu‘ sharh al-muhadhab. Beirut: Dar al-Fikr. Nawawī, A. S. (1992). Raudah al-talibin. Beirut: Dār al-Kutub al-‘Ilmiyah. Nik Mohamed Ruslin, N. J. (1998, October). Pasaran derivatif-kontrak hadapan minyak sawit mentah. Paper presented at the Third Workshop on Sharia Expert. Nurdin, N. (2011). Assistant General Manager, Securities Commission. Interview on 7 th April. Obaidullah, M. (Ed.). (2000).What shariah experts say: Currency exchange. International Journal of Islamic Financial Services, 2(2). Qarafi, A. I. (2001). Kitab al-furuq. Kaherah: Dār al-Salam. Sanhuri, ‘A. A. (1954). Masadir al-haq fi al-fiqh al-Islami. Beirut: Dār al-Ihya’ al-Turath al-‘Arabi. Sarakhsī, M. A. (1989). Kitab al-mabsūt. Beirut: Dār al-Ma‘rifah. Sharbīnī, M. A. (1998). Mugni al-muhtāj ilā ma‘rifah al-ma‘āni alfaz al-minhāj. Beirut: Dār al-Fikr. Shatibi, A. M. (1900). Al-Muwafaqat fi usul al-shari‘ah. Misr: al-Tijariyyah al-Kubra. Shatibi, A. M. (1913). Al-‘itisam. Misr: Dar al-Kutub al-Khudawiyya. Shibir, M. U. (2001). Al-Mu‘amalat al-maliyah al-mu‘asirah fi al-fiqh al-Islami. Urdun: Dar al-Nafa’is. Shibir, M. U. (2006). Al-qawa‘id al-kuliyyah wa al-dawabit al-fiqhiyyah fi al-syari‘ah al- Islamiyyah. Urdun: Dar al-Nafa’is. Shīrazī, A. ‘A. (1995). Al-muhadhab fi fiqh al-imam al-shafi‘i. Beirut: Dār al-Kutub al-‘Ilmiyyah. Sulaiman, I. S. (2003). Al-ta’min wa ahkamuh. Beirut: Dar al-Ibn Hazm. Tamer, S. (2005). The Islamic financial system: A critical analysis and suggestions for improving its efficiency. Frankfurt: Peter Lang GmBH. Teoh, B. C. (2011). Assistant of CEO, The Palm Oil Refiners Association of Malaysia (PORAM). Interview on 6th October. Usmani, M. T. (1999). What shari’ah experts say. International Journal of Islamic Financial Services, 1(1), 1-3. Zaharuddin, A. R. (2011). Lecturer of Economics and Management Science Faculty, International Islamic University of Malaysia. Interview on 24th June. Zarqā’, M. A. (1998). Al-madkhal al- fiqh al-Islami al-am. Dimashq: Dar al-Qalam. Zarqā’, M. A. (1994). Nizam al-ta’min: haqiqatuuh, wa al-ra’yu al-syar’i fihi. Beirut: Mu’assasah al-Risalah. Zuhaylī, W. (1997). Al-fiqh al-Islāmi wa adillatuh. Beirut: Dār al-Fikr. Zuhaylī, W. (2001). Usul al-fiqh al-Islāmi. Beirut: Dār al-Fikr. |
| spellingShingle | Contracting with Gharar (Uncertainty) in forward contract: What does Islam says? |
| summary | The forward contract is one of derivative instruments. The value of this contract is derived from the values of underlying assets such as commodities, equities, and currencies. Muslim scholars differ on the permissibility of forward contracts. Among the key issues raised in the forward contract is the issue of gharar. In general, gharar means an excessive uncertainty and risk. However, not all contracts containing the element of gharar void the contract. This article attempts to formulate a parameter for gharar that voids the contract based on the opinions of classical and current scholars. It also analyses the elements of gharar that exist in forward contracts of crude palm oil in Malaysia. This study uses a thematic analysis approach to explain the data collected through secondary sources and interviews with few individuals involved in this industry. Based on the analysis of forward contracts on the parameter of gharar, the finding of this research indicates that the issue of gharar exists in forward contracts does not void the contracts. |
| title | Contracting with Gharar (Uncertainty) in forward contract: What does Islam says? |
| title_full | Contracting with Gharar (Uncertainty) in forward contract: What does Islam says? |
| title_fullStr | Contracting with Gharar (Uncertainty) in forward contract: What does Islam says? |
| title_full_unstemmed | Contracting with Gharar (Uncertainty) in forward contract: What does Islam says? |
| title_short | Contracting with Gharar (Uncertainty) in forward contract: What does Islam says? |
| title_sort | contracting with gharar (uncertainty) in forward contract: what does islam says? |