Islamic derivatives
by Andreas A. Jobst
International Journal of Monetary Economics and Finance (IJMEF), Vol. 2, No. 3/4, 2009

Abstract: Financial globalisation facilitates greater diversification of investment and enables risk to be transferred across national financial systems through derivatives. The paper explains the current use of accepted risk transfer mechanisms in Islamic finance and explores the validity of derivatives consistent with Shari'ah law. After evaluating key issues regarding the religious permissibility of derivatives, the paper summarises basic principles for the use of derivatives and assesses the future prospects of derivatives in Islamic finance.

Online publication date: Mon, 02-Nov-2009

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