A Maqasid-ul-Shari’ah Analysis of the Permissible Futures Trading in Islamic Financial Markets

Ataollah Rahmani; Alija Avdukic

doi:10.13135/2421-2172/6800

Ataollah Rahmani, DR Lecturer in Islamic Commercial Law, Al-Maktoum College of Higher Education
Alija Avdukic, DR Al-Maktoum College of Higher Education

DOI: https://doi.org/10.13135/2421-2172/6800

Keywords: Future trading, Islamic future trading, Maqasid-ul-Shari'a futures

Abstract

Despite the widespread use of futures contracts as a risk mitigation instrument in the current financial markets, Islamic economies commonly feel uncomfortable with it for fear of its potential clash with the Islamic law of contracts. This research aims to justify only the futures trading that contributes to reducing investors’ financial risks. This paper argues that a risk-hedging futures contract can Islamically be justified if Shari’ah rules are construed in the light of its broader purpose, what is known as Maqasid-ul-Shari’a. A qualitative research methodology with a deductive interpretive approach is used in this study to analytically explore the role of Maqasid-ul-Shari’a in authorising permissible futures trading. The relevant data is collected from primary sources (Quran and Sunnah) and secondary sources (Islamic jurisprudence, textbooks, journal articles and review papers). By deploying the theory of Maqasid-ul-Shari’a, the prevalent Islamic jurisprudential approach is constructively reinterpreted to formulate general principles and guidelines under which futures trading can comfortably be approved. The study's overall findings suggest that on several counts of necessities, risk-hedging futures help Muslims preserve both the individual and the public wealth, safeguard the human self, honour and religion, facilitate their transactions and prevent future business conflicts. The Maqasid-ul-Shariah analysis of futures trading adds to the permissibility view that risk hedging futures trading should be recognised and declared as permissible not simply because they do not conflict with any prohibition or benefit the individual parties involved but also because they serve the broader interests of the public (al-masalih-al-aammah). This study is the first to analytically discuss the permissibility of futures trading under a combined reinterpreted guideline of Islamic jurisprudence and Maqasid-ul-Shariah.

Author Biographies

Ataollah Rahmani, DR, Lecturer in Islamic Commercial Law, Al-Maktoum College of Higher Education

Lecturer in Islamic Commercial Law, Al-Maktoum College of Higher Education, 124 Blackness Road, Dundee, UK, Email: a.rahmani@almcollege.ac.uk

Tell: +44 (0)1382 908070

Bio: Dr Rahmani is a lecturer and program leader for the Professional Diploma in Islamic Banking and Finance at Al-Maktoum College of Higher Education and an associate lecturer at the University of Dundee, Business School. He has published several books and journal articles, all in the area of commercial and company law.

Alija Avdukic, DR, Al-Maktoum College of Higher Education

Senior Lecturer in Islamic Economics & Finance

Al-Maktoum College of Higher Education

124 Blackness Road, Dundee, UK

Email: A.Avdukic@almcollege.ac.uk

Tell: +44 (0)1382 908070

Bio: Dr Avdukic teaches and supervises research on Islamic Political Economy; Islamic Moral Economy; Islamic Banking, Finance and Management; Political Economy of Development in the Muslim world and Islamic studies related subjects. He is the Deputy Director of the MSc Islamic Finance at the University of Dundee; visiting professor for masters programme in Islamic banking and finance for the joint programme School of Economics, University of Sarajevo (Bosnia and Herzegovina) with University of Bolton (UK). He is also a senior research fellow at Ibn Rush Centre for Excellence (UK) and a visiting research fellow of Durham Centre in Islamic Economics, Banking and Finance (UK).

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